If a Production Possibilities Frontier (PPF) of an economy is a linear curve, what does it means?А.The economy is facing constant opportunity costThe economy is facing decreasing opportunity costC.The economy is facing a dynamic opportunity costD.The economy is facing increasing opportunity costB. Property rights are important to a market economy because:А.It provides a medium of exchange and accepted as a means of paymentВ.It provides an regulations for use, selling and buying of an resourcesC.Property rights are important to a market economy because:D.It provides a mechanism that serve as medium of interaction between buyer and sellers.B.

If a Production Possibilities Frontier (PPF) of an economy is a linear curve, what does it means? А. The economy is facing constant opportunity cost В. The economy is facing decreasing opportunity cost C. The economy is facing a dynamic opportunity cost D. O The economy is facing increasing opportunity cost

If a Production Possibilities Frontier (PPF) of an economy is a linear curve, what does it means? А. The economy is facing constant opportunity cost В. The economy is facing decreasing opportunity cost C. The economy is facing a dynamic opportunity cost D. O The economy is facing increasing opportunity cost

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A ng.cengage.com + Welcome to Johnston Community College Bb Support Materials and Text Chapters Two and Three - .. * MindTap - Cengage Learning >> CENGAGE MINDTAP Q Search this course Homework (Ch 02) 4. Shifts in production possibilities Suppose Japan produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and cars, a capital good. A-Z Drag the production possibilities frontier (PPF) on the graph to show the effects of a technological advance in medicine that allows workers to live longer and have extended careers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. (?) 360 300 PPF 240 180 At 120 60 PPF 10 20 30 40 50 60 WHEAT (Millions of bushels) O 9 2 9 O E…
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Which is a good example of an opportunity cost? 1. “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping. “ 2. “To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the orders with UPS did not ship orders out on time, orders were damaged, and…
Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
Under which of the following circumstances a Production Possibility Curve will move to the right? a. Economic resources increased b. Both; economic resources increase and new technolgy develop New technology is developed d. None of these given options C.
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1.a Explain the economic link between scarcity, choice and opportunity cost. 1.b Suppose there are two countries (South Africa and Chile) producing two products(Capital goods and consumer goods) with production possibilities per person inSouth Africa lower than in Chile. Use the PPF to substantiate how the future growthof the two countries will change if South Africa devoted a lot of its resources toproducing capital goods today.
Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…
4. Shifts in production possibilities Suppose the fictional country of Olympia produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rye, an agricultural good, and microprocessors, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of microprocessors. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. ? MICROPROCESSORS (Thousands) 400 400 320 240 160 80 100 270 PPF W م PPF
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