Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Question
Chapter 2, Problem 19SQ
To determine
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The end use of the goods categorizes the good as intermediate good and final good.
True/False
For the economy shown in the below exhibit, which of the following must be true when the economy is at point A?
Select one:
a. Not enough grain is being produced.
b. If the economy reallocates resources from A to D, it will have to sacrifice some car production.
c. Increased grain production would be impossible.
d. Consumers prefer D to A.
In economics, the cost of producing a good:
a) is maximum value of other goods that could have been produced using the
same resources.
b) equals the out-of-pocket costs incurred in producing the good.
c) is the value of other goods that could have been produced using the same
resources.
d) is the value of inputs used up in production.
Chapter 2 Solutions
Economics For Today
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
Knowledge Booster
Similar questions
- One of the three basic questions an economy has to face is (blank) goods and services will be produced. a) where b) when c) which d) whyarrow_forwardIn the simple circular flow model, Multiple Choice there are real flows of goods, services, and resources, but not money flows. businesses are sellers of final products. households are sellers of final products. households are buyers of resources. .......:arrow_forwardA certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Select one: a. the tradeoff between production of pants and production of shirts b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the opportunity cost of shirts in terms of pantsarrow_forward
- Refer to the following production possibilities curves. Curve (a) is the current curve for the economy. Given production possibilities curve (a), the combination of capital and consumer goods indicated by point L: Consumer goods N Select one: O (a) (b) Capital goods a. would entail an inefficient use of society's resources. b. is beyond the productive capacity of this society. c. would entail substantial unemployment. d. suggests the productive capacity of the system is declining.arrow_forwardOpportunity costs exists only for durable goods? Explain if it’s correct or not.arrow_forwardQUESTION 3 An economy produces only two goods, pizzas and cakes. If the opportunity cost of pizzas in terms of cakes is equal to 1/2, then a. in order to produce one more pizza, the economy needs to give up on half a cake b. in order to produce one more pizza, the economy needs to give up on two cakes С. in order to produce one more cake, the economy needs to give up on half a pizza d. none of the above is correct O a QUESTION 4 One way to characterize the difference between positive statements and normative statements is as follows: Positive statements tend to reflect optimism about the economy and its future, whereas normative statements tend to reflect pessimism about the a. economy and its future. b. Positive statements offer descriptions of the way things are, whereas normative statements offer opinions on how things ought to be. Positive statements involve advice on policy matters, whereas normative statements are supported by scientific theory and observation. с. d. Economists…arrow_forward
- i. Draw a circular flow of diagram and identify the parts of the model that corresponds to the flow of goods when Marks earns $2000 from his 15 percent ownership of apple stock . ii.classify the following statement as positive or normative and explain “ higher tax rates discourage savings and workings “arrow_forwardor each of the following separate parts, you are required to draw one or two graphs. Make sure that you label both axes correctly. (a) Consider the demand for gasoline. Suppose more substitutes for gasoline are available. Draw a graph to show how the price of elasticity of demand for gasoline changes. (b) Country A produces two goods: chicken wings and pizzas. If unemployment rate increases, draw how the PPF of country A will change. Assume that opportunity costs are increasing. (c) Consider the market for new houses. Suppose the prices of the materials for building houses increase. Draw a graph to show how the equilibrium of market for new houses changes.arrow_forwardPpring2. When moving along the production possibilities frontier, opportunity cost is measured as the Select one: a. increase in the quantity produced of one good divided by the decrease in the quantity produced of another good. b. decrease in the quantity produced of one good divided by the increase in the quantity produced of another good. C. quantity produced of one good divided by the quantity produced of another good. d. quantity próduced of one good multiplied by the quantity produced of another good. NEXT PAGE ENGarrow_forward
- The Production Possibilities Curve is essentially what? Multiple Choice It shows total revenues from selling two different products. It is represented by the formula MB = MC. It is represented by the formula MC = MR. A production schedule between two variables.arrow_forward(1) system contributes to reduce inequality and control consumption-Explain in your own words.arrow_forwardAn economy consists of two people and two goods, apples and bananas. Person 1 likes apples and doesn't care one way or the other about bananas (she is indifferent between any bundles (a,b) and (a.b'), where a is some number of apples and b and b' are numbers of bananas). Similarly, Person 2 likes bananas and doesn't care one way or the other about apples. There are 100 apples and 100 bananas available and the initial endowments are ₁ = (60, 60) for person 1 and ₂ = (40, 40) for person 2 (the first quantity for each person is her endowment of apples, and the second is bananas). (a) Find the Pareto Efficient allocations of apples and bananas between these two individuals. (b) Find the core. (e) Find the general equilibrium allocation and the general equilibrium prices. (recall that in a general equilibrium we can only solve for the price ratio but we can't solve for each price individually). P2arrow_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:PEARSONEngineering 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 LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial 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