A production possibilities curve shows the variouscombinations of two outputs thata. consumers would like to consume.b. producers would like to produce.c. an economy can produce.d. an economy should produce.
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| A combinations of two outputs that a. consumers would like to consume. b. producers would like to produce. c. an economy can produce. d. an economy should produce. |
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- Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.Draw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?1. Scarcity means that resources are: a. Unlimited b. Under severe restrictions c. Fewer people want them d. Less able to be fulfills 2. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. She buys the chocolate bar as she wants it more than the drink and the crisps. The opportunity cost of buying the chocolate bar is a. Can of drink b. Can of drink and packet of crisps c. Packet of crisps d. Chocolate bar 3. For future development of the economy, sustainable growth is important a. True b. False 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control…
- Economics is concerned with A. All the given answers B. the effects of changes in opurtunity cost on decisions C. the competition that scarcity makes necessary D. the choices people must make because resources are scarceA production possibilities curve: a. Eliminates the need to make choices regarding the use of resouces b. Can be drawn for an economy but not for an individual c. Shows the different combinations of goods that can be produced d. Shows the different combinations of inputs that can be used to produce a goodQ. How would the following events be shown using production possibilities curve [ please draw diagram] for shelter and food? a. The economy is experiencing double digit unemployment? b. Economic growth is increasing at over 5 percent per year. c. Society decides it wants less shelter and more food. d. Society wants more shelter and less food.
- During the American Civil War, the South’s factories and farm land were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect the South’s production possibilities curve (draw the diagram)? How did the war affect the North’s production possibilities curve (draw the diagram and explain)?John has $100 to spend and wants to purchase either a pair of trousers or a T-shirt. He can only purchase one of the two as each of the items cost exactly $100. If he chooses to buy a T-shirt, what is the opportunity cost of buying the T- shirt? A. the cost of the T-shirt the B. T-shirt and the pair of trousers C. $200 D. the alternative forgone (the pair of trousers that he could not buy)Which of the following is not included in the decisions that every society must make?a. What goods will be produced?b. Who will produce goods?c. What determines consumer preferencesd. Who will consume the goods?
- A student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas, which cost $4 each.. What is the opportunity cost of a soda?4 According to Leonel Robbins, economics is the science of __________. a. Growth b. Scarcity c. Wealth d. Welfare Clear my choiceSuppose the Nation of Doodag can produce only doods and dags, and that its production possibilities schedule is as follows: DOODS DAGS 0 1,000 200 800 350 600 425 400 500 200 550 0 a. Construct a graph showing DOODAG’S production possibilities curve. b. Pick a point on the graph (label it B) that shows a combination of doods and dags that Doodags cannot now produce a combination of both goods and explain your answer clearly. c. Pick another point on the graph (label it C) that shows a combination of doods and dags consistent with some idle resources and explain your answer clearly. d. Pick another point on the graph (label it D) that doodag cannot produce based on the Nation’s current fixed resources.
