Homework Answers
11. Resources are not equally well suited to producing all goods....... - is correct
12. Shift of iraq's production Possibility frontier towards the origin.
13. Malaysia's production possibility frontier will shift up and out farther out and faster than Japan's.
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sestion 11 As more of a good, such as television sets, is produced, the opportunity costs...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
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...
17. Match the statement affecting the production possibility curve with its graphical representation: New technology affecting...
17. Match the statement affecting the production possibility curve with its graphical representation: New technology affecting both industries A. inward shift of the curve B. a movement along the curve C. outward shift of the curve D. A rotation of the curve E. Point outside the curve F. point inside the curve 18. Match the statement affecting the production possibility curve with its graphical representation: An increase in consumer spending on one good but no change in consumer's income A....
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A)...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1....
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
please with every false statement can you write the true statement of it ? 4) When...
please with every false statement can you write the true
statement of it ?
4) When two people trade, one must lose for the other to win. Answer: FALSE DIE 2 Topic: Scarcity. Choice, and Opportunity Cost Skill Comertual AACSB: Reflective Thinking 5) Economic growth shifts a society's production possibility frontier toward the origin. Answer: FALSE DIE 1 Topic: Scarcity, Choice, and Opportunity Cost Skill Conceptual AACSB: Reflective Thinking 6) A society's production possibility frontier is bowed out from the...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F...
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...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
I. Multiple Choice: Choose the alternative that best completes the statement or answers the question. 1. Production possibilities frontiers are typically concave (bowed out) from the origin because of the law of supply b. a. there is usually a one-for-one trade-off in resources used in production economies of scale enable firms to reduce the average costs of production as output rises d. c. the opportunity cost of a good rises as the quantity of the good produced increases e. resources...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
please with every false statement can you write the true
statement of it ?
4) When two people trade, one must lose for the other to win. Answer: FALSE DIE 2 Topic: Scarcity. Choice, and Opportunity Cost Skill Comertual AACSB: Reflective Thinking 5) Economic growth shifts a society's production possibility frontier toward the origin. Answer: FALSE DIE 1 Topic: Scarcity, Choice, and Opportunity Cost Skill Conceptual AACSB: Reflective Thinking 6) A society's production possibility frontier is bowed out from 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...
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