Homework Answers
"D"
A bowed out production possibility means as we produce more and more of one good the more we will have to sacrifice the other goods that is the opportunity cost increases, if it was bowed inward then option B was right. and if the PPF was a straight line then C was right, here, the correct answer is "D".
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can you help me with question 8 please
Question 8 2 pts When a production possibilities...
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...
20 When a production possibilities frontier is bowed outward, the opportunity cost of the second good...
20 When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced. a. True b. False
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...
Per class discussion, if injections exceed leakages; GDP becomes zero. GDP decreases. GDP increases. GDP remains...
Per class discussion, if injections exceed leakages; GDP becomes zero. GDP decreases. GDP increases. GDP remains unchanged. The double-coincidence of wants is a problem with: the financial markets. Christmas. barter. money exchanges. Marginal cost is the opportunity cost of a good or service that exceeds its benefit. that arises from producing one more unit of a good or service. that your activity imposes on someone else. of a good or service divided by the number of units produced. The production...
Per class discussion, if injections exceed leakages; GDP becomes zero. GDP decreases. GDP increases. GDP remains...
Per class discussion, if injections exceed leakages; GDP becomes zero. GDP decreases. GDP increases. GDP remains unchanged. The double-coincidence of wants is a problem with: the financial markets. Christmas. barter. money exchanges. Marginal cost is the opportunity cost of a good or service that exceeds its benefit. that arises from producing one more unit of a good or service. that your activity imposes on someone else. of a good or service divided by the number of units produced. The production...
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...
Question 1 1 pts Refer to the figure below. The production possibilities curve ABCDE is bowed...
Question 1 1 pts Refer to the figure below. The production possibilities curve ABCDE is bowed outward (concave) as opposed to bowed inward (convex). This is because Chairs OHNuovo o Desks Society does not value desks society faces no resource scarcity opportunity costs increase as more ticular Ebod is reduced of the law of one price D Question 2 Refer to the figure below. At point A, the cost of one more desk is Chairs ONWONOU Desks O chairs 1...
Question 17 1 pts On a production possibilities frontier, 500 pounds of apples and 1,200 pounds...
Question 17 1 pts On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas can be produced. Between these points, what is the opportunity cost of producing a pound of bananas? 2 pounds of apples 2 pounds of bananas 200 pounds of apples 0.5 a pound of apples 1 pts Question 18
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...
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...
Question 1 1 pts Refer to the figure below. The production possibilities curve ABCDE is bowed outward (concave) as opposed to bowed inward (convex). This is because Chairs OHNuovo o Desks Society does not value desks society faces no resource scarcity opportunity costs increase as more ticular Ebod is reduced of the law of one price D Question 2 Refer to the figure below. At point A, the cost of one more desk is Chairs ONWONOU Desks O chairs 1...
Question 17 1 pts On a production possibilities frontier, 500 pounds of apples and 1,200 pounds of bananas can be produced while at another point on the same frontier, 300 pounds of apples and 1,300 pounds of bananas can be produced. Between these points, what is the opportunity cost of producing a pound of bananas? 2 pounds of apples 2 pounds of bananas 200 pounds of apples 0.5 a pound of apples 1 pts Question 18
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