Homework Answers
Ans) the correct option is b. the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk.
The country will produce those goods in which it specialises or has the lower opportunity cost of producing that good.
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tothe If this ° the first productive re ° the first productive resources to switch to...
Refer to the figure below. If this economy were currently operating at point D, then in...
Refer to the figure below. If this economy were currently operating at point D, then in order to make more movies: Milk (gallons per year) O the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk O the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk. no productive resources would need to switch from making milk to movies because...
Economics is a social science concerned with: The best use of scarce resources to achieve the...
Economics is a social science concerned with: The best use of scarce resources to achieve the maximum satisfaction of economic wants. Increasing the level of productive resources so there is a minimum level of income. Increasing the level of productive resources so there is maximum output in society. The best use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer: A person should consume more of something when its marginal: benefit exceeds...
need all 7 blanks filled in. ignore the answers that i have in the first part,...
need all 7 blanks filled in. ignore the answers that i have in
the first part, not sure if i did them right, but i still need
those
8. Problems and Applications Q3 Amy and Deborah are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Amy takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza....
To increase productive capacity, a company is considering a proposed new plant. Which of the following...
To increase productive capacity, a company is considering a proposed new plant. Which of the following statements is CORRECT? a. Since depreciation is a non-cash expense, the firm does not need to deal with depreciation when calculating the operating cash flows. b. In calculating the project's operating cash flows, the firm should not deduct financing costs such as interest expense, because financing costs are accounted for by discounting at the cost of capital. If interest were deducted when estimating cash...
Only need the first question to be answered QUESTION 17 Zimbabwe and South Africa are trading...
Only need the first question to be answered
QUESTION 17 Zimbabwe and South Africa are trading partners. Both produce metal ores (including lithium) and delivery trucks. (Note: The numbers below are fake, but the direction of trade is real!) (Please label your answers using A, B, C, and D.) A) (1 point) As each country increases its production of metal ores, what happens to the opportunity cost of producing metal ores in terms of delivery trucks? B) (3 points) Now...
First option: $4- $5- $6 Second option: 0 million- 67 million- 100 million- 95 million Third...
First option: $4- $5- $6
Second option: 0 million- 67 million- 100 million- 95
million
Third option: $603 million- $909 million- $306 million- $54
million
4. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for milk. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding...
O ou LOI- If you were to graph the production possibilities frontier (PPF) with military output...
O ou LOI- If you were to graph the production possibilities frontier (PPF) with military output on the horizontal axis, and civilian goods and services on the vertical axis, and if the PPF were curved, where would you expect the opportunity cost of military output to be highest? A Where the PPF intersects the horizontal axis B. Where the PPF intersects the vertical axis Nowhere in particular, because the opportunity cost is constant At the point on the PPF where...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
BestSystems manufactures an optical switch that it uses in its final product. s incurred the BestSystems...
BestSystems manufactures an optical switch that it uses in its final product. s incurred the BestSystems does not yet know how many switches it will need this year; however, another company has offered to sell BestSystems the switch for $12.00 per unit. If BestSystems buys the switch from the outside supplier, the manufacturing facilities that will be idle cannot be used for any other purpose, yet none of the fixed costs are avoidable following manufacturing costs when it produced 73,000...
FiberSystems manufactures an optical switch that it uses in its final FiberSystems does not yet know...
FiberSystems manufactures an optical switch that it uses in its final FiberSystems does not yet know how many switches it will need this year, product. FiberSystems incurred the following manufacturing costs when it however, another company has offered to sell FiberSystems the switch for produced 66,000 units last year: $13.50 per unit. If Fiber Systems buys the switch from the outside (Click the icon to view the manufacturing costs.) supplier, the manufacturing facilities that will be idle cannot be used...
Refer to the figure below. If this economy were currently operating at point D, then in order to make more movies: Milk (gallons per year) O the first productive resources to switch to making movies should be those with the lowest opportunity cost of making milk O the first productive resources to switch to making movies should be those with the highest opportunity cost of making milk. no productive resources would need to switch from making milk to movies because...
need all 7 blanks filled in. ignore the answers that i have in
the first part, not sure if i did them right, but i still need
those
8. Problems and Applications Q3 Amy and Deborah are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Amy takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza....
Only need the first question to be answered
QUESTION 17 Zimbabwe and South Africa are trading partners. Both produce metal ores (including lithium) and delivery trucks. (Note: The numbers below are fake, but the direction of trade is real!) (Please label your answers using A, B, C, and D.) A) (1 point) As each country increases its production of metal ores, what happens to the opportunity cost of producing metal ores in terms of delivery trucks? B) (3 points) Now...
First option: $4- $5- $6
Second option: 0 million- 67 million- 100 million- 95
million
Third option: $603 million- $909 million- $306 million- $54
million
4. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for milk. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding...
O ou LOI- If you were to graph the production possibilities frontier (PPF) with military output on the horizontal axis, and civilian goods and services on the vertical axis, and if the PPF were curved, where would you expect the opportunity cost of military output to be highest? A Where the PPF intersects the horizontal axis B. Where the PPF intersects the vertical axis Nowhere in particular, because the opportunity cost is constant At the point on the PPF where...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
BestSystems manufactures an optical switch that it uses in its final product. s incurred the BestSystems does not yet know how many switches it will need this year; however, another company has offered to sell BestSystems the switch for $12.00 per unit. If BestSystems buys the switch from the outside supplier, the manufacturing facilities that will be idle cannot be used for any other purpose, yet none of the fixed costs are avoidable following manufacturing costs when it produced 73,000...
FiberSystems manufactures an optical switch that it uses in its final FiberSystems does not yet know how many switches it will need this year, product. FiberSystems incurred the following manufacturing costs when it however, another company has offered to sell FiberSystems the switch for produced 66,000 units last year: $13.50 per unit. If Fiber Systems buys the switch from the outside (Click the icon to view the manufacturing costs.) supplier, the manufacturing facilities that will be idle cannot be used...
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