What means? When a good is produced the lower opportunity cost resources should be switched before...
Homework Answers
Opportunity cost of producing something is the reduction in the amount of the other good that is not produced because resources are being used in producing the former. It is due to this reason that we are suggested to use those resources firstly that have a lower opportunity cost instead of using those resources that have a higher opportunity cost. Again this is a move towards efficiency because resources that have a lower opportunity cost generate greater societal surplus and greater efficiency is achieved.
Add Answer to:
What means?
When a good is produced the lower opportunity cost resources
should be switched before...
When a country specializes in the production of a good, this means that it can produce this good at a lower opportunity cost than its trading partner
4. Specialization and tradeWhen a country specializes in the production of a good, this
means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
both countries benefit when they specialize and trade with each
other.The following graphs show the production possibilities frontiers
(PPFs) for Maldonia and Lamponia. Both countries produce potatoes
and coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of potatoes and 9 million...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Maldonia and Desonia. Both countries produce potatoes and tea, each initially (i.el, before specialization and trade) producing 24 million pounds of...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner.
4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Candonia and Lamponia. Both countries produce potatoes and coffee, each initially (i.e., before specialization and trade) producing 6 million pounds of...
Trade makes sense when a country can produce a good at a lower opportunity cost than...
Trade makes sense when a country can produce a good at a lower opportunity cost than another country. Explain why this is the case. A consumption possibilities curve (CPC) is separated from the PPC when trade is present. Explain what the CPC represents and how it shows increased well being in society with trade.
20 When a production possibilities frontier is bowed outward, the opportunity cost of the second good...
20 When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced. a. True b. False
A lower sample size means less effort, time, and cost, so there are good reasons for...
A lower sample size means less effort, time, and cost, so there are good reasons for a researcher to try to estimate p rather than to take the worst case. Any p/q combination other than 50%/50% will result in a higher calculated sample size because p times q is in the numerator of the formula. True or False
When a country has a comparative advantage in the production of a good, it means that...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Candonia and Sylvania. Both countries produce grain and tea, each initially before specialization and trade) producing 24 million pounds of grain and 12...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because as more of a good is produced, the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced resources are not equally well suited to producing all goods, and as more of a good is produced, it...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of the...
When the interest rate falls: people desire higher money balances as the opportunity cost of holding...
When the interest rate falls: people desire higher money balances as the opportunity cost of holding money decreases. people desire lower money balances as the opportunity cost of holding money decreases. people desire higher money balances as the opportunity cost of holding money increases. people desire lower money balances as the opportunity cost of holding money increases.
4. Specialization and tradeWhen a country specializes in the production of a good, this
means that it can produce this good at a lower opportunity cost
than its trading partner. Because of this comparative advantage,
both countries benefit when they specialize and trade with each
other.The following graphs show the production possibilities frontiers
(PPFs) for Maldonia and Lamponia. Both countries produce potatoes
and coffee, each initially (i.e., before specialization and trade)
producing 18 million pounds of potatoes and 9 million...
When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFs) for Candonia and Sylvania. Both countries produce grain and tea, each initially before specialization and trade) producing 24 million pounds of grain and 12...
sestion 11 As more of a good, such as television sets, is produced, the opportunity costs of producing it increases. This most likely occurs because as more of a good is produced, the inputs used to produce that good will increase in price. consumers would be willing to pay higher prices for the good as more of the good is produced resources are not equally well suited to producing all goods, and as more of a good is produced, it...
The fact of increasing opportunity cost when moving on the PPF means that Select one: O A. when the government forces a movement from one point on the PPF to another point, no production is lost. B. the PPF will be a negatively sloped straight line. O C. to increase the production of one product requires larger and larger sacrifices of the other good. O D. to decrease the production of one product requires smaller and smaller sacrifices of the...
Most questions answered within 3 hours.
-
A business executive has the option to invest money in two
plans: Plan A guarantees that...
asked 42 minutes ago -
Hello, can someone please help me answer this question?
How much heat is absorbed by a...
asked 40 minutes ago -
. A marketing researcher conducted a survey of 25 shoppers
randomly selected at the local mall...
asked 57 minutes ago -
Create an comprehensive response to the
following:
Antimicrobial agents work on a multitude of microbes (bacteria,...
asked 59 minutes ago -
6.13 LAB: Step counter. Section 6.3.
A pedometer treats walking 2,000 steps as walking 1 mile....
asked 54 minutes ago -
(14.2) A block of mass m = 10 kg riding on a frictionless
horizontal plane is...
asked 57 minutes ago -
Use any search engine to search for articles about Starbucks
partnership with Tata Companies in India...
asked 56 minutes ago -
Let’s say that for some reason Bank Excess Reserves suddenly
increase sharply. What effect would this...
asked 1 hour ago -
Given:
Curent Assets: $600,000
Total Assets: $2,600,000
Current Liabilities: $500,000
Total Liabilities: $1,700,000
What is the...
asked 1 hour ago -
1. What is a “Bankster”? What is insider trading? Why is it
illegal?
2. What is...
asked 1 hour ago -
A transverse wave on a cord is given by
D(x,t)=0.18sin(2.7x−61.0t), where Dand x are in m...
asked 1 hour ago -
ASSIGNMENT
ANSWER ANY TWO OF THE FOLLOWING IN 2-3 PARAGRAPHS OF EACH
QUESTION.
1: Where is...
asked 1 hour ago