Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Identify which “good” should be placed on each axis in order to construct the production possibility frontier. Provide a justification for your choice. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.

Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Identify which “good” should be placed on each axis in order to construct the production possibility frontier. Provide a justification for your choice. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 7SQ

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Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Draw a production possibility frontier curve showing which “good” should be placed on each axis and why your curve would have a particular shape. In what ways does the production possibilities curve reflect scarcity, choice and opportunity cost? and list 3 possible impacts of an improved fertilizer on the production possibility frontier.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Identify which “good” should be placed on each axis in order to construct the production possibility frontier. Provide a justification for your choice. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a. Be sure to respond to at least two (2) of your classmates’ posts.
What does a Production Possibility Frontier for Product X versus Y represent? A) The total combined production of Product X + Product Y for a given set of factors of production B) The trade-off in the level of total production at various output mixes for Product X and Product Y C) The most efficient product production mix for a given set of factors of production D) All of the above
Consider a Production Possibility Frontier that bows outward. Suppose the production of one good increases. As a result opportunity cost of producing this good will __________ because productive resources ___________________ in their suitability for producing different kinds of goods. A. increase; differ B. decrease; are the same C. increase; are the same D. decrease; differ
A production possibilities frontier is shown below (Z, "Home Goods," on the vertical axis; H, "Health," on the horizontal axis). Suppose that the individual is producing the combination associated with point B, but they prefer to be at point C. Given this information we might say that this combination is ____. A. productively efficient but allocatively inefficient. B. productively efficient and allocatively efficient. C. productively inefficient and allocatively inefficient. D. productively inefficient, but allocatively efficient.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly damages water quality. a) Explain in your own words how you would draw a production possibility curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape. b) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? c) Discuss three possible impacts of an improved fertilizer on the production possibility frontier from part a.
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.
If the resources used to produce two goods are specialized, then the production possibilities frontier has a bowed-out shape. [ Select ] ["false", "true"]
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain. (c) Assume Zeetopia and Freshland decide to specialize according to their comparative advantages and 1 ton of coconuts is exchanged for 1 ton of mangoes. Are specialization and trade under these terms beneficial to both Zeetopia and Freshland? Explain. (d) Assume the two islands experience constant opportunity costs in the production of the two products. Draw a correctly labeled graph illustrating…
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to produce mangoes and coconuts as shown in the table below. (a) Which island has an absolute advantage in producing coconuts? Explain. (b) Which island has a comparative advantage in producing coconuts? Explain.
Which of the following scenarios is not an example of a trade-off? Sarah always takes reusable tote bags to the store to carry her groceries home instead of using the plastic bags provided by the store. Sarah is happy that she can help the environment by using less plastic. In order to save money, Dave decided to use canned vegetables in his soup instead of fresh vegetables. Juan's office is two blocks away, so he walks to work every day. Roberto decided to go fishing instead of cutting the grass. The grass is now high and will take longer to cut.