As depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d) allocative efficiency
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As depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d)
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- Consider a simple economy which produces two goods; pizzas and tractors. Using the production possibilities boundary and graphs for the pizza and tractor market show and explain how the precise allocatively and productively efficient point on the production possibilities boundary can be determined. Please draw a graph to show, not just write step by step.Economics is a social science which deals with human behavior as a relationship between ________. a. unlimited buyers and limited sellers b. consumption and production c. unlimited wants and scarce resources d. unending wants and limited people1. Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to good B yields 2 units whereas each hour devoted to good A produce 4 units. a. A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve.
- Person 1 can allocate her 8-hour day between the production of two goods.A and B .Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units State weather 9 units of Goods B and 12 units of Goods A are attainable ,unattainable, efficient or inefficient. State all that applies(2) ________ is the satisfaction or value people extract from consumed services or goods and those derived from pursued activities. Select one: a. Equilibrium b. Rational behavior c. Utility (3) Technology and entrepreneurship are examples of what? Select one: a. economies of scale b. natural resources c. factors of production (4) Price ceilings attempt to make consumer prices ________. Select one: a. higher b. at equilibrium c. lowerRoxy has 6 pencil cases and 18 notebooks. In contrast, Bratt has 18 pencil cases and 8 notebooks. Roxy's marginal rate of substitution [MRS] for notebooks is 6 and Bratt's MRS is 4.Draw an Edgeworth box diagram to show whether this allocation of resources is efficient. Show answer with an economic perspective.
- An economy will be operating on a point inside of its production possibilities frontier if there is inefficiency in resource allocations.what is meant by inefficiency ?you may find it helpful to use an example in your answer.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; inefficiencyAccording to Polonyi,need for economy arises a)because scarcity of resources needs efficient allocation b)because humans cannot survive without interaction with nature c)because it provides physical environment to sustain human life d)because humans cannot survive without production
- Joe likes to snack. Suppose that Joe gets only one snack per day. Use the table below to indicate (1) which snack he will choose and (2) the opportunity costs of that decision (measured in utils). Snack Utils Received Chicken Breast 34 Pepperoni 24 Cheese 36 BBQ Chicken 30 Chicken Strips 26Which of the following statements is an explanation for the law of increasing opportunity costs? Multiple Choice O. Resources are scarce. O. Resources are not equally efficient in producing every good. O.Wants are virtually unlimited. O. The originator had the idea and modern economists follow this convention.The below table shows production points on Sweet-Tooth Land's production possibilities frontier. Which of the following statements is TRUE? B) Producing a combination of 20 chocolate bars and 80 cans of cola is attainable but inefficient. A) Producing a combination of 0 chocolate bars and 100 cans of cola is both attainable and efficient. D) Producing a combination of 40 chocolate bars and 0 cans of cola is unattainable and inefficient. C) Producing a combination of 30 chocolate bars and 38 cans of cola is only attainable with an increase in technology.