41. A maximized social surplus in an economy means that ________.
a. the sum of consumer and producer surpluses have the largest possible value
b. there is an even distribution of income among the people in that economy
c. each of the consumer surplus, and the producer surplus have their largest possible values
d. it is possible to make some people better off without making any other person worse off
42. The following figure depicts a nonlinear production
possibilities curve.
Refer to the figure above. If the market economy moves from
point A to point C, ________.
a. society values Web sites more than computer programs
b. the opportunity cost of producing an additional Web site increases
c. there is unemployment in the computer programs industry
d. technological change has made the production of Web sites more efficient
43. The following figure depicts a nonlinear production
possibilities curve.
Refer to the figure above. Point E represents a situation
that ________.
a. will be attainable only if there is economic growth
b. results from inefficient use of resources or failure to use all available resources
c. is currently unattainable and can be expected to remain so
d. has a higher opportunity cost than do points on the boundary itself
44. The following figure depicts a nonlinear production
possibilities curve.
Refer to the figure above. With currently available
resources, point F represents a situation that
________.
a. is currently unattainable, given available resources
b. results if resources are not fully employed
c. can be achieved if consumers demand fewer Web sites than at point C
d. is currently attainable, given available resources
Homework Answers
Ans41) the correct option is a) the sum of consumer and producer surpluses have the largest possible value
Ans42) the correct option is b. the opportunity cost of producing an additional Web site increases
Ans43) the correct option is b) results from inefficient use of resources or failure to use all available resources
Ans44) the correct option is a. is currently unattainable, given available resources
Add Answer to:
41. A maximized social surplus in an economy means that
________.
a. the sum of consumer...
Problem number 5 Letter D help!!!!! 20 PART ONE Introduction to Economics and the Economy 5....
Problem number 5 Letter D help!!!!!
20 PART ONE Introduction to Economics and the Economy 5. Refer to the following production possibilities table for consumer 6. Look at the marg curve sh crease o 7. Referri curs in t nology possibi occurs Draw t duction ment i goods (automobiles) and capital goods (forklifts): L01.6 a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a graph. Military 110 5 10s o 95 15 80 Consumer 0 60 40 35 50 10 20 60 Suppose the Economy is operating at point B. What is the opportunity cost of 10 additional units of consumer goods? Between which points is the opportunity cost of b producing consumer goods at maximum? A combination of 70 units of military goods and 45 units of...
1. A production possibilities frontier will have a curved or “bowed out” shape if: opportunity costs...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
Philosophers draw a distinction between positive statements, which describe the world as it is, and s,...
Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. O A. normative statement O B. budget constraint O c. Trade-off O D. opportunity cost The economic concept of scarcity means that wants are greater than theresources available to satis those wants: 0 A. Hard to find O B. Expensive O C. Bountiful ○ D· Limited 1 poi 1 point The basic difference between macroeconomics and microeconomics...
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production...
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production Possibilities Frontier (PPF) in Figure 1 on the next page. What is true about point A? (A) It is unattainable (B) Resources are being unused or misallocated (C) Capital exceeds labour in production (D) It is preferable to point B 2. Still referring to Figure 1, what is true about point B? (A) It represents diminishing and increasing opportunity cost (B) It is a...
QUESTION 4 Refer to the diagram. Other things equal, this economy will shift its production possibilities...
QUESTION 4 Refer to the diagram. Other things equal, this economy will shift its production possibilities curve outward the most if: 8 Consumer Goods it chooses point B. the ratio of capital to consumer goods is minimized. c, chooses point A. 0 d. it chooses point C
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
21) Refer to Figure 9-17. Without trade, consumer surplus is 1 point Figure 9-17 1 Price...
21) Refer to Figure 9-17. Without trade, consumer surplus is 1 point Figure 9-17 1 Price Domestic Supply World price + tariff World Price Domestic Demand 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 Quantity O a. $400 and producer surplus is $200. b. $400 and producer surplus is $800. O c. $1,600 and producer surplus is $200. O d. $1,600 and producer...
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Problem number 5 Letter D help!!!!!
20 PART ONE Introduction to Economics and the Economy 5. Refer to the following production possibilities table for consumer 6. Look at the marg curve sh crease o 7. Referri curs in t nology possibi occurs Draw t duction ment i goods (automobiles) and capital goods (forklifts): L01.6 a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the...
Understanding Production Possibilities Using the following table for a hypothetical economy plot your data on a graph. Military 110 5 10s o 95 15 80 Consumer 0 60 40 35 50 10 20 60 Suppose the Economy is operating at point B. What is the opportunity cost of 10 additional units of consumer goods? Between which points is the opportunity cost of b producing consumer goods at maximum? A combination of 70 units of military goods and 45 units of...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. O A. normative statement O B. budget constraint O c. Trade-off O D. opportunity cost The economic concept of scarcity means that wants are greater than theresources available to satis those wants: 0 A. Hard to find O B. Expensive O C. Bountiful ○ D· Limited 1 poi 1 point The basic difference between macroeconomics and microeconomics...
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production Possibilities Frontier (PPF) in Figure 1 on the next page. What is true about point A? (A) It is unattainable (B) Resources are being unused or misallocated (C) Capital exceeds labour in production (D) It is preferable to point B 2. Still referring to Figure 1, what is true about point B? (A) It represents diminishing and increasing opportunity cost (B) It is a...
QUESTION 4 Refer to the diagram. Other things equal, this economy will shift its production possibilities curve outward the most if: 8 Consumer Goods it chooses point B. the ratio of capital to consumer goods is minimized. c, chooses point A. 0 d. it chooses point C
21) Refer to Figure 9-17. Without trade, consumer surplus is 1 point Figure 9-17 1 Price Domestic Supply World price + tariff World Price Domestic Demand 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 Quantity O a. $400 and producer surplus is $200. b. $400 and producer surplus is $800. O c. $1,600 and producer surplus is $200. O d. $1,600 and producer...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
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