15. If a higher level of production will allow employees to specialize in particular tasks, the...
15. If a higher level of production will allow employees to
specialize in particular tasks, the company will show:
a. Economics of scale and reduced average total cost
b. Economics of scale and increased average total cost
C. Diseconomy of scale and reduced average total cost
d. Diseconomy of scale and increased average total cost
16. The production possibilities curve represents the
combination:
a. Maximum of goods and services that an economy can produce given
the limited production factors.
b. Average of goods and services produced in an economy with the
factors of production and available technology.
C. Of goods and services that is currently producing an
economy.
d. Minimum of goods and services that an economy can produce given
unlimited production factors
Homework Answers
15. a. Economics of scale and reduced average total cost
Explanation: Economies of scale refers to the cost advantages received by firms due to producing in large quantity.
16. a. Maximum of
goods and services that an economy can produce given the limited
production factors.
Explanation: The production possibilities curve
shows the maximum amount of goods which can be produced with the
resources of an economy.
Add Answer to:
15. If a higher level of production will allow employees to
specialize in particular tasks, the...
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 19 A country decides to specialize in wheat production. They now export wheat and import...
Question 19 A country decides to specialize in wheat production. They now export wheat and import shirts. Which groups of people in this country benefit from trade? PICK all that are correct. A) wheat consumers B) wheat producers C) shirt consumers D) shirt producers Question 20 When countries specialize in producing certain goods and then freely exchange those goods for other goods with different countries, what is the advantage? A) Each country can consume at a point outside their production...
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...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of an increasing inflation rate on national living standards O 2 the effect on U.S. steel producers of an import quota imposed on foreign steel O 3.the effect of an increase in the price of imported coffee beans on the U.S. coffee industry O 4. the effect of agricultural price support programs on the cotton industry QUESTION 2 If an economy is producing efficiently, then...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
Below is the production possibilities table for the country of Lavaland. Number of pizza Choice Number...
Below is the production possibilities table for the country of Lavaland. Number of pizza Choice Number of tanks 15 14 12 12 3. When the Lavaland is currently at the point A on its PPF, how the production of tanks can be increased in a given time? a. The country can have both, more of thanks and more of pizza b. Production of thanks can be increased by decreasing the production of pizza. c. Production of thanks can be increased...
all of them Question 7 (1 point) If the long-run average cost is upward sloping, the...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
production possibilities frontier from Abbreviale in graphs C for cheese and F for furnitur North Carolina...
production possibilities frontier
from Abbreviale in graphs C for cheese and F for furnitur North Carolina is famous for its furniture, if necessary. and if it produced only e sets. Show your work! while Wisconsin for its cheese. Both NC and WI can produce both, If NC devoted all of its resources to the production of furniture, it could produce 20 furniture sets, cheese it could make 10 wheels of cheese. If WI devoted all of its resources to the...
An in technology causes the production possiblities frontier (PPF) to shift to the right. pivot upward...
An in technology causes the production possiblities frontier (PPF) to shift to the right. pivot upward shift to the left. pivot downward. Which of the The equality of aggregate spending and aggregate income The total amount of goods and services the economy can produce the market value of all final goods and services produced in as cconomy in a given period of time the market value of all consumption goods and services produced in as economy in a given period...
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...
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...
QUESTION 1 A macroeconomist- as opposed to a microeconomist -might study O 1. the effect of an increasing inflation rate on national living standards O 2 the effect on U.S. steel producers of an import quota imposed on foreign steel O 3.the effect of an increase in the price of imported coffee beans on the U.S. coffee industry O 4. the effect of agricultural price support programs on the cotton industry QUESTION 2 If an economy is producing efficiently, then...
Table 2.1 Production Possibilities Frontier for the United States Combination A B C D E F G Vaccine doses (millions) Guns 10,000 19,000 24,000 28,000 30,000 31,000 17. According to the information in Table 2.1, what is the opportunity cost of producing the first one million vaccines? (a) 1,000 guns (b) 30,000 guns (e) 31,000 guns (d) one million vaccines (e) five million vaccines 19. In Table 2.1, opportunity costs (a) Increase as more vaccines are produced (b) A reconstanta...
Below is the production possibilities table for the country of Lavaland. Number of pizza Choice Number of tanks 15 14 12 12 3. When the Lavaland is currently at the point A on its PPF, how the production of tanks can be increased in a given time? a. The country can have both, more of thanks and more of pizza b. Production of thanks can be increased by decreasing the production of pizza. c. Production of thanks can be increased...
all of them
Question 7 (1 point) If the long-run average cost is upward sloping, the firm is experiencing decreasing returns diseconomies of scale Oincreasing costs all of the above none of the above Question 8 (1 point) A production function in economics means any function performed by an employee when producing output the various functions performed by all employees when producing output the function performed by the person in charge of the production process the relationship between inputs and...
production possibilities frontier
from Abbreviale in graphs C for cheese and F for furnitur North Carolina is famous for its furniture, if necessary. and if it produced only e sets. Show your work! while Wisconsin for its cheese. Both NC and WI can produce both, If NC devoted all of its resources to the production of furniture, it could produce 20 furniture sets, cheese it could make 10 wheels of cheese. If WI devoted all of its resources to the...
An in technology causes the production possiblities frontier (PPF) to shift to the right. pivot upward shift to the left. pivot downward. Which of the The equality of aggregate spending and aggregate income The total amount of goods and services the economy can produce the market value of all final goods and services produced in as cconomy in a given period of time the market value of all consumption goods and services produced in as economy in a given period...
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