A nation can produce two products: tanks and autos. The following table is the nation's production possibilities schedule.Production PossibilitiesAB011,000 950ProductTanksAutosMultiple ChoiceThe total opportunity cost of two unit(s) of tanks isOOOO850 units of autos.150 units of autos.200 units of autos.C2850100 units of autos.D3650E4350< PrevF5009 of 208Next >

In the context of a Production Possibility Frontier (PPF), the potential value sacrificed when a…

A nation can produce two products: tanks and autos. The following table is the nation's production possibilities schedule. Production Possibilities Product A B Tanks 0 1 Autos 1,000 950 Multiple Choice The total opportunity cost of two unit(s) of tanks is 850 units of autos. 150 units of autos. 200 units of autos. C 2 850 100 units of autos. D 3 650 E 4 350 F 5 0

A nation can produce two products: tanks and autos. The following table is the nation's production possibilities schedule. Production Possibilities Product A B Tanks 0 1 Autos 1,000 950 Multiple Choice The total opportunity cost of two unit(s) of tanks is 850 units of autos. 150 units of autos. 200 units of autos. C 2 850 100 units of autos. D 3 650 E 4 350 F 5 0

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter1: The Role And Method Of Economics

Section: Chapter Questions

Problem 9P

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Similar questions

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The Marope Economy has the capacity to produce the goods and services that are outlined in Table 1 below. You are required to:a. Draw a Production Possibility Frontier (PPF) and list all efficient points of production.b. Marope Economy wishes to produce 520 billion units of consumer goods. Plot this output onthe Frontier and state whether this is an efficient point or not.Table 1 – Production Possibilities Output (billions of units per year) Consumer goods Consumer servicesPart BA B480 420 0 120C D240 0 240 300 Use graphs to demonstrate how the following factors will change the PPF.a. A decrease in migrationb. An increase in natural resourcesc. Changes in technology
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Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
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.
Below is the production possibilities table for consumer goods (washing machine) andcapital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a. Show these data graphically.b. If the economy is at point B, what is the cost of one more washing machine?What is the cost of one more tractor?c. Explain how the production possibilities frontier reflects the law ofincreasing opportunity costs.