Q: With countless people competing for the same resources, how do we determine who gets the resources?
A: Economics(e) is the study of how limited-resources with alternative-uses are allocated to different…
Q: Based on the photograph of the question 2 section. if the economy is currently producing 10 bags of…
A: Opportunity cost is the forgone benefit which could have been earned by applying all the resources…
Q: What can we learn from the Strength and Weaknesses of Malthusian Theory?
A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…
Q: Which situation would most likely cause a nation's production possibilities curve to shift…
A: PPC is also known as the production transformation curve or production possibility frontier. It is…
Q: The only way that a society can produce outside the production possibilities curve is Question 9…
A: Production possibilities frontiers are used to represent the trade-off that occurs between the…
Q: The production possibilities curve represents the maximum combination of goos and services that can…
A: In business analysis, the production possibility curve (PPC) represents the possible quantities…
Q: What is an real-life example of a opportunity cost?
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: If someone was to conduct a study in the field of microeconomics, which of the following questions…
A: Economics is a social science that studies people's decision-making processes when faced with many…
Q: Which of the following best describes what occurs along a bowed-out production possibilities curve?…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: “As long as all resources are fully employed and every firm in the economy is producing its output…
A: Answer: Introduction: First of all, let us understand the meaning of efficient scale of production.…
Q: Which of the following statements is NOT true regarding the production function and the production…
A: THESE OPTIONS ARE WRONG B) The production possibilities frontier (PPF) is a financial model used…
Q: In your own words, clearly distinguish and differentiate why economists say all resources are scarce
A: Resources are the set of material, stock, and other assets used in the organizations for smooth and…
Q: What can we learn from Malthusian Theory?
A: The two important things that matter according to Robert Malthus: *Population *Means of substance…
Q: What do you mean by the production possibilities of an economy
A: Production possibilities of an economy refer to different combinations of goods and services which…
Q: What is the Strength of the Malthusian Theory?
A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…
Q: Movement along a production possibilities curve shows which of the following? a. The trade-offs…
A: The production possibilities curve is a curve that shows the various combinations of two goods that…
Q: Every society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete…
A: Opportunity cost is defined as the foregone opportunity while selecting the first best alternative…
Q: Economy A produces more capital goods and fewer consumers goods than economy B. Which economy will…
A: Production Possibility Frontier It is the graphical portrayal of the production of two products in…
Q: Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose…
A: Opportunity cost is the cost which the person has to bear because of making a choice. It includes…
Q: summary, how has the study of the history of economic thought been helpful/not helpful for you? How…
A: How study of History of Economic helpful The knowledge of History of Economic Thought plainly shows…
Q: What might have happened if the federal government had refused to provide relief for the millions of…
A: The Federal government takes several measures to ensure that economic activities happen smoothly,…
Q: What is sweetens opportunity cost of manufacturing 1 million cars per year?
A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…
Q: Suppose there is rovement in medical technology that enables more healthcare with the same amount of…
A: The PPC is the production possibility curve which illustrates the different combinations of two…
Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…
A: Scarcity: It means limited availability of goods and services.
Q: Why is the opportunity cost of attending college higher for a 50 year old than for a 20 year old?
A: Opportunity cost also called the implicit cost is the cost of the next best alternative that is…
Q: production possibility curve shows the possible combination of two goods with utilization of…
A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…
Q: Which of the following may lead to an outward shift of the production possibilities curve? a.…
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: If a new type of seed were developed that made it easier to grow a particular crop, how would the…
A: Production possibility curve is a graphical presentation of all the possible combination of two…
Q: Elaborate on your opportunity costs, if you decide to stop studying now and start working.
A: Opportunity cost is the next best alternative foregone.
Q: What is Malthusian Theory? Is there any graph that can show the weaknesses and the strengths of…
A: The population might grow by multiples, doubling every twenty-five years, according to Malthusian…
Q: Can parallels be drawn between biological evolution and the evolution of economic systems?
A: An economic system is a way for government or societies to coordinate and distribute capital,…
Q: What solution did Malthus propose for the problems he identified
A: Thomas Malthus was an economist and philosopher of the 18th century and mostly known for the model…
Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…
A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…
Q: The only way that a society can produce outside the production possibilities curve is Question 9…
A: Production possibilities frontiers are used to represent the trade-off that occurs between the…
Q: Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products…
A: A market is a place where the buyers and the sellers meet and interact with each other through…
Q: When economic growth occurs, the production possibilities frontier shifts outward but no longer…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Which of the following would most likely shift the production possibilities curve inward?…
A:
Q: The boundary between the combinations of goods and services that can be produced and the…
A: Economics is a discipline that includes all the components present in the economy and has some of…
Q: When an economist say a resource is free what does it mean
A: Free Resources A resource that can be used to manufacture consumer-satisfying products and services…
Q: “If resources were unlimited and were freely available, there would be no subject called…
A: From this statement we suggest that If resources were unlimited and freely offered, creating…
Q: What are the advantages of the Malthusian Theory?
A: Malthusian Theory: The rise in the number of people and the strain it exerts on the resources of the…
Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…
A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…
Q: A linear production possibilities curve indicates which of the following? a. Constant opportunity…
A: Production possibilities curve shows combinations of two goods that can be produced with the given…
Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…
A: The benefit which is forgone that would, in turn, had been derived through an option not being…
Step by step
Solved in 2 steps
- “If resources were unlimited and were freely available, there would be no subject called “Economics”. What is the meaning of this statement?Your time is a scarce resource. What if the quantity of time were increased, say to 48 hours per day, and everyone still lived as many day as before. Would time still be scarce?Most economists believe the scarcity of resources will persist. Why?
- Suppose your friend ask you to go watching a movie while you are studying for an examination. what would be the opportunity cost of watching the movie? Explain your answer.Can you give an specific example that includes two economic terms?Although attending college is expensive, time-consuming, and requires effort, but people decide to attend college. Explain why?
- Are there any merits to Thomas Maltus' economic theories? Why did Malthus' predictions fail to come true?Why did ancient Rome advocate natural economy and oppose commodity economy? Explain in detailState (a) a positive economic statement of your choice, and then (b) a normative economic statement relating to your first statement.
