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- What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
- 4. Explain all resources that economy relies?Table 1:Production AlternativeTypes of Prod PRODUCTION ALTERNATIVES Types of Production A B C D E CEREAL 0 250 450 650 850 BREAD 130 117 109 89 0 Using the Table 1 abovea. Draw a production possibilities curve for cereal and bread using the data above. b. Label the points where the economy would be efficient (A), underutilized (B) and unattainable (C).Could a nation be producing in a way that is allocatively efficient, but productively inefficient?
- Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
- What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?3. During the summer you have made the decision to attend summer school, which preve:ts you from working at your usual summer job in which you normally earn S5,000 for th summer. Your tuition cost is S3,000 and books and supplies cost S1,300. In terms of dollars, the opportunity cost of attending summer school is: A. SI0,300. B. S5,000. C. S4,300. D. S3,000.12. A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts cannot be illustrated in this model? a. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts. b. the tradeoff between production of pants and production of shirts. c. the opportunity cost of shirts in terms of pants. d. the effect of economic growth on production possibilities involving pants and shirts.
