In one or two sentences, define of each of the following terms and briefly explain their economic significance or their importance to the study of Macroeconomics. a. Opportunity Costs b. The Law of Diminishing Marginal Returns c. Property Rights

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Q: 1. Identify the four basic inputs to an economic system, and give examples for each of them.

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Q: The production possibilities model is illustrated with a negatively sloped line because a. of…

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Q: Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of…

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Q: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it…

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Q: Consider a Production Possibility Frontier that bows outward. Suppose the production of one good…

A: If a Production Possibility Frontier bows outward, this implies the law of increasing opportunity…

Q: If the economy is producing at point E, what is the opportunity cost of producing additional 20 ton…

A: At point E, Opportunity cost of additional 20 wheat = amount of steal given up = 90 - 80 = 10 steal

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Q: What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A…

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Q: 1.1. What type of economy is the South African economy? A. A command system B. A mixed economy C. A…

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Q: Classify the following as microeconomics or macroeconomics and provide a justification for your…

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Q: Consider a manufacturing firm using human capital at home to produce two inputs, 'R & D' and…

A: The PPF curve highlights the different combination of goods that the producer can look to produce…

Q: Every point on the production possibilities curve represents? a. a greater increase in supply  b.…

A: The production possibility curve is the graphical representation of the different combinations of…

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Q: 1. Explain the Theory of Production in Microeconomics. 2. Differentiate labor-intensive and…

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Q: Which of the following is not an issue that economists are interested in microeconomics? Lütfen…

A: Microeconomics is a social science that investigates the consequences of incentives and actions,…

Q: CENGAGE MINDTAP Q Search this course « Homework (Ch 02) 25 Initial PPF 20 O New PPF 15 10 3 BOATS…

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Q: In economics, what is the law of diminishing marginal returns? A. The tendency of firms to minimize…

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Q: Production Possibilities Curve Food 100 B 75 50 100 E F 150 Clothes A 200 Explain the above…

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Q: Which type of scarcity is macroeconomics not concerned of? a. inadequacy of water supply in one…

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Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination GF E D…

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Q: 2. Explain the law of increasing opportunity cost in a production possibility curve. What is the…

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Q: Which of the following is true of an economic theory? a. It uses complex mathematical equations to…

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Q: A- We have studied the production technology. Explain the concept with an example.

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Q: The fundamental problem in economics is that resources are limited; yet needs, wants, and desires…

A: Money is defined as the economic unit used for the day to day transactions for exchange of goods.…

Q: Why isn’t money considered capital in economics?

A: Answering first question completely as per guidelines. Money is the world wide accepted medium of…

Q: The production possibility frontier is a graph that shows     Select one: a. how much goods a…

A: A graph that shows several possible pairings of two items that can be produced is known as a…