During the Iraq War many of Iraq's oil refineries were destroyed. This would best be represented by a A) movement up Iraq's production possibility frontier. B) shift of Iraq's production possibility frontier toward the origin. C) movement off Iraq's production possibility frontier to some point inside the frontier. D) movement down Iraq's production possibility frontier.

During the Iraq War many of Iraq's oil refineries were destroyed. This would best be represented by a A) movement up Iraq's production possibility frontier. B) shift of Iraq's production possibility frontier toward the origin. C) movement off Iraq's production possibility frontier to some point inside the frontier. D) movement down Iraq's production possibility frontier.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter18: International Trade And Finance

Section: Chapter Questions

Problem 2SQP

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production possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.
If an economy is operating at a point inside the production possibilities curve?a.its resources are not being used efficiently. b.This is a trick question because an economy cannot produce at a point inside the curve. c.the curve will begin to shift inward. d.the curve will begin to shift outward.
What can you say about all three of these Production Possibilities Frontiers? a) All exhibit constant opportunity costs b) All represent production where resources are not specialized c) Each represents the trade-off between goods X and Y d) All the above e) None of the above
A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost (A) remains constant (B) decreases (C) decreases at first and then increases (D) increases (E) increases at first and then decreases
The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. Potatoes Turnips 0 100 10 90 20 70 30 40 40 0 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs. Would the curve shift inward or outward? Why? Please explain further.
Answer the given question with a proper explanation and step-by-step solution. Which of the following choices correctly illustrates how changes in opportunity costs affect supply? A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises. B) A fisherman fishes for lobsters and oysters. The price of lobsters rises, so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters. C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook. D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.
If 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
Auto Bull's-Eye offers a 10-minute oil change and 30-minute brake check. There are two technicians who perform each of these services. Next week, the shop is offering a discounted oil change. How might this affect the production possibilities curve for next week? The shop would decrease the brake-check price to eliminate scarcity. The shop would increase worker pay to make up for the opportunity cost of not doing brake checks. The shop would shift production to oil changes and away from brake checks. The shop would shift production to brake checks and away from oil changes.
If resources are _______ then the PPF is _______. a. specialized, a straight downward sloping line b. specialized, horizontal c. None of the choices correctly fills in the blanks. d. not specialized, curved in toward the origin e. not specialized, curved outward from the origin
If an economy cannot produce more of one good without producing less of another good, this implies that which of the following has been achieved? production efficiency minimum marginal cost maximum marginal benefit PPF efficiency allocative efficiency
The country of San Ignacio produces two goods: beach towels and soccer balls. Last year, it produced at a point inside its production possibilities frontier and currently it is operating at a point on the (same) production possibilities frontier. Which statement best explains the change? Question 9 options: San Ignacio was originally experiencing unemployment but is now employing all its resources. San Ignacio experienced an improvement in soccer ball producing technology. San Ignacio acquired more resources. San Ignacio experienced a high level of emigration out of the country.
The boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________. production possibilities frontier invention prospects boundary creativity production border manufacturing options perimeter