The fact that a society's production possibility frontier is bowed out, or concave to the origin...
The fact that a society's production possibility frontier is bowed out, or concave to the origin of a graph, demonstrates the law of _____ opportunity cost.
concave
constant
increasing
decreasing
Homework Answers
Option A.
The fact that a society's production possibility frontier is bowed out, or concave to the orgin of a graph, demonstrates the law of opportunity cost.
The law of opportunity cost states that when a company Increases the production level, the opportunity cost of production keep increasing.
This is because when the firm decides to increase the production of a certain good, it has to give up the production of another certain good.
This is the reason why the production possibility frontier is bowed out.
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The fact that a society's production possibility frontier is
bowed out, or concave to the origin...
# 2. In a given country, only two good on the production possibility frontier: s are...
# 2. In a given country, only two good on the production possibility frontier: s are produced: potatoes or airplanes. Here are the points Maximum Annual Output Options Potatoes Airplanes 1,300 1,100 900 700 500 350 450 525 575 630 (i) Draw a production possibility frontier with the quantity of potatoes on the horizontal (Gi) What is the opportunity cost per unit of expending production from 450 airplanes to 525 (ii)at is the opportunity cost per unit of increasing the...
The production possibility curve is bowed outward from the origin because of: Group of answer choices...
The production possibility curve is bowed outward from the origin because of: Group of answer choices improper output mix. unemployment. the finite nature of the resource base. inefficiency. the law of increasing opportunity costs.
A the production possibilities frontier (PPF) is bowed outward as a result of 1)constant opportunity costs....
A the production possibilities frontier (PPF) is bowed outward as a result of 1)constant opportunity costs. 2)increasing opportunity costs. 3)decreasing opportunity costs. 4)scarcity. 5)choice.
a) Draw a production possibility frontier for blue jeans and computers that illustrates the law of...
a) Draw a production possibility frontier for blue jeans and computers that illustrates the law of increasing opportunity cost. b) Clearly explain how you know that your graph follows the law of increasing opportunity cost. c) Suppose a new technology for producing blue jeans is developed that allows more blue jeans to be produced with the same amount of resources as before. Show this change on your diagram. Explain what happens to the opportunity cost of producing computers and why
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:...
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...
Why is the production possibility frontier (curve) concave in shape (bows outward)?
Why is the production possibility frontier (curve) concave in shape (bows outward)?
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
A production possibility frontier is made up from all of the combinations of two goods or...
A production possibility frontier is made up from all of the combinations of two goods or services that can be efficiently produced with the currently available resources and technology. True or False The PPF is curved (bowed) outward from the origin because resources are limited. True or False The slope of the PPF (in absolute value) shows the opportunity cost as production is switched from one good or service to another. True or False One can calculate the opportunity cost...
Draw in a paper a production possibility frontier with two products A and B showing increasing...
Draw in a paper a production possibility frontier with two products A and B showing increasing opportunity cost of one product in terms of the other. On the graph, identify the area of feasible outcomes and the area of infeasible outcomes. On the graph, label a point that is efficient and a point that is inefficient. On the graph, illustrate what happen if there is a discovery of a resource needed to make both products A and B, in this...
# 2. In a given country, only two good on the production possibility frontier: s are produced: potatoes or airplanes. Here are the points Maximum Annual Output Options Potatoes Airplanes 1,300 1,100 900 700 500 350 450 525 575 630 (i) Draw a production possibility frontier with the quantity of potatoes on the horizontal (Gi) What is the opportunity cost per unit of expending production from 450 airplanes to 525 (ii)at is the opportunity cost per unit of increasing the...
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:...
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...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
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