The United States is one of the world’s wealthiest countries. Think of a recent case in which the decisions of the U.S. government were severely constrained by scarcity. Describe the tradeoffs that were involved. What were the opportunity costs of the decisions that were made?

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Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure

Problem 1: Production Possibilities Frontier Consider an economy that produces bicycles and autos. The production possibilities schedule shown below denotes the points on the production possibilities frontier. Points Amount Bicycles Amount Autos A 10 B 8 D E 5 8 12 14 15 a) Draw the production possibilities frontier in a clearly labelled graph. You can assume the points on the frontier are connected by straight lines. Please put bicycles on the x-axis and autos on the y-axis. b) Is point E more efficient in production than point C? Explain. c) Based on this production possibility frontier, can the economy currently produce 8 bicycles and 10 autos? If not, explain what would need to happen to allow the economy to produce 8 bicycles and 10 autos. d) True/False/Uncertain (and explain): Point B more efficient in allocation than point A. e) Does this production frontier have increasing opportunity costs? Explain, and also explain why it is common for production frontiers to have increasing…

QUESTION 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact opposite

Use the cause-and-effect chart to answer the question. Cause Effect Technology allows the transfer of goods and services through the use of computers. Which of the following best completes the chart? O A. E-commerce is slow and frustrating, so people still prefer to shop in stores. B. E-commerce is a large and growing sector of the global economy. C. E-commerce is dangerous to consumers and requires heavy regulation. D. E-commerce has failed to connect producers and consumers all over the world. wered pe here to search F6 F7 F8 F9 F10 F11 F2 F3 F4 F5 & %23 3 4. 7 60 立

Which of the following are examples of positive economics? O A. I only. I. A free market in kidneys would end the shortage of kidneys. B. II & III. II. People should not sell organs for profit. C. 1 & IV. III. The United States should not trade with countries with human rights abuses. D. They are all normative statements. IV. Workers pay the majority of corporate taxes in the form of lower wages.

Question 17 Pies 10 Tim Pies b. 3/5 c. 2/5 O d. 5/3 6 Ice Cream Ice Cream Tim and Dave can make in a given weekend. Use this to answer the questions that follow. What is the opportunity cost of ice cream for Tim? O a. 1 Dave

Please choose the correct answer?

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