Explain the following two statements: “Education increases human capital and expands production possibilities”, and “The opportunity cost of a university degree is forgone consumption”.

Q: Explain the following economic concepts with a PPF a) Scarcity b) Economic Inefficiency c)…

A: The production possibility curve shows the combination of two goods that the economy can produce…

Q: You got a leaf blower for free at a yard sale. You are thinking of using it to clean leaves in your…

A: opportunity cost is the cost of loss of one opportunity to choose the other alternative. In other…

Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Which of the following economic systems are concerned with addressing the fundamental economic…

A: The correct answer is;

Q: Explain why the slope of the production possibilities curve becomes steeper as we move along the…

A: The production possibility curve (PPC) refers to a graphical representation of various combinations…

Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go to…

A: Opportunity costs are incurred when a person, an investor, or an organisation chooses one…

Q: What is the roots of value maximization principle. a. Economics b. All of the above c. Commerce d.…

A: Value refers to the material, monetary, or assessed worth of a good, service, or an asset. The…

Q: true or false Economic models must mirror reality or they are of no value.

A: Note:  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which of the following is NOT an illustration of the notion of opportunity cost         A.…

A: Scarcity is a very important concept in economics which explains why consumers and producers have to…

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: Which of the following is not an illustration of the notion of opportunity cost     A. The…

A: Opportunity cost is the lost of next best available option. Taking each option one by one.

Q: Normative economics is:    a. An investigation or statement about the norms and culture of other…

A: The study about the scarce allocation of resources among the people of the society is referred to as…

Q: The production possibilities curve represents the maximum combination of goos and services that can…

A: In business analysis, the production possibility curve (PPC)  represents the possible quantities…

Q: Under what circumstances in the Philippines can we operate outside the production possibilities…

A: The production possibilities curve can be explained as a graphic illustration of the most efficient…

Q: a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost:…

A: Paulie's opportunity cost of ice cream = 17/3 = 5.67 t-shirts

Q: Label each of the following statements as positive or normative: v The power of population is so…

A: Positive statements are based on facts, actual data, and these statements can be checked whether it…

Q: ITEM A B C D E Pretzels 0 300 450 600 700 Notebooks 125 100 50 25 0 What is the opportunity cost of…

A: Opportunity cost is the cost that we have to bear in terms of other goods. Resources are scarce and…

Q: Good X B A IC2 Good Y At B, the MRS is greater than the opportunity cost of Y At B, the MRS is…

A:

Q: Which of the following statements is true of scarcity? A. Scarcity only effects developing…

A: Scarcity: - it is the very basic problem of economics that is related to the limited availability of…

Q: What are various forms of the Production Possibilities Frontier and what do they illustrate relative…

A: Answer: Introduction: Production possibility frontier (PPF): It is a graph that shows the possible…

Q: Explain how (if at all) each of the following events affects the location of a country’s production…

A: The production possibility curve represents the combination of two goods that can b produced in an…

Q: Which would be a normative economic statement? C The poverty rate hit a new high last year C Prices…

A: Answer -  Normative Economic Statement : - It is statement that indicates opnion of an individual .…

Q: Explain using a production possibilities curve what happened to the Russian economy when the SOEs…

A: The production possibility curve is a downward-sloping curve. It is a graphical representation of…

Q: Given the following diagram of a production possibilities frontier for a country. Assume that this…

A: Production possibility frontier shows the maximum combination of the factors that can be produced of…

Q: ased on the graph, what is the opportunity cost of moving from point B to point D? Baseballs 200 150…

A: Opportunity cost measures how much we have to sacrifice one resource in order to get additional of…

Q: Which of the following is NOT part of the opportunity cost of attending university?      A) The…

A: Opportunity cost is defined as the benefit an individual or business misses while choosing some…

Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…

A: Scarcity: It means limited availability of goods and services.

Q: Use the figure below to answer the following questions. What is the opportunity cost of increasing…

A: A production possibilities curve shows various combinations of two goods that can be produced in an…

Q: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…

A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…

Q: Discuss three examples of important trade-offs that you face in your life. Discuss the items you…

A: Three examples of trade-offs facing in life are as follows: A trade-off between starting a job or…

Q: Explain the following economics concepts with PPF. a)scarcity  b)Economic inefficiency…

A: The production possibility frontier (PPF) is a curve that depicts the differences in the quantities…

Q: Classify each of the statements as an example of positive or normative analysis.. The sugar quota in…

A: The sugar quota in the United States costs consumers $6.08 billion a year. Correct Answer: Positive…

Q: bowed shape PPF curve relatated to law of increasing opportunity

A: All of the various combinations of output that are possible to be produced with the given resources…

Q: • Describe various opportunity costs of attending college. Given these opportunity costs, why do…

A: As a matter of first importance we want to comprehend what opportunity cost is:- OPPORTUNITY COST is…

Q: Opportunity cost is whatever you give up to get something. What is the opportunity cost of staying…

A: Answer: Opportunity cost: The opportunity cost of an action refers to what people give up to do that…

Q: An increase in the labor force would be reflected in a society's production possibilities frontier…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: The only way that a society can produce outside the production possibilities curve is Question 9…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: When economic growth occurs, the production possibilities frontier shifts outward but no longer…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The production possibilities frontier curves show the concepts of scarcity, choice, opportunity…

A: A Production Possibility Frontier or PPF refers to choices that society makes by combination of…

Q: Discuss the relation between periphery and center in case of capitalist world economy?

A: The economics is a study where the decision makers tend to answer the questions about how the scarce…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: What are the other forms of basic economic studies? Define each.

A: Economics can be divided into two branches . 1- Microeconomics: It is the narrow concept that…