Homework Answers
1 - False
The principal of the trade offs occur due to scarcity. Scarcity can be better understood as opportunity cost.
2 - False
Total cost is the implicit + Explicit cost. Only implicit cost does not signify the total cost.
3 - True
The household society works as the market for the input from where the different factors of production can be purchased. The industry serves as the output market. Hence these are two different markets.
4 - Opportunity cost = 0
Since there are no units of sacrifice in F , opportunity cost = 0 / 2000
= 0
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a) True, False, Why? The scarcity principle fails to explain trade-offs. b) True, False, Why? Implicit...
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
True, False, Uncertain [18 marks - 6 marks each] Explain why each statement is true, false,...
True, False, Uncertain [18 marks - 6 marks each] Explain why each statement is true, false, or uncertain. 1. The opportunity cost of a point in the interior of the production possibilities set is equal to zero 2. If a country has absolute advantages in the production of all goods, then no trade will take 3. There is a commercial ban on trading ivory, but a black market has developed. Ivory from up because resources are being used efficiently. place....
Explain why the following statements are true or false: &n
Explain why the following statements are true or false: A: Exporting a good reduces consumer surplus therefore overall economic welfare decreases. B: Importing a good reduces producer surplus therefore overall economic welfare decreases. C: A tariff reduces imports, increases domestic production and producer surplus therefore overall economic surplus increases. D: Export subsidies increase both consumer and producer surplus thereof they improve overall net economic welfare. 4. Explain why the following statements are either true or false: A: In a competitive...
Explain why the following statements are true or false: &n
Explain why the following statements are true or false: 3) A: Exporting a good reduces consumer surplus therefor overall economic welfare decreases. B: Importing a good reduces producer surplus therefore overall economic welfare decreases. C: A tariff reduces imports, increases domestic production and producer surplus therefore overall economic surplus increases. D: Export subsidies increase both consumer and producer surplus thereof they improve overall net economic welfare. . 4) Explain why the following statements are either true or false: A:...
[48 marks-6 marks each] True, False, or Uncertain Explain why each of the following statements is...
[48 marks-6 marks each] True, False, or Uncertain Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important tin tiels ... TL A1-4. If a country has a standard production possibilities boundary (PPB) between national defense goods and "other goods", then an increase in defense spending means that the opportunity cost of "other goods" will rise A1-5....
4) Explain why the following statements are either true or false: A: In a competitive labor...
4) Explain why the following statements are either true or false: A: In a competitive labor market, a minimum wage above the market equilibrium will reduce the level of employment. B: In a monopsony labor market, a minimum wage set above equilibrium will always reduce the level of employment. C: In bilateral monopoly labor markets the monopsony employer and the union bargain to an outcome that is closer to a competitive equilibrium. D: If two industries...
4) Explain why the following statements are either true or false: A: In a competitive labor...
4) Explain why the following statements are either true or false: A: In a competitive labor market, a minimum wage above the market equilibrium will reduce the level of employment. B: In a monopsony labor market, a minimum wage set above equilibrium will always reduce the level of employment. C: In bilateral monopoly labor markets the monopsony employer and the union bargain to an outcome that is closer to a competitive equilibrium. D: If two industries have identical labor supplies...
Question 5 What can be used to explain why countries may not always benefit from the...
Question 5 What can be used to explain why countries may not always benefit from the specialization in producing fewer goods and services? Question 5 options: For a given firm, producing at an extremely high scale may embrace higher average cost of production. For a given firm, producing at an extremely high scale should cause the total production cost to be greater than the total revenue. For a given country, producing fewer products at extremely high production scales should lower...
Ringtone Read Only - You can't save changes to t... TRUE/FALSE. Write "T" if the statement...
Ringtone Read Only - You can't save changes to t... TRUE/FALSE. Write "T" if the statement is true and 'F' if the statement is false. 1) An economic model is a complex version of reality used to analyze real-world economic situations. 2) On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. 3) A change in quantity supplied is represented by a movement along the supply curve. MULTIPLE CHOICE....
True, False, Uncertain [18 marks - 6 marks each] Explain why each statement is true, false, or uncertain. 1. The opportunity cost of a point in the interior of the production possibilities set is equal to zero 2. If a country has absolute advantages in the production of all goods, then no trade will take 3. There is a commercial ban on trading ivory, but a black market has developed. Ivory from up because resources are being used efficiently. place....
[48 marks-6 marks each] True, False, or Uncertain Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important tin tiels ... TL A1-4. If a country has a standard production possibilities boundary (PPB) between national defense goods and "other goods", then an increase in defense spending means that the opportunity cost of "other goods" will rise A1-5....
Ringtone Read Only - You can't save changes to t... TRUE/FALSE. Write "T" if the statement is true and 'F' if the statement is false. 1) An economic model is a complex version of reality used to analyze real-world economic situations. 2) On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. 3) A change in quantity supplied is represented by a movement along the supply curve. MULTIPLE CHOICE....
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