Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. a.Unattainable; efficiency b.Attainable; inefficiency c.Attainable; efficiency d.Unattainable; inefficiency
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Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources.
a.Unattainable; efficiency
b.Attainable; inefficiency
c.Attainable; efficiency
d.Unattainable; inefficiency
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Solved in 4 steps
- a.Discusses the principles of individual decision making with examples b.Explain with your own words the determinants of price elasticity of demand. c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples, d. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view. ReplyForwardEconomics 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 profusion9 The individual production points on each person's production possibilities frontier represent their _____. A. final endowment B. initial endowment C. initial potential D. endowment final potential
- Please no written by hand and no image Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. Question 7Select one: a. Unattainable; efficiency b. Attainable; inefficiency c. Attainable; efficiency d. Unattainable; inefficiency1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. ii. Explain the stages of production iii. Explain 10 relevance of the stages of production to a business operator.Scarcity is a universal problem. Discuss any TWO (2) limited resources thatyou faced as a student.
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?plase solve all 8 quetions 1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs. 2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production. A. Capital. B. Entrepreneurship. C. Labour. D. Land. 4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system. A. Free market. B. Traditional. C. Mixed. D. Command. 6. Which one of the following is not a macroeconomic goal? A. Control inflation. B. Achieve unemployment. C. Promote economic growth. D. Avoid balance of payment difficulties. 7. An economy experiences inflation when __________________________. A. The investments are rising. B. The population is rising. C. The general…
- 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.Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.Formalist definition ofo economics a)treats scarity as a universal reality. b)assumes that people may not always pursue their own interests. c)takes into account the effects of power relations,social classes and institutions d)starts out not from individuals,but from the choices that are determined by society.