Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
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Chapter 2, Problem 19SQ
To determine
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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
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- Consider a Production Possibility Frontier that bows outward. Suppose the production of one good increases. As a result opportunity cost of producing this good will __________ because productive resources ___________________ in their suitability for producing different kinds of goods. A. increase; differ B. decrease; are the same C. increase; are the same D. decrease; differarrow_forwardIn 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.arrow_forwardOne 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_forward
- A 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_forwardRefer 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_forwardWhen points are positioned within the budget line, what does it mean to quantities? a. all points yields satisfaction b. the Quantity Combination of Good Y and Good X is actually not equal c. the Quantity Combination of Good Y and Good X is optimal d. all point suggest indifference curve This is the concept that explains that trends of values continues to increase but at a certain point it begins to do down a. Law of Production Capacity b. Natural course of Economic Propensities c. Law of Demand d. Law of Diminishing Marginal Utility What happen when you add Total Fix Cost and Total Variable cost that is divided by their quantity. a. the assumption is that goods were produce but yet to be priced b. the assumption is that goods were produce but yet to be equalized c. the assumption is that goods were produce but yet to be quantified d. the assumption is that goods were produce but yet to be determinedarrow_forward
- 28 24 point A point E point F 20 point B 16 12 • point C point D 8 4. 4 12 16 20 24 product X product Yarrow_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_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_forward
- a) Draw a diagram to illustrate the economy's production possibilities curve. b) Use values from the table or the diagram to explain the concept of opportunity cost. c) On your diagram, add a point "F" that is inside the curve. Describe how the economy is using its resources at point F. d] On your diagram, add a point "G" that is beyond the curve. Explain why this point is currently not attainable. e) Explain what would have to happen for the economy to reach point G. 2. Using a (new) PPC diagram, explain what would happen if an economy experienced a devastating natural disaster. Be sure to explain your reasoningarrow_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_forwardThe 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
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