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3. Which of the following is a key assumption of the production possibilities model? a. All...
13. What assumption(s) in the production possibilities model may lead the model to overstate the gains...
13. What assumption(s) in the production possibilities model may lead the model to overstate the gains from trade and cause the actual gains to be less than predicted by the model? The assumption that there is only a two good economy. In reality the economy is much more complex, so the gains from trade will in fact be larger than what the model predicts. The assumption that individuals will consume all that is produced. This leads the model to overstate...
The following table is the production possibilities for a 1000 acre farm that can grow wheat...
The following table is the production possibilities for a 1000 acre farm that can grow wheat or cotton. Identify the correct statement below. Wheat production (Bushels) | Cotton Production (pounds) 0 | 800,000 10,000 | 740,000 20,000 | 660,000 30,000 | 550,000 40,000 | 410,000 50,000 | 230,000 60,000 | 0 a- wheat production does not have an opportunity cost b- marginal opportunity costs are increasing as the farmer increases wheat production c- cotton technology is increasing as wheat production...
The production possibilities frontier A. is a model that assumes there is no scarcity and no...
The production possibilities frontier A. is a model that assumes there is no scarcity and no opportunity cost. B. depicts the boundary between those combinations of goods and services that can be produced and those that cannot given resources and the current state of technology. C. shows how many goods and services are consumed by each person in a country. D. is a graph with price on the vertical axis and income on the horizontal axis.
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...
3. Efficiency in the production possibilities model Suppose France produces only two goods: wheat and tablets....
3. Efficiency in the production possibilities model Suppose France produces only two goods: wheat and tablets. The following graph shows France's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F 100 エ PPF 40 20 100 WHEAT (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply Point Inefficient Efficient Unattainable
Economic growth (shifting of the production possibilities frontier) can occur (pick all the correct answers) -...
Economic growth (shifting of the production possibilities frontier) can occur (pick all the correct answers) - by improving the level of technology and skills in th economy - by increasing prices in the economy - by using resources efficiently - increasing the amount of resources (ex labor) in the economy
Which of the following is one of the simplifying assumptions made in constructing a production possibilities...
Which of the following is one of the simplifying assumptions made in constructing a production possibilities curve? Resources are fully employed and are used in least-cost methods of production The curve shows every combination of goods that society wants A wide variety of products are produced Quantities of available resources in the economy vary from one point to another The state of technology is constantly changing
Question 5 1 pts Which of the following statements describes the key assumption behind the law...
Question 5 1 pts Which of the following statements describes the key assumption behind the law of increasing costs? Although resources are available in unlimited amounts, their usefulness in production is limited over time. All resources are equally suitable for the production of goods and services. Not all resources are equally suitable for the production of goods and services. All resources available are not fixed in the production of goods and services.
just need to check 1 and 3 4: Production Possibilities Schedule Combination Cars Bicycles 220 200...
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
Which of the following is NOT an assumption of the EOQ model? a. Continuous review b....
Which of the following is NOT an assumption of the EOQ model? a. Continuous review b. Demand is known and constant c. Lead time is known and constant d. All demand is satisfied e. All of the above are assumptions of the EOQ model
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...
3. Efficiency in the production possibilities model Suppose France produces only two goods: wheat and tablets. The following graph shows France's current production possibilities frontier, along with six output combinations represented by black points (plus symbols) labeled A to F 100 エ PPF 40 20 100 WHEAT (Millions of bushels) Complete the following table by indicating whether each point represents output combinations that are inefficient, efficient, or unattainable. Check all that apply Point Inefficient Efficient Unattainable
Which of the following is one of the simplifying assumptions made in constructing a production possibilities curve? Resources are fully employed and are used in least-cost methods of production The curve shows every combination of goods that society wants A wide variety of products are produced Quantities of available resources in the economy vary from one point to another The state of technology is constantly changing
Question 5 1 pts Which of the following statements describes the key assumption behind the law of increasing costs? Although resources are available in unlimited amounts, their usefulness in production is limited over time. All resources are equally suitable for the production of goods and services. Not all resources are equally suitable for the production of goods and services. All resources available are not fixed in the production of goods and services.
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
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