Draw and explain a production possibility frontier for an economy that produces milk and cookies. What happen to this frontier if a disease kills half of the economy's cows.

The market economy does have the advantage of increased efficiency, productivity, and innovation. However, what are some of the disadvantages of a market economy?

Which of the following statements is normative? a. Printing too much money causes inflation b. Gas prices should be fair c. The employment rate should be lower d. People work harder if the wage is higher

What is the production possibilities frontier?    A. a map that shows areas of the world in which capitalist production is highest  B. a map that shows the frontier beyond which technological innovation is unprofitable  C. a graph that shows the various combinations of resources that can be used to produce a given level of output  D. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology

Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour. She spends 6 hours per day studying.   **Use the blue line (circle symbol) to draw Beth's production possibilities frontier (PPF) for reading astronomy and sociology.   Diagram has Astronomy Pages on the left from 0-200 in increments of 20's On the bottom of the Diagram it lists Sociology Pages numbered the same fom 0-200 in increments of 20.   Beth's opportunity cost of reading 60 pages of sociology is ___________   pages of astronomy.

Why is it inefficient for an economy to be inside the production possibilities frontier?

What is a trade off? How does economics decide on what must be produced? What is an opportunity cost? What would be your opportunity cost in leaving your job?

What is economics all about? What is supply and demand? What is exchanges rates?

In a market-based economy, how may governmental policies or regulation impact the inputs market? They can affect workers' willingness to work or firms' willingness to hire. They can affect consumers' willingness to buy They can affect consumers' willingness to buy or firms willingness to produce. They can affect firms' willingness to produce. They can affect workers' willingness to work. They can affect firms' willingness to hire.