When production is efficient,..... 1. we are equipped to buy the goods produced that the opportunity...
Homework Answers
Option 1
Explanation: Economic efficiency takes place when an economy produces goods in which it has a lower opportunity cost.
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When production is efficient,.....
1.
we are equipped to buy the goods produced that the opportunity...
l. The most fundamental economic problem is a) Scarcity b) Security c) Health ) The fact...
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...
A Unattainable level of production Efficient use of B inputs in production Quantity of pizzas produced...
A Unattainable level of production Efficient use of B inputs in production Quantity of pizzas produced cAttainable but inefficient use of inputs in production pPF Quantity of wings produced C (1 point) Part 2 Which of the following give the bowed-outward shape to the PPF? Choose one or more: A. the law of decreasing opportunity cost O O B. the law of increasing specialization OC. the concept of ceteris paribus OD. the law of increasing opportunity cost
1. When the United States imports goods and services from the rest of the world we...
1. When the United States imports goods and services from the rest of the world we increase our inflation rate. we receive payments from the rest of the world (+credit). we make payments to the rest of the world (-debit) we decrease our inflation rate. 2. When we export goods to foreign countries, we decrease our inflation rate. we make payments to the rest of the world (-debit) increase our inflation rate. we receive payments from the rest of the...
1. When we export goods to foreign countries, we decrease our inflation rate. we make payments...
1. When we export goods to foreign countries, we decrease our inflation rate. we make payments to the rest of the world (-debit) increase our inflation rate. we receive payments from the rest of the world (+credit). 2. Gross domestic product can be calculated by adding up the value of all intermediate goods used in the economy. by adding up the income tax returns of all members of the society. by adding up the personal consumption of all members of...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who...
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who is able to produce both boats and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Drums) (Boats) (Drums) 4 10 4 4 16 18 19 On the following graph, use the blue points (circle symbol) to plot Eric's initial...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
1 Which of the following is true? opportunity cost can be measured by the slope of...
1 Which of the following is true? opportunity cost can be measured by the slope of the PPC curve (frontier) productive or technical efficiency occurs anywhere on the production possibilities curve allocative efficiency occurs at a specific point (i.e. a specific mix of production) on the production possibilities curve (frontier) that is valued above all alternatives. all of the answers are correct none of the answers are correct 2 The opportunity cost of a good is the same as its...
The data below show the total production (in millions) of the only two goods produced in...
The data below show the total production (in millions) of the only two goods produced in Kitchener and Waterloo, two small planets in deep space. Kitchener: 14 kiwis or 11 trucks Waterloo: 7 kiwis or 13 trucks a. The opportunity cost of a kiwi In Kitchener is decimal places 0.79 Trucks Enter your responses for opportunity costs rounded to 2 b. The opportunity cost of a kiwi in Waterloo is 100 trucks . c. The opportunity cost of a truck...
According to the graph of the production possibilities frontier, what is the opportunity cost of the...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
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...
A Unattainable level of production Efficient use of B inputs in production Quantity of pizzas produced cAttainable but inefficient use of inputs in production pPF Quantity of wings produced C (1 point) Part 2 Which of the following give the bowed-outward shape to the PPF? Choose one or more: A. the law of decreasing opportunity cost O O B. the law of increasing specialization OC. the concept of ceteris paribus OD. the law of increasing opportunity cost
We were unable to transcribe this image5. Opportunity cost and production possibilities Eric is a skilled toy maker who is able to produce both boats and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Boats) (Drums) (Boats) (Drums) 4 10 4 4 16 18 19 On the following graph, use the blue points (circle symbol) to plot Eric's initial...
9. Comparative advantage is defined in terms of: efficiency. absolute advantage. opportunity cost. specialization. 10. David can wash four cars in one hour or cut two lawns. Ralph can wash three cars in one hour or cut two lawns. David's opportunity cost for cutting one lawn is car washes, and Ralph's opportunity cost for cutting one lawn is car washes. a. 2; 1.5 4; 3.5 1.5; 2 d. 3.5; 4 11. Gains from trade are based on rather than: opportunity...
The data below show the total production (in millions) of the only two goods produced in Kitchener and Waterloo, two small planets in deep space. Kitchener: 14 kiwis or 11 trucks Waterloo: 7 kiwis or 13 trucks a. The opportunity cost of a kiwi In Kitchener is decimal places 0.79 Trucks Enter your responses for opportunity costs rounded to 2 b. The opportunity cost of a kiwi in Waterloo is 100 trucks . c. The opportunity cost of a truck...
According to the graph of the production possibilities frontier, what is the opportunity cost of the third widget? Consider the graph 10 O about 6 widgets O about 3 gizmos O about 7.5 widgets O about 0.5 gizmos 0 1 2 3. 4 5 6 7 8 9 10 Widgets What best explains the shape of the production possibility frontier in the graph? O This economy has the capacity to produce different combinations of widgets and gizmos O Some resources...
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