Homework Answers
a) "D"
When we are producing 2 widgets we have 8 gizmos but when producing 3 widgets the production of gizmos will decrease by 0.5. The opportunity cost of 1 widget is 0.5 gizmos.
b) "B"
Some resources used to produce one of the goods are not as produced when they are used to produce the other goods.
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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...
according to the graph of the production possibilities
frontier, what is the opportunity cost of the second widget?
ResourcesHint Check Answer K Question 5 of 26 Consider the graph. According to the graph of the production possibilities frontier, what is the opportunity cost of the second widget? 10 O about 3 gizmos O less than 0.5 gizmos O about 2 widgets O about 7 widgets 0123 45 6789 10 What best explains the shape of the production possibility frontier in...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one...
Opportunity cost is evident on the production possibilities frontier (PPF) graph as we move from one unattainable point to an efficient point on the frontier. as we move from an inefficient point to the origin. as we move from one point on the frontier to another point on the frontier. at any one single point on the graph. as we move from the origin to any inefficient point.
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
The production possibilities frontier A. is a model that assumes there is no scarcity and no...
The production possibilities frontier A. is a model that assumes there is no scarcity and no opportunity cost. B. depicts the boundary between those combinations of goods and services that can be produced and those that cannot given resources and the current state of technology. C. shows how many goods and services are consumed by each person in a country. D. is a graph with price on the vertical axis and income on the horizontal axis.
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...
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...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A)...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
1. A production possibilities frontier will have a curved or “bowed out” shape if: opportunity costs...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production...
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production Possibilities Frontier (PPF) in Figure 1 on the next page. What is true about point A? (A) It is unattainable (B) Resources are being unused or misallocated (C) Capital exceeds labour in production (D) It is preferable to point B 2. Still referring to Figure 1, what is true about point B? (A) It represents diminishing and increasing opportunity cost (B) It is a...
FUNDAMENTALS IN-CLASS WORKSHEET 1 This question examines the production possibilities of a small country, Millsville. You...
FUNDAMENTALS IN-CLASS WORKSHEET 1 This question examines the production possibilities of a small country, Millsville. You will construct the production possibilities frontier (PPF) for Millsville and identify its opportunity cost of producing different goods. Millsville can use its limited resources to produce only applesauce and apple juice. Below, you are provided with feasible combinations of applesauce and apple juice that Millsville can produce, and that employ all of Millsville’s productive resources. Applesauce (jars) Apple Juice (bottles) 5 0 4 2...
according to the graph of the production possibilities
frontier, what is the opportunity cost of the second widget?
ResourcesHint Check Answer K Question 5 of 26 Consider the graph. According to the graph of the production possibilities frontier, what is the opportunity cost of the second widget? 10 O about 3 gizmos O less than 0.5 gizmos O about 2 widgets O about 7 widgets 0123 45 6789 10 What best explains the shape of the production possibility frontier in...
able Production Possibilities Schedule I) Use Table: Production Possibilities Schedule I. The opportunity cost of producing the third unit of consumer goods is units of capital goods. Table: Production Possibilities Schedule I Alternatives Consumer goods per period 0 Capital goods per period 30 28 24 1810 8 2 (Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has a comparative advantage in producing: Figure: Comparative Advantage Eastland and Westland produce only two goods, boxes of peaches and boxes of oranges, and...
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...
46) A shift outwards of the nation's production possibilities frontier can occur due to: 46) A) a change in the amounts of one good desired. B) an increase in the labor force C) a natural disaster like a hurricane or bad earthquake D) a reduction in unemployment. 48) If a nation's production possibilities frontier moves outward, this represents: A) economic growth. B) an impossible situation. C) rising prices of the two goods on the production possibilities frontier model. D) a...
1.
A production possibilities frontier will have a curved or
“bowed out” shape if:
opportunity costs are increasing.
resources are scarce.
the economy is growing.
opportunity costs are declining.
2.
(Figure: Graph Interpretation) In the graph, _____ is the
dependent variable and the slope of the line is _____.
R; positive
S; positive
S; negative
R; negative
3.
If a price floor is set below the market price, it is:
ineffective.
effective.
efficient.
inefficient
4.
Total surplus is calculated as:...
Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production Possibilities Frontier (PPF) in Figure 1 on the next page. What is true about point A? (A) It is unattainable (B) Resources are being unused or misallocated (C) Capital exceeds labour in production (D) It is preferable to point B 2. Still referring to Figure 1, what is true about point B? (A) It represents diminishing and increasing opportunity cost (B) It is a...
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