For a two-good economy with a PPF, an increase in the amount of resources will result in:a parallel rightward shift in the PPFa reduction in the slope of the PPFa parallel leftward shift in the PPFa decrease is the cost of Y in terms of X Carlos is offered a contract as a rookie for the New England Patriots. If he accepts, he must leavethe university where he is getting a liberal arts education. What can we definitely say about Carlos'situation?the opportunity cost of staying in school would probably seem low by most peopleFootball is for a short period of time in a life span, but educational attainment can never be taken away.Carlos should stay in school.It's not even a contest. He should join the Patriots.Based on his own preferences, Carlos must weigh the relative opportunity costs of staying in school orjoining the Patriots. He should choose the option with the lower opportunity cost.

We will answer the first question since the exact one was not specified. Please submit a new…

Answered: For a two-good economy with a PPF, an…

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 12SQ

See similar textbooks

Similar questions

Which of the following is a use of the production possibility curve (PPC) in macroeconomics? a. The company decides the price of the product using PPC b. The economy finds solution to basic economic problems c. Private income of a company is calculated on the basis of PPC d. The company decides to produce product A or B
Refer to the information provided in Figure 1 below. Which of the following causes the ppf to shift from ppf2 to ppf3? Group of answer choices Technological progress An increase in the labor force An increase in capital stock All of the above
Given a production possibilities curve for investment goods and consumption goods, which of the following statements is true? Select one: a. A production point outside the current curve may be attained if the opportunity cost of producing an extra unit of the good measured on the horizontal axis remains constant. b. Acquiring a new technology would push the PPF inwards towards the origin. c. A production point outside the current curve can be efficiently produced with the current level of resources and technology, if the marginal cost of producing one more unit of consumption goods equals the marginal benefit. d. A production point below the PPF suggests that more of both goods can be produced with current resources and technology. e. Shifting resources to make more consumption goods is likely to enable attainment of a production point outside the current curve.
The following are exogenous (not directly affected by income): G = 11 I = 4 X = M = 0 The consumption function is: C = k + cY, where k = 3, c = 0.8 Imagine the maximum potential output or real GDP of this economy is 100. Assume that is the same as saying we reach the edge of the PPF at 100. Now assume we want to get that economy from the current level of GDP to its maximum potential of 100. We can do this in two ways - either increase government spending (G) or reduce taxes, (we will soon learn that doing this is called "using expansionary fiscal policy") but this economy does not tax its citizens so the only way to do it to increase G. How much do we increase government spending so that actual GDP reaches potential output/edge of the PPF at 100?
If a PPF is "bowed outward" from the origin, then which of the following can be true? (check all that apply) The opportunity cost of producing another unit of the good on the y-axis decreases in terms of foregoing units of the good on the x-axis that are given up. The opportunity cost of producing another unit of the good on the x-axis increases in terms of foregoing units of the good on the y-axis that are given up. Inputs may be specialized for different uses Each unit of labor isn't equally productive in producing every unit of each good
PPFs are usually bowed out because: a) all resources are not equally adaptable in the production of all goods b) all resources are equally adaptable in the production of all goods c) the more resources a society uses to produce one good, the fewer resources it has available to produce another good. d)all PPfs have a negative slope

Recommended textbooks for you

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Macroeconomics

Economics

ISBN:

9781337617390

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Economics (MindTap Course List)

Economics

ISBN:

9781337617383

Author:

Roger A. Arnold

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

For a two-good economy with a PPF, an increase in the amount of resources will result in: a parallel rightward shift in the PPF a reduction in the slope of the PPF a parallel leftward shift in the PPF a decrease is the cost of Y in terms of X