Refer to the information provided in Figure below for the economy of Macroland to answer the question. Capital goods Consumer goods Refer to Figure above Macroland's production possibility frontier is bowed out from the origin due to Select one: O O OC a. decreasing opportunity costs. b. trade. c. specialized resources. d. unemployment.

Refer to the information provided in Figure below for the economy of Macroland to answer the question. Capital goods Consumer goods Refer to Figure above Macroland's production possibility frontier is bowed out from the origin due to Select one: O O OC a. decreasing opportunity costs. b. trade. c. specialized resources. d. unemployment.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Apples A C nich of the following will enable an economy to reach point F on the diagram below? E •F Reallocating currently available resources from apple production to orange production Reallocating currently available resources from orange production to apple production Creating or discovering new resources B D- of carre 0 prese shaned Ch barbarione Oranges 1200 Becoming a mixed economy Fully allocating currently available and unemployed resources efficiently hans ST
What is supply? Decision making behavior of sellers and shows the quantity that sellers are willing and able to sell at different prices. All of the above production possibility curve Decision making behavior of consumers and shows the quantity that consumers are willing and able to buy at different prices.
Table 1 Berries (Ibs.) Fish Rob 25 60 Bill 40 80 Rob Crusoe and Bill Friday spent their week-long vacation on a desert island where they had to find and make their own food. Rob and Bill spent one day each fishing and picking berries. The tables lists the pounds of output Rob and Bill produced.
And since we're giving up some of one good, does that mean the opportunity cost is a negative number? Josie Well, we don't often say that "it cost us negative two dollars" or "we gave up negative two units of something," right? We just say "it cost two dollars" or "we gave up two units." Sabrina Yeah, the "we gave up" or "it cost us" part kind of implies the negative, doesn't it? Josie Exactly! So we put opportunity cost in terms of absolute value - we get rid of the negative sign. Continue Sabrina Okay, so what is the opportunity cost of one cake if we move from combination A to combination B? (If needed, round to two decimal places.) PPF PPF Point A B C D E Y2 Y1 O Number of Cookies 37 35 29 20 0 X1 X2 Number of Cakes 0 4 7 9 10 D X3 X4 E → Cakes
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Question 4 There is now also another country, Foreign, there is a labor force of 800. Foreign's unit labor requirement in watermelon production is 5, while in kiwi production it is 1. a) how many units of watermelon can be produced? when the labor in Foreign country only produce watermelon. b) how many units of kiwi can be produced? When all the labor in Foreign country only produce kiwi. c) What is the opportunity cost of watermelon in terms of kiwi in Foreign country? d) Describe the pattern of trade. Home country should produce? Foreign country should produce? Why? e) Show that how both Home and Foreign country gain from trade.
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If the nation depicted in Table 2.2 is producing at combination E, the opportunity cost of producing the tenth unit of consumer good is: A 1 unit of capital good. B C D E zero unit of capital good. 6 units of capital goods. 4 units of capital goods. 10 units of capital goods. Given below is the production possibilities schedule for capital goods and consumer goods. Table 2.2 Production Possibilities Schedule Combination Capital Goods Consumer Goods
Refer to the figure above. Based on the shape of the production possibilities frontier, we can assume that ______.
Consider the table below to answer the next two questions. Quantity of X Quantity of Y 0 800 1 600 2 460 In the table above, the opportunity cost of producing more X increase decrease Stays the same. First increases then decreases.