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: v shift an economy's production possibilities curve outward? v move an economy from a point inside its production possibilities B. 1, 3, and 4 only A. 3 only curve to a point on its production possibilities curve? C. 3 and 4 only D. 1, 2, 5, and 6 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: v shift an economy's production possibilities curve outward? v move an economy from a point inside its production possibilities B. 1, 3, and 4 only A. 3 only curve to a point on its production possibilities curve? C. 3 and 4 only D. 1, 2, 5, and 6 only

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 1PA

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Question 2.2. Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if the book will give him utility. his income is high. the marginal cost of the book is greater than its marginal benefit. the marginal benefit of the book is greater than its marginal cost. Question 3.3. Which situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflict
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.
12- Which of the following is related to the use of economics? a. how people use unlimited resources to satisfy their unlimited wants b. how businesses use unlimited resources to satisfy unlimited consumer wants c. how people use unlimited resources to satisfy limited wants d. how people use scarce resources to satisfy unlimited wants
Question 3.3. Which situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflict
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.
7, Question 7 options: The human wants for goods, services and resources exceed what is available, is known as
10. The production possibilities curve will never move outwards. True False 11. Government controls all market activity in the United States. True False 12. What does the law of demand state? A. As the price increases, quantity demanded remains constant. B. As the price increases, quantity demanded increases. C. As the price decreases, quantity demanded decreases. D. As the price increases, quantity demanded decreases. 13. Microeconomics is the study of which of the following? Individual economic units Banks and the U.S. government Money and money markets Foreign exchange markets
4: What does a Production Possibilities Curve depict? 5: What is the Law of Demand? 6: What components will cause a Shift in the Demand curve?
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?
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.
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