Economics For Today
9th Edition
ISBN: 9781305507074
Author: Tucker, Irvin B.
Publisher: Cengage Learning,
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Chapter 2, Problem 8SQ
To determine
Identify the option that represents
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Question 11
) Listen
Suppose you have a $20 Amazon gift card with which you can buy (download) songs or videos. Songs cost
$1.00 each and videos cost $2.00 each. The opportunity cost of one video:
a) is constant and equal to ½ song.
b) is constant and equal to 2 songs.
c) is $1.00.
d) increases as more videos are purchased
Question 12
) Listen
Which of the following is NOT true?
1) Economists view the world through the lens of scarcity.
2)
The perpetual problem of scarcity forcing people and society to make choices
is the basis for the definition of economics.
3) Most of the disagreement among economists involves normative economics.
4) Rationality means that choices must be made generally the same among
individuals.<--
Question 13
) Listen
Which of the following does not correctly explain about the purposeful behavior that reflects "rational self-
interest?
O a) Sellers try to make the most profits possible from the sales of their products as many as possible.
b)
Consumers spend their…
Marie has a weekly budget of $24. Pie's are $12 each. Magazines are $4 each. What is Marie's opportunity cost of purchasing a pie?
Draw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?
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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- Production 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_forwardIf an economy is operating at a point inside the production possibilities curve?a.its resources are not being used efficiently. b.This is a trick question because an economy cannot produce at a point inside the curve. c.the curve will begin to shift inward. d.the curve will begin to shift outward.arrow_forwardThe 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.arrow_forward
- If a producer is producing at point z and wants to move to point X, then what is the trade-off? How do you find trade-off? 20 gallons of milk 3 lbs of cheese 7 lbs of cheese 10 gallons of milkarrow_forwardDuring the Iraq War many of Iraq's oil refineries were destroyed. This would best be represented by a A) movement up Iraq's production possibility frontier. B) shift of Iraq's production possibility frontier toward the origin. C) movement off Iraq's production possibility frontier to some point inside the frontier. D) movement down Iraq's production possibility frontier.arrow_forwardEfficiency is achieved ○ A. when producers are getting the maximum possible output from the available resources. B. when prices of all goods and services go to zero. C. when output is being produced at a point inside a production possibilities curve. D. when consumers are able to buy everything that they want.arrow_forward
- The production possibilities frontier is the Select one: A. maximum output that can be produced at an opportunity cost of zero. B. minimum output that can be produced when resources are used inefficiently. C. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced when technology is changing. D. boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology. E. maximum opportunity cost combinations of goods and services.arrow_forwardComplete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.arrow_forwardThe definition of Product Possibility Frontier is The graph which indicates the various production possibilities of two products when resources are fixed. The graph that shows the highest amount of money a person can make over a period of time. The graph that shows how supply and demand works. The graph that tells us how well an economy is doingarrow_forward
- a) Explain exchange efficiency and production efficiency and give the main condition for each type of these efficiencies.b) Do you think Pareto Efficiency is enough to explain Pareto Efficiency? If yes, why, if not, why not? Discuss.arrow_forwardIn the context of the production possibilities frontier, opportunity cost can be measured by the A) ratio of the costs of the two goods being produced. B) slope of the frontier. C) ratio of the amounts of the two goods being produced. D) amount of labor needed to produce the goods and services.arrow_forwardEconomic theory indicates that as any economic agent tries to extend any productive activity further, it becomes increasing more difficult to do so. What is this particular theory called? Select one: a. Law of Comparative Advantage b. Law of Demand c. Law of Ceteris Paribus d. Law of Diminishing Returnsarrow_forward
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