The production possibilities frontier is a simple model which tells us something about what output is possible based on the resources and technology we presently have, but does the production possibilities frontier say anything about how the community should distribute its production of boats and trucks to the members of society? Question 9 options: A) Yes B) No

The production possibilities frontier is a simple model which tells us something about what output is possible based on the resources and technology we presently have, but does the production possibilities frontier say anything about how the community should distribute its production of boats and trucks to the members of society? Question 9 options: A) Yes B) No

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 6SQP

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Question 20 Which of the following would NOT lead to an outward shift of a future production possibilities frontier (PPF)? O population growth increased investment today an increase in technology a decline in life expectancy the discovery of new resources
Question Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Question 2: Consider that society’s resources are used efficiently, and you have a combination of goods and services that can be produced. Explain the Production Possibility Frontier in detail, use the drawing to give a clear picture.
Question 7 A Production Possibilities Frontier shows Group of answer choices all the combinations of two goods or services a person/country wants to consume. all the combinations of how much of two goods a person/country can produce when they trade. the tradeoff between how much the person/country likes two goods or services. all the combinations of two goods a person/country is able to produce with the resources it has.
TONS OUT OF FOUR QUESTION TWO Given the Production Possibility Frontier below, Pencils (i) Explain the meaning of points A, B, C and D. (ii) Outline any three (3) factors that cause a shift to point D. (iii) Explain why the Production Possibility Frontier slopes downward (iv) By giving two examples, state two (2) key characteristics of public goods. List any five (5) advantages of a market economy. Explain the disadvantages of economic growth. (v) (vi) (To
Question 2 How would each of the following situations affect a nation's production possibilities curve? The amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workers remaining unemployed for a longer period of time. This a) does not shifts b) shifts the PPC.
Question 1 Suppose a British Columbia has a total of 12 units of labour, which can be used to produce either computer or wheat. One computer takes 6 units of labour to produce and 100 kg wheat takes 2 units of labour to produce. (a) Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. (b) What is the maximum quantity of computers that can be produced? (c) What is the maximum quantity of wheat than can be produced? (
Which of the following is a correct statement about production possibilities frontiers? (A) An economy can produce only on the production possibilities frontier. (B) An economy can produce at any point inside or outside a production possibilities frontier. (C) An economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier. (D) An economy can produce at any point inside the production possibilities frontier, but not on or outside the frontier
Figure 2-4 shows various points on three different production possibilities frontiers for a nation. 13) Refer to Figure 2-4. A movement from X to Y 13) ______ A) could occur because of an influx of immigrant labor. B) is the result of advancements in food production technology only, with no change in the technology for plastic production. C) is the result of advancements in plastic production technology only, with no change in food production technology. D) could be due to a change in consumers' tastes and preferences.
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Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.  Explain why scarcity exists in this economy. Use the data as evidence of your reasoning.  What is the maximum quantity of guns that can be produced?  What is the maximum quantity of butter than can be produced?  Draw the nation’s production possibility curve.  What is the opportunity cost of guns in this nation?  Explain why the nation can’t produce both 3 guns and 4 butters.  Explain why the nation shouldn’t produce both 1 gun and 2 butters.
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.