Homework Answers
Answer : Option A is correct. Society will be at point inside the production possibility curve when resources are not used efficiently and there are deployment of resources in systematic and logical manner. It means proper utilisation of resources.
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7. Society will be at points inside the production possibilities curve when: a. resources are not...
Canada is producing inside its production possibilities curve. It could move to its production possibilities curve...
Canada is producing inside its production possibilities curve. It could move to its production possibilities curve by: Multiple Choice Acquiring additional resources Employing more of its available resources Distributing incomes more equally Increasing the levels of wages and prices
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...
7. How can cost benefit analysis help explain why people are more likely to overeat at...
7. How can cost benefit analysis help explain why people are more likely to overeat at all you can eat buffets than at restaurants where we pay for extra portions? a. At all-you-can-eat buffets, the food always tastes better, so people eat more. b. The marginal cost of additional food is lower at all-you-can-eat buffets since they don't charge for a second helping of food. c. Marginal benefit is always less than marginal cost for food at all-you-can-eat buffet d....
urgent please Production Possibilities Analysis The table below is a set of hypothetical production possibilities for...
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...
Assume an economy with only two commodities. The production possibilities curve of this economy shows: a....
Assume an economy with only two commodities. The production possibilities curve of this economy shows: a. all possible combinations of the two commodities that can be produced by utilizing all of the society's resources. b. all possible combinations of the two commodities that a given person can buy. c. all possible combinations of the two commodities that a given person wants. d. all possible combinations of the two goods that the society as a whole wants. e. none of the...
Exhibit 2-16 Production possibilities curve Consumption goods 0 1 1TVO 2 3 4 5 6 7...
Exhibit 2-16 Production possibilities curve Consumption goods 0 1 1TVO 2 3 4 5 6 7 Capital goods 1. In Exhibit 2-16, which of the following points on the production possibilities curve are unattainable with the resources and technology currently available? a. B, C, D, U b. A, B, C, D, U c. E and W d. A, B, C, U e. A, B, C, D In Exhibit 2-16, which of the following points on the production possibilities curve are...
I need help on number 12. Help Center Question Completion Status QUESTION 11 The production possibilities...
I need help on number 12.
Help Center Question Completion Status QUESTION 11 The production possibilities curve illustrates the basic principle that the production of more of any one good will in time require smaller and smaller sacrifices of other goods, if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced an economy will automatically obtain full employment of its resources. an economy's capacity to...
With trade, the production possibilities for two nations lie a. outside their consumption possibilities. b. inside...
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...
A point on a production possibilities curve indicates an output combination that can be attained only...
A point on a production possibilities curve indicates an output combination that can be attained only if society gets more resources or there is technological change. resources are being used efficiently. opportunity costs are constant resources are not being used efficiently.
Production Possibilities Curve 10 9 8 7 6 Investment Goods(units per time) 5 4 3 N...
Production Possibilities Curve 10 9 8 7 6 Investment Goods(units per time) 5 4 3 N 1 0 1 1 3 N 4 5 6 7 8 ON 10 Consumer Goods(units per time) Use the figure above to answer the following questions. a. What is the opportunity cost of increasing investment goods from 4 units to 8 units? b. What will happen to future production possibilities if investment decreases now? Production possibilities will c. What will happen to future production...
Canada is producing inside its production possibilities curve. It could move to its production possibilities curve by: Multiple Choice Acquiring additional resources Employing more of its available resources Distributing incomes more equally Increasing the levels of wages and prices
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...
7. How can cost benefit analysis help explain why people are more likely to overeat at all you can eat buffets than at restaurants where we pay for extra portions? a. At all-you-can-eat buffets, the food always tastes better, so people eat more. b. The marginal cost of additional food is lower at all-you-can-eat buffets since they don't charge for a second helping of food. c. Marginal benefit is always less than marginal cost for food at all-you-can-eat buffet d....
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...
Exhibit 2-16 Production possibilities curve Consumption goods 0 1 1TVO 2 3 4 5 6 7 Capital goods 1. In Exhibit 2-16, which of the following points on the production possibilities curve are unattainable with the resources and technology currently available? a. B, C, D, U b. A, B, C, D, U c. E and W d. A, B, C, U e. A, B, C, D In Exhibit 2-16, which of the following points on the production possibilities curve are...
I need help on number 12.
Help Center Question Completion Status QUESTION 11 The production possibilities curve illustrates the basic principle that the production of more of any one good will in time require smaller and smaller sacrifices of other goods, if all the resources of an economy are in use, more of one good can be produced only if less of another good is produced an economy will automatically obtain full employment of its resources. an economy's capacity to...
A point on a production possibilities curve indicates an output combination that can be attained only if society gets more resources or there is technological change. resources are being used efficiently. opportunity costs are constant resources are not being used efficiently.
Production Possibilities Curve 10 9 8 7 6 Investment Goods(units per time) 5 4 3 N 1 0 1 1 3 N 4 5 6 7 8 ON 10 Consumer Goods(units per time) Use the figure above to answer the following questions. a. What is the opportunity cost of increasing investment goods from 4 units to 8 units? b. What will happen to future production possibilities if investment decreases now? Production possibilities will c. What will happen to future production...
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