England B France Hours Needed to Make 1 Unit of Cheese 1 Number of Units Produced in 40 Hours Wine 4 units of cheese and 15 units of wine 6 units of cheese and 5 units of wine 4 8 units of cheese and 20 units of wine Cheese 40 . Refer to Table 3-2. Which of the following combinations of cheese and wine could France produce in 40 hours? 2 units of cheese and 20 units of wine Wine 10 20

England B France Hours Needed to Make 1 Unit of Cheese 1 Number of Units Produced in 40 Hours Wine 4 units of cheese and 15 units of wine 6 units of cheese and 5 units of wine 4 8 units of cheese and 20 units of wine Cheese 40 . Refer to Table 3-2. Which of the following combinations of cheese and wine could France produce in 40 hours? 2 units of cheese and 20 units of wine Wine 10 20

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 7SCQ: Would a research study on the effects of soft drink consumption on childrens cognitive development...

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Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is feasible and efficient? A) 50 Food and 360 Clothes B) 170 Food and 144 Clothes C) 320 Food and 48 Clothes D) 440 Food and 144 Clothes
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.
Q15.) Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12. 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is m? 6 magazines 2.) If she buys 1 pie the number of magazines she can buy in a week is? 3 magazines 3.) What is her S opportunity cost of purchasing a pie? $4 What is question 4 answer? 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
3. Country A and Country B are two countries that each produce t-shirts (T) and sneakers (S). From its available resources and technology Country A can produce 100 t-shirts and 0 sneakers or 0 tshirts and 200 sneakers or any combination of t-shirts and sneakers that sits on Country A’s linear PPF. From its available resources and technology Country B can produce 50 t-shirts and 0 sneaker or 0 t-shirt and 50 sneakers or any combination of t-shirts and sneakers that sits on Country B’s linear PPF. a. On two separate graphs draw the PPF for Country A and Country B. Measure t-shirts on the vertical axis and sneakers on the horizontal axis. b. Write an equation in slope-intercept form for the PPF for Country A. c. Write an equation in slope-intercept form for the PPF for Country B
Table 3-7Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Meat Potatoes Meat Potatoes Farmer 6 4 4 6 Rancher 3 8 8 3 Refer to Table 3-7. Which of the following combinations of meat and potatoes could the rancher not produce in 24 hours? Group of answer choices 5 pounds of meat and 1 pounds of potatoes. 2 pounds of meat and 2 pounds of potatoes. 1 pounds of meat and 3 pounds of potatoes. 4 pounds of meat and 1 pound of potatoes.
3. Recycling CanFor the past 10 years, five Colorado cities have held a recycling contest to see which citydoes the best job of recycling plastic, glass, and aluminum. Those participating in thisyear’s contest are Arvada, Centennial, Lakewood, Highlands Ranch, and Parker.To make the contest fair for both large and small cities, the winning city will be the one that recycles the largest number of cans per capita—the number of cans recycled dividedby the number of city residents. 0.02 per can Recycling Can Contest City Population Jan Feb Mar Total Per Capita Arvada 15,855 10,505 24,556 12,567 Centenntial 28,951 24,567 21,777 26,719 Lakewood 142,547 102,376 105,876 121,987 Highlands Ranch 2,801,561 2,714,664 2,503,344 1,999,877 Parker 1,689,908 1,523,665 1,487,660 1,002,545 Total -…
Match each diagram in Figure 1 with its description here.Assume that the economy is producing or attempting toproduce at point A and that most members of society likemeat and not fish. Some descriptions apply to more than one diagram, and some diagrams have more than onedescription.a. Inefficient production of meat and fishb. Productive efficiencyc. An inefficient mix of outputd. Technological advances in the productionof meat and fishe. The law of increasing opportunity costf. An impossible combination of meat and fish
Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is NOT feasible? A) 170 Food and 48 Clothes B) 320 Food and 360 Clothes C) 500 Food and 0 Clothes D) 50 Food and 360 Clothes
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.ElucidateExplain why scarcity exists in this economy. Use the data as evidence of your reasoning.What is the maximum quantity of guns that can be produced?What is the maximum quantity of butter than can be produced?Draw the nation’s production possibility curve.Explain why the nation can’t produce both 3 guns and 4 butters.Explain why the nation shouldn’t produce both 1 gun and 2 butters.
Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
The following is a production possibilities table for war goods and civilian goods: Production alternatives A B C D E Automobiles 0 2 4 6 8 (in millions) Guided missiles 30 27 21 12 0 (in thousands) •Show these production possibilities data graphically. •What does points on the curve indicate? •If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles? •Suppose improvement occurs in the technology of producing guided missiles but not in the production of automobiles. Draw the new production possibilities curve