Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of ________ reflects ________. Question content area bottom Part 1 A. 1000 books and 1500 tables; a free lunch B. 1000 books and 500 tables; an efficient point C. 1000 books and 1000 tables; a free lunch D. 500 books and 1000 tables; an inefficient but attainable point

Suppose a country operates on its production possibility frontier when it produces 1000 books and 1000 tables. The combination of reflects . Question content area bottom Part 1 A. 1000 books and 1500 tables; a free lunch B. 1000 books and 500 tables; an efficient point C. 1000 books and 1000 tables; a free lunch D. 500 books and 1000 tables; an inefficient but attainable point

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3CQQ

See similar textbooks

Question content area bottom

Part 1

1000 books and 1500 tables; a free lunch

1000 books and 500 tables; an efficient point

1000 books and 1000 tables; a free lunch

500 books and 1000 tables; an inefficient but attainable point

Definition Definition Curve that represents the various combinations of production possibilities of two commodities when resources or factors of production are given.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Production Possibility Frontier

VIEW

Step 2: Features of Production possibility frontier:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

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?
A) 1/2 hour (B) 6 hours 1/16 hour CASHEWS (Pounds) D) 2 hours 400 360 320 280 240 200 160 120 80 40 Brazil's PPF Refer to Figure 3B. If the production possibilities frontier shown is for 16 hours of production, then how long does it take this country to make one pound of peanuts? 1 2 3 4 5 6 7 PEANUTS (Pounds) 8 9 10
Production choices for Ming's Strings Choice A B C D E B Quantity of Banjos Produced C 200 180 140 80 A on Ming's production possibilities frontier. Questions Filter (20) 0 inside Ming's production possibilities frontier. outside Ming's production possibilities frontier. D at the horizontal intercept of Ming's production possibilities frontier. Refer to Table 2-3. Assume Ming's Strings only produces banjos and harps. A combination of 80 banjos and 60 harps would appear Quantity of Harps Produced 0 20 40 60 11 OF 20 QUESTIONS REMAINING 80
Draw the production possibilities frontier on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis Annual Production of Y Annual Production of X 0 20 45 60 70 75 1300 1200 900 6:00 350 0 b. If the economy is producing 45 units of X and 900 units of Y, what is the opportunity cost of producing an extra 15 units of X. Show on graph. C. If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of X. Show on graph.
Production Possibilities Plates 2 6 10 A) 50 B 500 D Refer to Table E. If the production possibilities frontier is bowed outward, then how many bowls are produced when 6 plates are produced? I 100 Bowls 300 600 ? 200
X 2.1-8 The unattainable points in a production possibilities diagram are O A. the points within the production possibilities frontier. B. the points along the production possibilities frontier. C. the points of the horizontal and vertical intercepts. D. the points outside the production possibilities frontier.
question 2 Home has 1200 units of labor available. There can produce two goods which watermelon and kiwi. The unit labor requirement in watermelon production is 3, while in kiwi production it is 2. a) When all the labor only produce watermelon, how many units of watermelon can be produce? b) When all the labor only produce kiwi, how many units of kiwi can be produce? c) What is the opportunity cost of watermelon in terms of kiwi? d) In the absence of trade, what would be the price of watermelon in terms of kiwi? Why?
Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?
A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasible
6.On a production possibilities frontier, produ ction is efficient if the production point is Gaseballs 200 150 MENL202 ABDAL AYMENL20211 B 100 ABDAL ANA DALLAH AENL20211 AYMENL20211 50 GANA ABDALLAH AYMENL20211 GANA ABDALLAH 100 200 ALLAH Figure 2-6 300 400 Bananas ALLAH AYMENL20211 CANA AYMENL20211 ABDALLAH GANA AYMENL20211 GANA ABDALLAH AYMENL20211 ABDALLAH AYMENL20211 A inside the frontier. on or inside the frontier. C outside the frontier. D on the frontier. ANA DALLAH GANA RDALLAH GANA BDALLAH GANA RDALLAH GANA ADALLAH
4. A movement from point C to D indicates that the opportunity cost of increasing the production of 5. 10 18 24 28 30 Mobile phones (1 000s) a) Mobile phones by 6 000 is 1 000 laptops b) Laptops by 1 000 is 6 000 mobile phones c) Mobile phones by 1 000 is 6 000 laptops d) Mobile phones by 1 000 is 1 000 laptops (so00 1) sdozdej
12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment Consumption