Consider that society’s resources are used efficiently, and you have a combination of goods and services that can be produced. Explain the Production Possibility Frontier in detail, use the drawing to give a clear picture.

Consider that society’s resources are used efficiently, and you have a combination of goods and services that can be produced. Explain the Production Possibility Frontier in detail, use the drawing to give a clear picture.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section2.6: Sources Of Economic Growth

Problem 1YTE

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The definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doing
Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost.
QUESTION ONE 1.1 The purpose of consumption of goods by an individual is to derive satisfaction from the consumption of these goods. Consumer goods can be classified into three main categories. Discuss these categories of goods. 1.2 Explain the meaning of a complete outward shift of the production possibility frontier. Use a diagram to substantiate your answer.
When constructing a production possibilities frontier, which of the following assumptions is not made? (A) A country produces only two goods or types of goods. (B) The amount of available resources does not change. The technology available to firms is given. There is a fixed quantity of money.
Production Possibilities Curve Food 100 B 75 50 100 E F 150 200 Clothes Explain the above production possibility model. Be sure to include, opportunity cost, factors of production, efficiency, and what happens at each point on the model.
Butter Bread Figure D.1 The graph above (Figure D.1) shows a nation's production possibility frontier (PPF) for the production of bread and butter. Which of the following is true? (A) The opportunity cost of producing more butter is a decreasing amount of bread. (B) Point X represents unemployed economic resources. (C) The opportunity cost of producing more butter is a constant amount of bread. (D) Point X represents a labor force that has become less productive. (E) The opportunity cost of producing more butter is an increasing amount of bread.
Production Possibilities Frontier Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other.
Question 2 How would each of the following situations affect a nation's production possibilities curve? The amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workers remaining unemployed for a longer period of time. This a) does not shifts b) shifts the PPC.
Q. 4 The goal of this assignment is to think about the Productions Possibilities Frontier model and use it to describe a trade-off that you personally have experienced. You will have to identify two simultaneously produced economic outputs (goods, services, benefits, etc.) and the relationship between them. You will need to draw a graph and give information about the graph you made. Each point on the graph is a unique production point representing an amount of health care and military (H and M). We know that the set of production points possible is limited, given our limited resources in society. We can't have infinite amounts of H and M, so naturally, our representation of a productive economy must have a boundary where we have reached our productive capacity.
A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Select one: a. the tradeoff between production of pants and production of shirts b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the opportunity cost of shirts in terms of pants
Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.
QUESTION 2 The slope of the production possibilities frontier illustrates: The demand for the products shown. The supply of the products shown. The cost of producing the products shown. Absolute advantage. The opportunity cost of producing one product in terms of an alternative product that could be produced.