6) The correct choice is : - A shift outward in the PPF
Explanation : - Economic growth is an increase in the economy's ability to produce goods and services and it is reflected by an outward shift of the economy's production possibilities frontier.
7) The correct choice is 13
The opportunity cost of receiving 90 on statistics in terms of economics exam i.e. 90 statistics = 77 Economics. Therefore 1 statistics = 77 / 90 economics ( 0.855) or ( 1 - 0.855) i.e 0.145 marks of economics should be given up.
To score 1 mark in statistics, 0.145 marks in economics should be given up. Hence to score 90 marks in economics, 90 * 0145 marks of economics should be given. The marks of economics that should be given up equals 13.05
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8) The correct choice is B
Explanation : - Increasing opportunity costs results due to diminishing marginal productivity.
Please help! 6. In the production possibilities framework, economic growth is depicted by the PPF a...
Suppose Puerto Rico and Hawaii currently have the same production possibilities frontier. The PPF is for hotels and consumption goods in the two areas. Hotels are a capital good that, once built, will help produce still more consumption goods. If Puerto Rico produces more hotels than Hawaii, A) Hawaii's PPF will shift outward further than Puerto Rico's PPF. B) Hawaii's PPF will shift inward. C) Puerto Rico's PPF will not shift. D) Puerto Rico's and Hawaii's PPF will shift outward...
please help with worksheet NAME SECTION PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 through 9 Can Openers 14,000 12,000 10,000 8,000 6,000 PHE: 4,000 PHF 2,000 2 3 4 1 8 Drill Presses events would best explain a shift from PPF, to PPF2? Which of the following 6. An increase in rate of unemployment An increase in the size of the labor force A reduction in rate of unemployment A reduction in the size...
Philosophers draw a distinction between positive statements, which describe the world as it is, and s, which describe how the world should be. O A. normative statement O B. budget constraint O c. Trade-off O D. opportunity cost The economic concept of scarcity means that wants are greater than theresources available to satis those wants: 0 A. Hard to find O B. Expensive O C. Bountiful ○ D· Limited 1 poi 1 point The basic difference between macroeconomics and microeconomics...
Please help with these questions Question 26 0.4 pts When one producer has a comparative advantage in production, he or she O is unable to reach his or her production possibilities frontier (PPF) O does not benefit from trade with other producers. trades only with others who have the same comparative advantage. can produce a good at a lower opportunity cost than someone else. O can produce more output than someone else using the same quantity of resources, Question 27...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact that the United States buys more goods from foreigners than we sell to foreigners 2. Scarcity is a situation in which a) People cannot satisfy all their wants. b) Most people can get only bare necessities c) People can satisfy all their wants. 3. Scarcity requires that people must a) Cooperate c)Trade b) Compete d) Make choices 4. Which of the following are considered...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
1. A country's consumption possibilities frontier can be outside its production possibilities frontier if a. the country engages in trade. b. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries. c. the country’s technology is superior to the technologies of other countries.d. All of the above are correct. 2. A production possibilities frontier will be a straight line if a. increasing the production of one good by x...
I need help with all these l T-Mobile Wi-Fi 12:38 PM 69% くBack Homework 1.pdfa で Name and Dot Number Multiple Choice Questions 1. Which of the following is not considered an economic resource? A. Real estate B. A personal relationship C. Cash D. These are all examples of a resource. 2. Which of the following economic decisions would most likely be studied by a macroeconomist? A. Domino's Pizza decides to provide quantity discounts in order to increase revenue B....