1st box: not attainable
2nd box: negative
3rd box: resources are fully employed and attainable
Explanations:
Not attainable: if a point is outside the boundary, that can’t be achieved because of limitation of resources, like technological backwardness.
Negative: the slope of production possibility curve is negative, indicating a sacrifice of production in order to get the other production. It happens because of scarcity of resources.
Resources are fully employed and attainable: it happens if the point is on the production possibility curve. The negative slope indicates full utilization of resources.
the slope of the production d. When looking at a production possibilities boundary any point that...
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shirt? 2.) The following table shows several points on a small economy's production possibilities boundary Production of Coffee (in tons) Production of Cars (in thousands) 115 95 70 40 Point (a) [1 point] Starting from point B, what is the opportunity cost of producing 2,000 more cars? (b) [1 point] Starting from point D, what is the opportunity cost of producing 2,000 more cars?
With trade, the production possibilities for two nations lie a. outside their consumption possibilities. b. inside their consumption possibilities. c. at a point equal to the world production possibilities curve. d. None of the answers above are correct. 4) Free-trade theory suggests that when trade takes place a. both nations will be worse off. b. one nation must gain at the other nation’s expense. c. both nations are better off. d. one nation will gain and the other nation will...
on a production possibilities curve, an inefficient point
is:
On a graph of a production possibilities curve, an inefficient point is: not necessarily an attainable point. necessarily an unattainable point. possibly an unattainable point
The absolute value of the slope of the production possibilities curve is the A. marginal rate of substitution. B. contract curve. C. offer curve. D. Engel curve. E. marginal rate of transformation.
urgent please
Production Possibilities Analysis The table below is a set of hypothetical production possibilities for a nation. . Automobiles Beef Combination (thousands) (thousands of tons) 10 4 0 9-4 10 a. Plot these production possibilities data. What is. the opportunity cost of the first 2,000 automobiles produced? Between which points is the oppor- tunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? b. Label a point P inside the...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then it is experiencing labor shortages trying to produce outside of its production capabilities focusing too much on housing and not enough on food production not using all of its available resources QUESTION 14 The law of demand is graphically illustrated by a(n) upward-sloping demand curve perfectly vertical demand curve perfectly vertical supply curve downward-sloping demand curve QUESTION 15 mmediately before Valentines Day, people in...
Using the production possibilities frontier below, complete the following questions. (a) Calculate the opportunity cost of point A move to point B. (2 marks) (b) Calculate the opportunity cost of point C move to point D. (2 marks) (c) Illustrate and explain what would happen to the production possibilities frontier if there were a technological breakthrough in producing tubas. ...
Explain the meaning of a Production Possibilities Frontier’s slope. What economic concept does it measure? Use your answer to explain why a typical PPF bows outward.