Movement along a production possibilities curve shows which of the following? a. The trade-offs society faces b. The total amount of available resources c. The combination of inputs required for a given output d. The relationship between the price of an input and the quantity demanded e. The decrease in efficiency
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Movement along a production possibilities curve shows which of the following?
The production possibilities curve is a curve that shows the various combinations of two goods that an economy or a firm can produce using the available resources and technology efficiently. The points on the PPF curve imply the various combinations firm can produce using the full capacity in an optimum manner.
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- Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demandple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…Final Year Exam: Economics 3 of 24 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
- A curve that shows the maximum amount of any two products that can be produced in an economy from a fixed resource and a fixed technology< A, Production Possibilities frontier B, Marginal Product curve C, Demand Curve D, Total Product CurveWhich of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal ProductSuppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is А. 36 C. 6. D. B.
- What is the difference between technology and technological change? A. Technology is the development of new products, while technological change is when a firm is able to produce more output with the same inputs. B. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce the sameoutput using fewer inputs. C. Technology is the development of new products, while technological change is when a firm is able to produce the same output with fewer inputs. D. Technology is when a firm is able to produce moreoutput using the sameinputs, while technological change is the process of using inputs to make output. E. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using more inputs.Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resourceA production possibilities curve can shift inward if there is a. an increase in productivity b. an increase in unemployment c. an increase in the price of raw materials d. a misallocation of resources e. a natural disaster
- 1. Think about a business producing bottled spa water. Identify some examples of the four factors of production which are necessary to produce the output of that business.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 doingThe law of increasing opportunity costs indicates that the opportunity cost of producing a good: a. increases as more of the good is produced. b. decreases as more of the good is produced. c. is proportional to the production of the good. d. is constant to the production of the good.