Homework Answers
a) "A"
it studies the economics of the individual firms in the market.
b) "A"
the more we produce one good the less we have for the production of the other goods.
c) "B"
it will be 300 shocks in the market.
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Juwe OP answers the question 1. Macroeconomists study a. the decisions of individual households and firms....
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...
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...
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...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is... The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities...
3) Allocative efficiency is achieved when A) there are no shortages or surpluses in the market....
3) Allocative efficiency is achieved when A) there are no shortages or surpluses in the market. B) firms produce goods and services at the lowest cost. C) firms produce the goods and services that consumers value most. D) goods and services are fairly distributed among consumers in an economy. shape indicates constant opportunity costs as more and 9) A production possibilities frontier with a more of one good is produced. A) bowed outward B) bowed inward 17) If in the...
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....
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...
HW.A:3.1: Chapter 3 - Aplia Homework 1. Specialization and production possibilities Suppose Spain produces only smartphones...
HW.A:3.1: Chapter 3 - Aplia Homework .1. Specialization and production possibilities Suppose Spain produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both tablets and smartphones The shape of Spain's production possibilities frontier (PPF) should reflect the fact that as Spain produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet a- Decrease b- increase The following graphs...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making....
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
1. Specialization and production possibilities Suppose Bulgaria produces only tablets and smartphones. The resources that are...
1. Specialization and production possibilities Suppose Bulgaria produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized--that is, the same set of resources is equally useful in producing both smartphones and tablets The shape of Bulgaria's production possibilities frontier (PPF) should reflect the fact that as Bulgaria produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone The following graphs show two possible PPFs for Bulgaria's...
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...
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...
Question 10 2 pts Question 11 1 pts The figure below shows the production possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities that each country could produce if they specialized entirely in one good or the other. According to this graph, the opportunity cost of producing a ton of wheat is... The figure below shows the production-possibilities frontiers of countries X and Y. The points on each axis represent the maximum quantities...
3) Allocative efficiency is achieved when A) there are no shortages or surpluses in the market. B) firms produce goods and services at the lowest cost. C) firms produce the goods and services that consumers value most. D) goods and services are fairly distributed among consumers in an economy. shape indicates constant opportunity costs as more and 9) A production possibilities frontier with a more of one good is produced. A) bowed outward B) bowed inward 17) If in the...
HW.A:3.1: Chapter 3 - Aplia Homework .1. Specialization and production possibilities Suppose Spain produces only smartphones and tablets. The resources that are used in the production of these two goods are not specialized-that is, the same set of resources is equally useful in producing both tablets and smartphones The shape of Spain's production possibilities frontier (PPF) should reflect the fact that as Spain produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet a- Decrease b- increase The following graphs...
ECON Assignment 1 Name: 1) Economics is best defined as the study of A) Financial decision-making. B) How consumers make purchasing decisions. C) Choices made by people faced with scarcity D) Inflation, unemployment, and economic growth. 2) Scarcity can best be defined as a situation in which A) There are no buyers willing to purchase what sellers have produced. B) There are not enough goods to satisfy all of the buyers' demand C) The resources we use to produce goods...
1. Specialization and production possibilities Suppose Bulgaria produces only tablets and smartphones. The resources that are used in the production of these two goods are not specialized--that is, the same set of resources is equally useful in producing both smartphones and tablets The shape of Bulgaria's production possibilities frontier (PPF) should reflect the fact that as Bulgaria produces more smartphones and fewer tablets, the opportunity cost of producing each additional smartphone The following graphs show two possible PPFs for Bulgaria's...
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