11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on...
11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on a production possibilities frontier, produces 200 units of good X and 500 units of good Y. Also suppose that, with the same resources and technology, the economy could produce at point B, which represents 350 units of good X and 750 units of good Y.
True or False: It follows that when the economy is producing at point A, it is productive inefficient.
True or False: It follows that when the economy is producing at point B, it is productive efficient.
Homework Answers
1. True
(As more of both the goods can be produced at B so, A is
productively inefficient.)
2. True
(As B is a point on the PPF, so, B is productively efficient.)
Add Answer to:
11. Working with Numbers and Graphs Q11 Suppose that an economy,
producing at point A on...
11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on...
11. Working with Numbers and Graphs Q11 Suppose that an economy, producing at point A on a production possibilities frontier, produces 450 units of good X and 400 units of good Y. Also suppose that, with the same resources and technology, the economy could produce at point B, which represents 600 units of good X and 550 units of good Y. True or False: It follows that when the economy is producing at point A, it is productive inefficient. True...
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
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...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David X Y X Y 150 0 200 0 75 37.5 100 10 0 75 0 20 would specialize in the If each person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good X. (Hint: Calculate the opportunity...
Suppose the accompanying graph represents the Canadian production possibilities frontier between producing maple syrup and timber....
Suppose the accompanying graph represents the Canadian production possibilities frontier between producing maple syrup and timber. . Place point A at a location that is obtainable but inefficient Place point B at a location that is unobtainable Place point C at a location that is efficient. Production Possibilities for Canada
1. Working with Numbers and Graphs Q1 Suppose that two economies, named Arcardia and Euphoria, can...
1. Working with Numbers and Graphs Q1 Suppose that two economies, named Arcardia and Euphoria, can use their resources to produce good X, good Y, or a combination of both. The following table shows the four different combinations of the two goods each country can produce. Combinations A B C D Arcardia Euphoria Good X Good Y Good X Good Y 2400 6400 144 240 460 120 48 480 280 240 0 7200 360 Arcardia has a comparative advantage in...
Suppose the United States produces only two goods: wheat and computers. The following graph shows the...
Suppose the United States produces only two goods: wheat and
computers. The following graph shows the United States’s current
production possibilities frontier (also known as the production
possibilities curve), along with six output combinations
represented by black points (+ symbols) labeled A to F.
100 T PPF ー 60 0. 40 20 0 20 40 60 80 100 WHEAT (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are productive inefficient, productive efficient,...
We were unable to transcribe this imageAssume that the resources best sulted to producing a partícular...
We were unable to transcribe this imageAssume that the resources best sulted to producing a partícular service are preferentially used in the production of that service and that as the economy moves down along the production possibiNties frontlier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol to identify point...
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate...
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
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...
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...
7. Working with Numbers and Graphs Q9 The following table summarizes the combinations of goods X and Y that two individuals, Tina and David, can each produce individually. Tina David X Y X Y 150 0 200 0 75 37.5 100 10 0 75 0 20 would specialize in the If each person specializes in the production of the good for which they have the comparative advantage, then would specialize in the production of good X. (Hint: Calculate the opportunity...
Suppose the accompanying graph represents the Canadian production possibilities frontier between producing maple syrup and timber. . Place point A at a location that is obtainable but inefficient Place point B at a location that is unobtainable Place point C at a location that is efficient. Production Possibilities for Canada
1. Working with Numbers and Graphs Q1 Suppose that two economies, named Arcardia and Euphoria, can use their resources to produce good X, good Y, or a combination of both. The following table shows the four different combinations of the two goods each country can produce. Combinations A B C D Arcardia Euphoria Good X Good Y Good X Good Y 2400 6400 144 240 460 120 48 480 280 240 0 7200 360 Arcardia has a comparative advantage in...
Suppose the United States produces only two goods: wheat and
computers. The following graph shows the United States’s current
production possibilities frontier (also known as the production
possibilities curve), along with six output combinations
represented by black points (+ symbols) labeled A to F.
100 T PPF ー 60 0. 40 20 0 20 40 60 80 100 WHEAT (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are productive inefficient, productive efficient,...
We were unable to transcribe this imageAssume that the resources best sulted to producing a partícular service are preferentially used in the production of that service and that as the economy moves down along the production possibiNties frontlier, one worker at a time is transferred from mowing lawns to washing cars. Using the blue points (circle symbol), graph the production possibilities frontier (PPF) for this economy on the following graph. Then use the black point (plus symbol to identify point...
If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
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...
Most questions answered within 3 hours.
-
Calculate the number density of argon gas at a temperature of
24C and a pressure of...
asked 26 minutes ago -
Alternative
Classification
How to Estimate
Probabilities from Data? ( For continuous Attributes)
And How to generate...
asked 29 minutes ago -
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 1 hour ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 2 hours ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 3 hours ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 3 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 4 hours ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 4 hours ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 4 hours ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 4 hours ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 5 hours ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 5 hours ago