Homework Answers
A production possibility curve (PPC) is a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technology ; a graphical representation showing all the possible options of output for two products that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time.
Each point on the curve shows how much of each good will be produced when resources shift from making more of one good and less of the other. Simply it measures the trade-off between producing one good versus another.
Answer to question no.12 -
The production possibilities curve shows the various combinations of two goods that can be produced when society employs all of it's scarce resources .
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Help Center Question Completion Status QUESTION 11 The production possibilities...
Assume an economy with only two commodities. The production possibilities curve of this economy shows: a....
Assume an economy with only two commodities. The production possibilities curve of this economy shows: a. all possible combinations of the two commodities that can be produced by utilizing all of the society's resources. b. all possible combinations of the two commodities that a given person can buy. c. all possible combinations of the two commodities that a given person wants. d. all possible combinations of the two goods that the society as a whole wants. e. none of the...
Question 13 (3 points) A production possibilities curve shows: O combinations of capital and labor necessary...
Question 13 (3 points) A production possibilities curve shows: O combinations of capital and labor necessary to produce specific levels of output. that resources are unlimited. that people prefer one of the goods more than the other. the maximum amounts of two goods that can be produced assuming the full use of available resources.
QUESTION 4 What would be an example of capital good? Antonio, the manager of the local...
QUESTION 4 What would be an example of capital good? Antonio, the manager of the local Taco Hut, purchases a new deep fryer. Apple sells computers to Japan. Jeanette buys a new dress. Rhianna gets a haircut. 2 points QUESTION 5 The production possibilities frontier is the boundary between the rational and irrational choices facing a society. attainable and unattainable combinations of goods and services. goods and services that the economy can produce. affordable and unaffordable combinations of production.
Question 1 10 points Save Exhibit 2.10 Production possibilities curve data co E Capital goods Consumption...
Question 1 10 points Save Exhibit 2.10 Production possibilities curve data co E Capital goods Consumption goods Suppose an economy is faced with the production possibilities table shown in Exhibit 2.10. If this economy chooses the combination of goods at point A only capital goods are being produced every resource in the economy is utilized in the production of capital goods no capital goods are being used as factors of production every resource in the economy is being used in...
Consider two points on the production possibilities frontier point X, at which there are 100 cars...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Question 8 Exhibit 2-13 Production possibilities curve Consumption goods Capital goods In Exhibit 2-13, the combination...
Question 8 Exhibit 2-13 Production possibilities curve Consumption goods Capital goods In Exhibit 2-13, the combination of goods given by point H could: never be achieved by this economy be achieved today if the economy achieved full employment be achieved today if the economy achieved maximum efficiency. not be achieved today. be achieved today with the proper allocation of resources, A Moving to another question will save this response.
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...
#12. Suppose that, on the basis of a nations production possibilities curve, an economy must sacrifice...
#12. Suppose that, on the basis of a nations production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9000 pizzas. Relate this information to the following statement; Through international specialization and trade, a nation can reduce its opportunity cost of obtaining good and thus 'move outside its production possibility curve."
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then...
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then it is experiencing labor shortages trying to produce outside of its production capabilities focusing too much on housing and not enough on food production not using all of its available resources QUESTION 14 The law of demand is graphically illustrated by a(n) upward-sloping demand curve perfectly vertical demand curve perfectly vertical supply curve downward-sloping demand curve QUESTION 15 mmediately before Valentines Day, people in...
FUNDAMENTALS IN-CLASS WORKSHEET 2 This question examines the production possibilities of an individual, Nicolas. You will...
FUNDAMENTALS IN-CLASS WORKSHEET 2 This question examines the production possibilities of an individual, Nicolas. You will construct the production possibilities frontier (PPF) for Nicolas and identify his opportunity cost of producing different goods. Nicolas can use his limited resources to produce only rings and necklaces. Below, you are provided with feasible combinations of rings and necklaces that Nicolas can produce, and that employ all of his productive resources. Rings Necklaces 0 8 3 6 6 4 9 2 12 0...
Question 13 (3 points) A production possibilities curve shows: O combinations of capital and labor necessary to produce specific levels of output. that resources are unlimited. that people prefer one of the goods more than the other. the maximum amounts of two goods that can be produced assuming the full use of available resources.
Question 1 10 points Save Exhibit 2.10 Production possibilities curve data co E Capital goods Consumption goods Suppose an economy is faced with the production possibilities table shown in Exhibit 2.10. If this economy chooses the combination of goods at point A only capital goods are being produced every resource in the economy is utilized in the production of capital goods no capital goods are being used as factors of production every resource in the economy is being used in...
Consider two points on the production possibilities frontier point X, at which there are 100 cars and 78 trucks, an point Y, at which there are 90 cars and 70 trucks. If the economy is currently at point X the opportunity cost of moving to point Y is? a. 12 cars. b. I trucks. c. 10 cars. d. 79 trucks. e, none of the above. 12. The production possibilities frontier represents the possible combinations of two goods that an economy...
Question 8 Exhibit 2-13 Production possibilities curve Consumption goods Capital goods In Exhibit 2-13, the combination of goods given by point H could: never be achieved by this economy be achieved today if the economy achieved full employment be achieved today if the economy achieved maximum efficiency. not be achieved today. be achieved today with the proper allocation of resources, A Moving to another question will save this response.
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...
#12. Suppose that, on the basis of a nations production possibilities curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9000 pizzas. Relate this information to the following statement; Through international specialization and trade, a nation can reduce its opportunity cost of obtaining good and thus 'move outside its production possibility curve."
QUESTION 13 If an economy is operating at a point below its production possibilities curve, then it is experiencing labor shortages trying to produce outside of its production capabilities focusing too much on housing and not enough on food production not using all of its available resources QUESTION 14 The law of demand is graphically illustrated by a(n) upward-sloping demand curve perfectly vertical demand curve perfectly vertical supply curve downward-sloping demand curve QUESTION 15 mmediately before Valentines Day, people in...
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