ing inefficiently? the available resources and technology? resources and technol OE and F C and D A and B and C A and B None of these answers E and F O A and B and c and D O A A A None of these answers O None of t O A and B OB and C and D and E OF alei

Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?

QUESTION 9 product Y product Y 28 # 20 16 12 00 8 4 0 28 24 20 16 12 8 4 0 0 Fig. A Production Possibilities Frontier 4 PPFO PPFO 4 8 PPFn 8 12 Fig. C Production Possibilities Frontier PPFn 16 12 Point E 20 24 product X 16 Point E 20 product Y 2 product Y 28 20 16 12 8 4 0 20 16 12 8 4 0 0 Fig. B Production Possibilities Frontier 0 PPFO 4 8 4 PPFo PPFn 12 8 24 product X 09. In figure A the shift of the Production Possibilities Frontier outward would be best explained by: O (a) a movement towards efficient production. O (b) an increase in demand for both products. (c) an increase in specialization of resources. O (d) an increase in available resources specific to the production of good X. (e) an increase in available resources specific to the production of good Y. Fig. D Production Possibilities Frontier PPF 16 Point E 12 20 24 product X 16 Point E 20 24 product X

Atlantis produces only coral beads and exotic shells. The table shows the marginal benefit and marginal cost schedules for exotic shells. If Atlantis produces 43 exotic shells, the marginal benefit from exotic shells To achieve allocative efficiency, Atlantis must O A. is less than; increase OB. exceeds; increase O C. is less than; decrease O D. exceeds; decrease the marginal cost of exotic shells. the quantity of exotic shells produced. 1 Exotic shells (per month) 39 40 1 42 43 4 41 44 Marginal benefit (beads per shell) 11 9 7 5 Marginal cost 4 1 1 2 3 5 17 29

QUESTION 26 Which of the following is not correct? A typical production possibilities curve O A. indicates how much OB.reveals how much each of two products a society can produce additional unit of one product will cost in terms of the other OC specifies how much of each O D. indicates that to produce more of one product society must forgo larger and larger amounts product society should produce product

Jamie Finch is crafting the business model for her fashion design firm She just completed the section that describes how har fem plans to compete relative to her rivals Just completed portion of her business model template The J OA Ocore sty Opplan 5 OD. legy OE operation A X and " 3 E S D S 4 C 333 R F N 5 V 44 T G ^ 6 MacBook Pro B DAE Y H & 7 # N U J 8 1 M 1 9 K A O 0 L F command P Time Remaining 00:55:15 M in option ( 1 ? H TH 1 1 Next a delete returr

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Production Possibilities Curve for Time Spent Working After School & Time Spent Studying for Economiks Claes S120 Hours spent studying In the scenario depicted by the graph above, suppose the student decided to study one more hour to try to get a B instead of a C on their economic exam. What is the opportunity cost of this decision? O A The student would give up two hours of work in order to study one more hour for their economics exam. R. The student would up $20 on their paycheck after giving up an hour of work C The student would give up $60 on their paycheck after giving up an hour of work. O D The student would give up one hour of study time to attempt to eam a B