The production possibilities model illustrates an inverse relationship between two goods or services because a) production...
The production possibilities model illustrates an inverse relationship between two goods or services because
a) production of different types will compete for limited resources.
b) of diminishing returns.
c) the opportunity cost of producing more of something will rise.
Homework Answers
a) production of different types will compete for limited resources.
Explanation: An economy has a limited economic resource; therefore, it can produce more of one good only by producing less of another good.
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The production possibilities model illustrates an inverse
relationship between two goods or services because
a) production...
The production possibilities frontier A. is a model that assumes there is no scarcity and no...
The production possibilities frontier A. is a model that assumes there is no scarcity and no opportunity cost. B. depicts the boundary between those combinations of goods and services that can be produced and those that cannot given resources and the current state of technology. C. shows how many goods and services are consumed by each person in a country. D. is a graph with price on the vertical axis and income on the horizontal axis.
Number 3 and 4 please Oa. the relative prices of the two goods competing to satisfy...
Number 3 and 4 please
Oa. the relative prices of the two goods competing to satisfy wants. b. the size of the budget. ° C. the tastes and preferences of the decision-maker. QUESTION 2 10 points a. of diminishing returns. o b.production of different types will compete for limited resources. c, the opportunity cost of producing more of something wil rise. QUESTION 3 10 points Save Answer identify the normative statement(s) among the following statement(s). College tuition is too high....
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...
just need to check 1 and 3 4: Production Possibilities Schedule Combination Cars Bicycles 220 200...
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
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...
FUNDAMENTALS IN-CLASS WORKSHEET 2 This question examines the production possibilities of an individual, Nicolas. You will...
FUNDAMENTALS IN-CLASS WORKSHEET 2 This question examines the production possibilities of an individual, Nicolas. You will construct the production possibilities frontier (PPF) for Nicolas and identify his opportunity cost of producing different goods. Nicolas can use his limited resources to produce only rings and necklaces. Below, you are provided with feasible combinations of rings and necklaces that Nicolas can produce, and that employ all of his productive resources. Rings Necklaces 0 8 3 6 6 4 9 2 12 0...
FUNDAMENTALS This question examines the production possibilities of two individuals, Pedro and Jessica. You will construct...
FUNDAMENTALS This question examines the production possibilities of two individuals, Pedro and Jessica. You will construct the production possibilities frontier (PPF) for both individuals, identify each individual’s opportunity cost of producing different goods, and examine comparative advantages. Pedro and Jessica each have limited productive resources, which they can employ either in the production of pencils or pens. Below, you are provided with the feasible combinations of pencils and pens that each individual can produce, and that employ all of their...
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...
Exhibit 2-1 Production possibilities curv e data Consumption Goods Capital Goods 10 4 4 In Exhibit...
Exhibit 2-1 Production possibilities curv e data Consumption Goods Capital Goods 10 4 4 In Exhibit 2-1, why is the opportunity cost of producing the fourth unit of capital 4 units of consumption goods but ty cost of producing 4 units of capital is 10 units of consumption goods? Because the opportunity cost of capital goods is constant while the opportunity cost of consumption goods is g as this economy moves from more consumption goods to more capital goods. Because...
Number 3 and 4 please
Oa. the relative prices of the two goods competing to satisfy wants. b. the size of the budget. ° C. the tastes and preferences of the decision-maker. QUESTION 2 10 points a. of diminishing returns. o b.production of different types will compete for limited resources. c, the opportunity cost of producing more of something wil rise. QUESTION 3 10 points Save Answer identify the normative statement(s) among the following statement(s). College tuition is too high....
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...
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
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...
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...
Exhibit 2-1 Production possibilities curv e data Consumption Goods Capital Goods 10 4 4 In Exhibit 2-1, why is the opportunity cost of producing the fourth unit of capital 4 units of consumption goods but ty cost of producing 4 units of capital is 10 units of consumption goods? Because the opportunity cost of capital goods is constant while the opportunity cost of consumption goods is g as this economy moves from more consumption goods to more capital goods. Because...
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