curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner: Select one: a) Supply Curve b) Budget Line c) Production Possibility Frontier d) Demand Curve e) None of the options are correct
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A curve that shows various combinations of two goods that a country can produce when all of the country’s resources are fully employed and used in efficient manner:
Select one:
a) Supply Curve
b) Budget Line
c) Production Possibility Frontier
d)
e) None of the options are correct
Step by step
Solved in 2 steps
- Which of the following are examples of positive economics?(please choose all the answers that are correct) Input market supply can be affected differntly under the income or substitution effects of price changes. The law of demand does not hold for all goods. Fewer price controls increases the standard of living Government should invest in public goods The unemployment rate in the United States spiked during the COVID pandemicA certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Select one: a. the tradeoff between production of pants and production of shirts b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the opportunity cost of shirts in terms of pantsTRUE OR FALSE? An improvement in the technology will reduce the supply of goods while an increase in cost of production may increase. A decrease in the cost of production will shift the supply curve to the left. An increase in the cost of production will shift the supply curve to the right. The consumer’s income does not influence the demand for goods and services. The increase in demand due to an increase in income is not experienced in the economy.
- If a producer can use resources to produce either good A or good B, then A and B areA) substitutes in consumption. B) complements in consumption. C) complements in production. D) substitutes in production.Market demand A shows how much an individual is willing and able to consume at each and every price.B is the horizontal summation of all the individual demand curves in a market.C is the vertical summation of all the individual demand curves in a market.D is a positive slope.E shows how much individuals are willing to supply at each and every price.Refer to the attached image to determine the price and quantity for the following questions below. allocative efficiency dynamic efficiency Pareto efficiency
- A supply curve slopes upward because Question 4 options: a) as more is produced total cost of production decreases b) an increase in input prices increases supply c) the quantity supplied of most goods increases over time d) an increase in price gives producers an incentive to supply a larger quantityIdentify the point or points for which the following is true: Production of pizza can be increased without sacrificing beer.Which of the following statements is TRUE? (a) Change in demand and change in quantity demanded are just different names for the same thing. (b) A change in quantity demanded represents a change from one price and quantity demanded to another price and quantity demanded on the same demand relationship. (c) A change in quantity demanded is caused by a change in the price of the good and as such is an entirely endogenous change. (d) A change in demand is caused by a change in an exogenous factor. (e) A change in demand means that quantity demanded will change at every price and the demand curve representing tire demand relationship will shift. (f) A change in quantity demanded can result from a change in supply. (g) A change in demand can result from a change in supply. (h) There is no difference between a change in supply and a change in quantity supplied (i) A change in quantity supplied is caused…
- For the economy shown in the below exhibit, which of the following must be true when the economy is at point A? Select one: a. Not enough grain is being produced. b. If the economy reallocates resources from A to D, it will have to sacrifice some car production. c. Increased grain production would be impossible. d. Consumers prefer D to A.Which of the following would result in equilibrium shifting from point C to point A? A. There was an increase in income and technology advanced. B. There was a decrease in income and technology advanced. C. There was an increase in the price of a complement and an increase in wages paid by the firms. D. There was a decrease in the price of a complement and an increase in wages paid by the firms. E. There was an increase in the number of buyers but the number of firms remained unchangIf a producer is producing at point z and wants to move to point X, then what is the trade-off? How do you find trade-off? 20 gallons of milk 3 lbs of cheese 7 lbs of cheese 10 gallons of milk
