Homework Answers
Answer 1 : Option A is correct. $1000 is not a factor of production. Land, Labour, Capital and Enterprenures are four factor of production in the firm.
Answer 2: Option B is correct. The study of economics arises due to scarcity. It means that in an economics resources are scare and their is proper utilisation of scare resources in systematic manner.
Answer 3 : Option A is correct. Economics is a study of choices the people make to attain their goals , given there scare resources. It means that there is a proper Choice among the people about utilisation of resources.
Answer 4 : Option A is correct. Capital is the machine workers have to work with. It means that resources utilised to create goods and services.It is human made resources such as tools as well as building.
Answer 5 : Option B is correct.
% Change in price =( ( New - Old)/Old)*100=
((2.25-1.25)/1.25)*100= 80%
Answer 7 : Option D is correct.
All of the above statement is correct. As direct relationship has positive slope value where as inverse relationship has negative slope value where as curved has changed slope value.
Answer 8 : Option B is correct. Production possiblity frontier shows the combination of the two goods that an economic produced with scare resources.
Answer 9 : Option B is correct. The production possiblity frontier shows the attained point are along the curve.
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1) An example of something that is NOT a factor of production is: 1) A) $1,000....
The production possibilities frontier shows A. the various products that can be produced now and in...
The production possibilities frontier shows A. the various products that can be produced now and in the future. B. what an equitable distribution of products among citizens would be. C. what people want firms to produce in a particular time period. D. the maximum attainable combinations of two products that may be produced in a particular time period with available resources
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1....
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. 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...
RPCC Canvas 1. Help for Access College-Forbidd...College-Forbidd.. Link to Course i College-Quiz 1s 1 point Bread...
RPCC Canvas 1. Help for Access College-Forbidd...College-Forbidd.. Link to Course i College-Quiz 1s 1 point Bread Figure 1 Refer to Figure 1. Along the production possibilities frontier, which point is unattainable? O A. Point F O B. Point C OC. Point bE O D. All points on the production possibilities frontier are attainable
Please explain your answer in detail. I have the answer. Suppose goods X and Y are...
Please explain your answer in detail. I have the answer. Suppose goods X and Y are produced along a production possibilities frontier 4X2 + Y2 = 500 and they are perfect substitutes such that U = X + Y. The slope of the production possibilities frontier is . What is this slope at the utility-maximizing point? a. 0 b. −1 c. −4 d. −5
please help with worksheet NAME SECTION PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 throug...
please help with worksheet
NAME SECTION PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000 6,000 PHE: 4,000 PHF 2,000 2 3 4 1 8 Drill Presses events would best explain a shift from PPF, to PPF2? Which of the following 6. An increase in rate of unemployment An increase in the size of the labor force A reduction in rate of unemployment A reduction in the size...
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...
answer all please and thank you Refer to the production possibilities frontier in below. Which of...
answer all please and thank you
Refer to the production possibilities frontier in below. Which of the following statements is true about point ? Good Y 0 2 4 6 8 10 Good X Select one: a. It is attainable only if we consume more of good X b. It is attainable only if we consume more of good Y. It is attainable only if we consume less of good Y. d. It is attainable only if we consume less...
Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000...
Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000 6,000 4,000 2,000 HF 123 5678Drll Presses 6. Which of the following events would best explain a shift from PPFi to PPF2? a.An increase in rate of unemployment An increase in the size of the labor force C. Areduction in rate of unemployment d. A reduction in the size of the labor force 7.On PPF1, the opportunity cost of the th drill press is...
Multiple Choice Questions 1. Each of the following is an example of an economic resource except...
Multiple Choice Questions 1. Each of the following is an example of an economic resource except A. land. B. money C. capital. D. labor. Consumer goods Refer to the above graph. Which movement between two points represents an increase in econ growth? A. J to K B. K to L C. L to M D. N to N 2. 3. Refer to the above graph Points J, N and K on the inner production possibilities frontier repre A an inefficient...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
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...
RPCC Canvas 1. Help for Access College-Forbidd...College-Forbidd.. Link to Course i College-Quiz 1s 1 point Bread Figure 1 Refer to Figure 1. Along the production possibilities frontier, which point is unattainable? O A. Point F O B. Point C OC. Point bE O D. All points on the production possibilities frontier are attainable
please help with worksheet
NAME SECTION PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000 6,000 PHE: 4,000 PHF 2,000 2 3 4 1 8 Drill Presses events would best explain a shift from PPF, to PPF2? Which of the following 6. An increase in rate of unemployment An increase in the size of the labor force A reduction in rate of unemployment A reduction in the size...
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...
answer all please and thank you
Refer to the production possibilities frontier in below. Which of the following statements is true about point ? Good Y 0 2 4 6 8 10 Good X Select one: a. It is attainable only if we consume more of good X b. It is attainable only if we consume more of good Y. It is attainable only if we consume less of good Y. d. It is attainable only if we consume less...
Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000 6,000 4,000 2,000 HF 123 5678Drll Presses 6. Which of the following events would best explain a shift from PPFi to PPF2? a.An increase in rate of unemployment An increase in the size of the labor force C. Areduction in rate of unemployment d. A reduction in the size of the labor force 7.On PPF1, the opportunity cost of the th drill press is...
Multiple Choice Questions 1. Each of the following is an example of an economic resource except A. land. B. money C. capital. D. labor. Consumer goods Refer to the above graph. Which movement between two points represents an increase in econ growth? A. J to K B. K to L C. L to M D. N to N 2. 3. Refer to the above graph Points J, N and K on the inner production possibilities frontier repre A an inefficient...
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