1. Improvements in technology.2. Increases in the supply (stock) of capital goods3. Purchases of expanding output.4. Obtaining the optimal combination of goods, each at least-cost production.5. Increases in the quantity and quality of natural resources.6. Increases in the quantity and quality of human resources.Multiple ChoiceWhich set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on itsproduction possibilities curve?O12.5, and 6 onlyHelp3 and 4 onlySave & Exit 1.2.5, and 6 only3 and 4 only3 only1,3, and 4 only

A production possibility curve (PPC) shows the maximum possible output combinations of two goods or…

1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of expanding output 4. Obtaining the optimal combination of goods, each at least-cost production 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. Which set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve? Multiple Choice 1.2.5, and 6 only 3 and 4 only

1. Improvements in technology. 2. Increases in the supply (stock) of capital goods. 3. Purchases of expanding output 4. Obtaining the optimal combination of goods, each at least-cost production 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. Which set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve? Multiple Choice 1.2.5, and 6 only 3 and 4 only

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.6P

See similar textbooks

Similar questions

Exhibit 2-10 production possibilities curve data A B C D E Capital Goods 0 1 2 3 4 Consumption goods 25 23 19 13 0 Suppose an economy is faced with the production possibilities table shown in Exhibit 2-10. As additional units of capital goods are being produced, the number of consumption goods produced must: A) Increase because the production possibility table shows only the maximum efficiency points. B) Increase because of the law of increasing costs. C) Decrease because of the law of increasing costs. D) Decrease because of the finite nature of the resource base.
Monica like to spend 30 dollars weekly on movies and burgers.movie tickets costs 6 dollar each and burger cost 3 dollar each. 1. Is she able to watch 3 movies and have 5 burgers in a week given her budget of 30 dollar? 2. What is monica s opportunity cost of watching a movie?
2. Which of the following is not an assumption that underlies an economy's production possibilities curve? A. fixed income B. fixed resources C. unchanged technology D. fully employed resources
12. A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts cannot be illustrated in this model? a. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts. b. the tradeoff between production of pants and production of shirts. c. the opportunity cost of shirts in terms of pants. d. the effect of economic growth on production possibilities involving pants and shirts.
4-Identify the scarcity definition of economics from the following. a. the choices we make because of shortage of resources. b. the distribution of surplus goods to those in need. c. None of these d. ways to reduce wants to remove the problem of scarcity.
10. Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. none of the choices are correct d. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources
Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. plethora realization scarcity profusion
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibilities curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape.
Question Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
1) Scarcity implies that A) people should limit their wants. B) firms must become more efficient when producing goods. C) people must make choices. D) non-renewable resources should never be used. 2) Scarcity exists because human wants ________ 3) The most basic concept in economics is A) wealth. B) income. C) scarcity. D) spending. 4) Scarcity means A) not being able to satisfy all of everyone's needs. B) not being able to satisfy all of everyone's wants. C) having too little of a product to serve all customers who wish to buy it. D) the same thing as shortage. 5) Which of the following statements about scarcity is TRUE? A) Scarcity is no longer a problem for industrialized countries. B) Scarcity is a problem only in countries that do not use markets to organize economic activity. C) Scarcity exists in all societies. D) Scarcity is a problem only in countries that use markets to organize economic activity. 6)…