Macroeconomics (MindTap Course List)
10th Edition
ISBN: 9781285859477
Author: William Boyes, Michael Melvin
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 11E
To determine
To find:
The
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The law of increasing opportunity costs indicates that the opportunity cost of producing a good:
a. increases as more of the good is produced.
b. decreases as more of the good is produced.
c. is proportional to the production of the good.
d. is constant to the production of the good.
production possibilities frontier can shift outward if
Select one:
a.
government increases the amount of money in the economy.
b.
there is a technological improvement.
c.
the economy abandons inefficient production methods in favour of efficient production methods.
d.
resources are shifted from the production of one good to the production of the other good.
Scarcity is a condition that exists when
A. there is a fixed supply of resources relative to the demand for the product.
B. there is a large demand for the product.
C. resources are not able to meet the entire demand for a product.
D. All of the above.
Chapter 2 Solutions
Macroeconomics (MindTap Course List)
Knowledge Booster
Similar questions
- In deciding to produce a given good, an individual would always choose A. The process that uses the most capital goods B. The most productive process available C. The shortest and most productive process available D. The shortest process availablearrow_forwardpart D E F needed Consider Points A, B, C, D, E, F and G. a. Which points are inefficient? Explain why. b. Which points are efficient? Explain why. c. Which point(s) are infeasible. Explain why. d. In moving from Point A to Point B, and Point B to Point C, in which case is the opportunity cost of producing bread higher? Explain why. e. How would the PPF look different if there were constant opportunity costs of bread for wine (explain in words only)? f. Describe (in words only) how the invention of a new, more productive strain of wheat would be modeled in the above diagram.arrow_forward__________ is the value of the next best alternative that is being given up. a. Production cost b. Real cost c. Opportunity cost d. Money costarrow_forward
- Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is А. 36 C. 6. D. B.arrow_forwardQuestions for Review 4. Define scarcity . 5. Generally economists divide resources into four broad categories explain . 6. What is competition ? And what form it takes ? 7. What is opportunity cost ? 8. Define marginal costs & Marginal benefits . 9. Compare between Macroeconomics & Macroeconomics 10. Micro economists & macro economists ask different questions . Explain ?arrow_forwardYou bought a laptop at $3000 last year, its resale value now is $2000. It will cost $3500 to buy a new laptop. The opportunity cost of keeping your laptop is: a. $3500 b. $3000 c. $2000 d. $1500arrow_forward
- 10. The production possibilities curve will never move outwards. True False 11. Government controls all market activity in the United States. True False 12. What does the law of demand state? A. As the price increases, quantity demanded remains constant. B. As the price increases, quantity demanded increases. C. As the price decreases, quantity demanded decreases. D. As the price increases, quantity demanded decreases. 13. Microeconomics is the study of which of the following? Individual economic units Banks and the U.S. government Money and money markets Foreign exchange marketsarrow_forwardThe word economics is closely associated with the word a. free b. all of the above c. plenty d. scarce e. unlimitedarrow_forwardThe value of the next best alternative that had to be given up to do the action that was chosen is the a. sale price. b. trade-off. C. opportunity cost. d. capital.arrow_forward
- If resource prices are fixed and the selling price rises, then a. profits will increase. b. profits will decrease. c. profits will remain constant. d. both profits and output will decreasarrow_forwardProduction Possibilities Frontier Step 1: Draw the Y and X axes and number the units. Step 2: Label the Y and X axes and title the graph. Step 3: Plot the production combinations. Step 4: Draw the curve. Step 5: Note the opportunity cost of each variable in terms of the other.arrow_forwardThinking on the margin can be correctly described as a _____. A. process that helps maximize total benefit B. process that minimizes total cost C. process that can help firms decide how much of a good or service to produce D. process that helps firms set market prices of goods and servicesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education