Assume that, given factors of production and existing knowledge and technology, it is not possible to...
Assume that, given factors of production and existing knowledge and technology, it is not possible to produce more of one good without foregoing the opportunity to produce some of another good. Economists would characterize this situation as: a). efficient. b). inefficient. c.) a point outside the production possibilities frontier. d.) due to unemployment.
Homework Answers
"A"
If the market or the economy is at the efficient point it is impossible for the firm to produce more and its impossible to produce more without giving up any other goods. the answer is "A".
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Assume that, given factors of production and existing knowledge
and technology, it is not possible to...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A)...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
ourses19WNCMPEC0-202-201027 WeeKITVOGCRQuiz When moving from one bundle inside the production possibilities frontier to another bundle on...
ourses19WNCMPEC0-202-201027 WeeKITVOGCRQuiz When moving from one bundle inside the production possibilities frontier to another bundle on the production possibilities frontier, the economy Select one: 0 a. Gets more of both goods without sacrificing any of either good O b. Gets more of one good at the cost of giving up some of the other good ° C. Moves from an efficient bundle to an inefficient bundle O d. Face a trade-off in production Next page ort Answers Jump to page)#
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one unattainable point to an efficient point on the frontier. as we move from an inefficient point to the origin. as we move from one point on the frontier to another point on the frontier. at any one single point on the graph. as we move from the origin to any inefficient point.
Below is a production possibilities table for cars an corn in a small town. Good produced...
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of an increasing inflation rate on national living standards O 2 the effect on U.S. steel producers of an import quota imposed on foreign steel O 3.the effect of an increase in the price of imported coffee beans on the U.S. coffee industry O 4. the effect of agricultural price support programs on the cotton industry QUESTION 2 If an economy is producing efficiently, then...
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....
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient....
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
If an economy is operating inside its production possibilities frontier: A) it is producing efficiently. The economy cannot produce more of one good without simultaneously reducing the output of another good. B) is producing inefficiently. If production was arranged more efficiently the economy can produce more on one good without sacrificing any production of another good. C) it is producing at an unattainable point. You cannot be inside the Production Possibilities Frontier. D) then opportunity cost approaches infinity. No economy...
ourses19WNCMPEC0-202-201027 WeeKITVOGCRQuiz When moving from one bundle inside the production possibilities frontier to another bundle on the production possibilities frontier, the economy Select one: 0 a. Gets more of both goods without sacrificing any of either good O b. Gets more of one good at the cost of giving up some of the other good ° C. Moves from an efficient bundle to an inefficient bundle O d. Face a trade-off in production Next page ort Answers Jump to page)#
Below is a production possibilities table for cars an corn in a small town. Good produced Cars Corn (tons) Production Alternatives А ТВ Тc TD 0 6 12 18 50 45 35 L 20 24 0 a. Graph a production possibilities curve/frontier for this town. b. Does this PPF demonstrate the law of increasing opportunity costs? Why or why not? C. If the economy is at point B, what is the opportunity cost of producing 6 more cars? What is...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of an increasing inflation rate on national living standards O 2 the effect on U.S. steel producers of an import quota imposed on foreign steel O 3.the effect of an increase in the price of imported coffee beans on the U.S. coffee industry O 4. the effect of agricultural price support programs on the cotton industry QUESTION 2 If an economy is producing efficiently, then...
Chapter 2 Homework 1. Points that lie outside (or beyond) the PPF are attainable. ainable. efficient. D. ineflficient 2. Which of the following statements is true? less of some other good. to produce goods. another possibilities frontier (PPF). A. In a world of efficiently used scarce B. The law of increasing opportunity costs assumes that all people have the same ability C. Efficiency implies that it is impossible to get more of one good without getting less of D. Even...
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