When an economy is operating on the Production Possibility Curve this means that scarcity has been eliminated...
When an economy is operating on the Production Possibility Curve this means that scarcity has been eliminated
true or false
Homework Answers
False
When an economy is operating on the Production Possibility Curve this means more production of one good means less production of another due to the fact that resources are limited.
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When an economy is operating on the Production Possibility Curve
this means that scarcity has been eliminated...
They go together 4. Design a production possibility curve. Show and explain how it demonstrates opportunity...
They go together
4. Design a production possibility curve. Show and explain how it demonstrates opportunity cost and scarcity. Make this curve reflect the principle of increasing marg inal opportunity costs. In addition to the graph, show the actual numbers you are graphing in a schedule 15 pts 5. Demonstrate on your PPC with a point of operation that the economy is operating below potential. 4 pts
There are infinite number of possible points of production on a production possibility curve, explain how...
There are infinite number of possible points of production on a production possibility curve, explain how a “market economy” decides to choose one production point on a PPC.
An economy has a production possibility frontier given by X2 + 4Y2 = 100. (i) Graph...
An economy has a production possibility frontier given by X2 + 4Y2 = 100. (i) Graph this ppf. (ii) Calculate the opportunity cost of an extra unit of good X when a. X = 2 b. X = 8. [Hint: you need ΔY/ΔX; either use calculus; or calculate Y when X=2 and X=3 to get an approximation. Excel might be helpful for this.] (iii) If consumers want to consume equal amounts of X and Y, how much of each should...
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then...
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then it is experiencing labor shortages trying to produce outside of its production capabilities focusing too much on housing and not enough on food production not using all of its available resources QUESTION 14 The law of demand is graphically illustrated by a(n) upward-sloping demand curve perfectly vertical demand curve perfectly vertical supply curve downward-sloping demand curve QUESTION 15 mmediately before Valentines Day, people in...
3. Suppose an economy has a production possibility frontier characterized by the equation x2+4Y2 100 a....
3. Suppose an economy has a production possibility frontier characterized by the equation x2+4Y2 100 a. In order to sketch this equation, first compute its intercepts. What is the value b. Calculate three additional points along this production possibility frontier. c. Is the opportunity cost of X in terms of Y constant in this economy, or does it d. How would you calculate the opportunity cost of X in terms of Y in this of Xif Y-0? What is the...
17. Match the statement affecting the production possibility curve with its graphical representation: New technology affecting...
17. Match the statement affecting the production possibility curve with its graphical representation: New technology affecting both industries A. inward shift of the curve B. a movement along the curve C. outward shift of the curve D. A rotation of the curve E. Point outside the curve F. point inside the curve 18. Match the statement affecting the production possibility curve with its graphical representation: An increase in consumer spending on one good but no change in consumer's income A....
Suppose an economy E has a production possibility frontier characterized by the following equation: Y = - X 2 + 400 a. D...
Suppose an economy E has a production possibility frontier characterized by the following equation: Y = - X 2 + 400 a. Draw the PPF b. Calculate 3 opportunity costs between 4 different points on the PPF, is it constant, or does it depend on the levels of output produced? c. Where does the point A = (10, 250) fall? Explain what it means. Where does the point B = (15, 200) fall? Explain what it means. Where should we...
A shift outward from the origin of the whole production possibilities curve means - there is...
A shift outward from the origin of the whole production possibilities curve means - there is unemployment in the economy. - some resources are underemployed in the economy. - underemployed resources are now being employed. - there is economic growth in the economy - resources are being shifted from one use to another use.
True or False 1. The achievement of greater efficiency in the United States has been at...
True or False 1. The achievement of greater efficiency in the United States has been at the expense of growing inequality. 2. One of the consequences of allowing wages to fall in the United States has been growing wage inequality. 3. If the budget deficit was eliminated, the federal government would have more money than it could spend. 4. Market economies are not constrained by scarcity; only planned economies have that problem. 5. Rent controls and controls on other prices...
In the case of a bowing outward Production Possibility Frontier an economy is interdependent and engaged...
In the case of a bowing outward Production Possibility Frontier an economy is interdependent and engaged in trade instead of self-sufficient the rate of tradeoff between the two goods being produced depends on how much of each good is being produced. the rate of tradeoff between the two goods being produced is constant the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good.
They go together
4. Design a production possibility curve. Show and explain how it demonstrates opportunity cost and scarcity. Make this curve reflect the principle of increasing marg inal opportunity costs. In addition to the graph, show the actual numbers you are graphing in a schedule 15 pts 5. Demonstrate on your PPC with a point of operation that the economy is operating below potential. 4 pts
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then it is experiencing labor shortages trying to produce outside of its production capabilities focusing too much on housing and not enough on food production not using all of its available resources QUESTION 14 The law of demand is graphically illustrated by a(n) upward-sloping demand curve perfectly vertical demand curve perfectly vertical supply curve downward-sloping demand curve QUESTION 15 mmediately before Valentines Day, people in...
3. Suppose an economy has a production possibility frontier characterized by the equation x2+4Y2 100 a. In order to sketch this equation, first compute its intercepts. What is the value b. Calculate three additional points along this production possibility frontier. c. Is the opportunity cost of X in terms of Y constant in this economy, or does it d. How would you calculate the opportunity cost of X in terms of Y in this of Xif Y-0? What is the...
True or False 1. The achievement of greater efficiency in the United States has been at the expense of growing inequality. 2. One of the consequences of allowing wages to fall in the United States has been growing wage inequality. 3. If the budget deficit was eliminated, the federal government would have more money than it could spend. 4. Market economies are not constrained by scarcity; only planned economies have that problem. 5. Rent controls and controls on other prices...
In the case of a bowing outward Production Possibility Frontier an economy is interdependent and engaged in trade instead of self-sufficient the rate of tradeoff between the two goods being produced depends on how much of each good is being produced. the rate of tradeoff between the two goods being produced is constant the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good.
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