Homework Answers
Ans-1 b) scarcity requires economic choices
Explanation : Since human wants are unlimited and the means to satisfy them are limited, every society is faced with the fundamental problem of choosing and allocating it scarce resources among alternative uses.The production possibility curve is an analytical tool which is used to illustrate and explain this problem of choice.
Ans-2 d) the decreased production of good y.
Explanation- The sacrifice Of the alternative in the production
of good is called the opportunity cost. There are a number of
problems that can arise from choices that are made by people
whether individuals, firm or government. Choices or alternatives or
opportunity cost as shown in the production possibility curve.
Production possibility curve shows all possible combination of two
goods that a society can produce within a specified period of time
whose resources are fully and efficiently employed.
At point A, more units of good Y are produced and less units of
good X that means at point A the production of good X is being
sacrificed. The sacrifice of some quantity of good X is opportunity
cost of producing some extra quantity of good Y.
However when we move from point A to B, less units of good Y are
produced in order to produce more unit of good X. So the sacrifice
of some quantity of good Y, is the opportunity cost of producing
some extra quantity of good X.
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In the accompanying graph construct a production possibilities curve for a nation with the following maximum output combinations. The Production Possibilities Curve Food ideo Games 0 10 10 16 19 1.) Using the point drawing tool, plot the four output combinations from the table above. Properly label each point. 2.) Using the 4-point curved Nne drewing tool, draw a curve connecting these points. Label this curve Carefuly towow the instructions above, and only draw the required abjects The shape of...
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