How are resource decisions affected by the global market and world events? Provide a real-world example. Do you think governments should have the power to influence the global market?

Q: Please graph two hypothetical production possibilities models. In one of the graphs, please…

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

Q: Governments use violence, and the threat of violence, to force people to do what they do not want to…

A: The statement is False Government is selected by the people of the country and is the government…

Q: consuming a total of  [Answer] kg te

A: An open trade is defined as the removal of barriers of import and export of goods and services…

Q: Butter The production possibilities frontier has a bowed-out shape because the opportunity cost of…

A: According to the definition of PPF,  Point lies above PPF curve- Impossiible to achievePoint lies on…

Q: Kyoko has opened a new startup company in web design. Within the first month of business, the…

A: Firms generally do trade with other firms when they have a lack of resources, to fulfill and satisfy…

Q: If the resources used to produce two goods are specialized, then the production possibilities…

A:

Q: Suppose two nations, Beta and Gamma, each make aircraft and corn. The main resource in each nation…

A: Opportunity costs address the potential benefits that an individual, monetary patron/financial…

Q: Which are two qualities of a political economy that favour entrepreneurs (i.e., they foster a…

A: Introduction, A system known as political economy concentrates on and investigates the impact of the…

Q: If new government regulations designed to protect wetlands remove very productive farmland from…

A: Production Possibility Curve(PPC) is the locus of the different combinations of goods that can be…

Q: Discuss this normative statement: “Governments should use targeted industry policy to assist…

A: YES, government should use targeted government support and policy to some industry and to achieve…

Q: Explain the operation of the “invisible hand” and why market economies usually do a better job than…

A: The concept of invisible hand was put forward by adam Smith.

Q: why market economies usually do a better job than command economies at efficiently transforming…

A: Answer: Introduction: Market economy: it refers to the economy where there is no government…

Q: Which of the following would cause an outward shift of the production possibilities frontier?

A: The production possibility frontier represents the different combinations of two goods that can be…

Q: Explain the main assumption behind a concave production possibilities frontier

A: The Production Possibility Frontier (PPF) is concave due to the increasing opportunity cost due to…

Q: Explain the importance of opportunity costs to decision-making and how opportunity costs lead to…

A: Opportunity cost is the next best alternative foregone. For decision making,it is useful because…

Q: Base your answer to this question on the passage below and on your knowledge of social studies. One…

A: The economic development of countries has been accompanied by a degradation of environment. This has…

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: In a market economy, there is no government intervention, the market forces determined the…

Q: Individuals who wish for the state ownership of resources and for state control over economic…

A: Communism is a system that seeks to create a equality in terms of production, and all the factors of…

Q: A farmer can feed any combination of animals within the following range: Pigs Cows 84 12 75 15 Given…

A: Introduction Production possibility production curve shows the maximum production possibility of two…

Q: Microeconomics is the study of:     The gains from trade since we can only consume what we produce…

A: Micro economics facilitates easy understanding of our economic system.

Q: You and other college students are deciding whether to major in music or engineering. You learn that…

A: Please find the answer below.   EQUILIBRIUM: Market equilibrium and economic equilibrium are two…

Q: It is clear that productive inefficiency is a waste since resources are used in a way that produces…

A: Allocative effeciency refers to an economic situation that is commonly found in the ideal…

Q: How did the flood affect onion production? Can you show the change in equilibrium price and quantity…

A: The flood in country B has severely affected the production of crops and displaced many people. The…

Q: The greatest incentive for conserving scarce resources and using them in the most productive ways…

A: Natural Resources are materials from the Earth that are consumed to help life and address…

Q: On the basis of your observations, which factors of production are scarce in your community? Give…

A: 1. Capital is scarce in my community. I have observed that major goods that are produced in my…

Q: The country A has an endowment (total supply) of 160 units of labor and 14 units of land, whereas…

A: Land/labor intensive good is the good which needs large amount of land/labor than any other factor…

Q: Which statement is TRUE? Efficiency exists when an economy realizes the minimum possible gains from…

A: Market efficiency: It alludes to how much market costs mirror all accessible, pertinent data. If…

Q: Discuss how competitive markets determine the wage rate and the quantity of labor that should be…

A: In the labor market, the demand for labor and also the supply of labor determine the extent of…

Q: Refer to Table 1. Who should produce berries? [ Select ] Who should produce fish? [ Select ] Since (…

A:

Q: What are some examples of common markets? please list one example and explain the advantages of…

A: Common markets refer to the economic integration among countries where labour, capital and services…

Q: Using Production Possibilities Curve (PPC), identify the trade-off between public and private goods.…

A: Answer -

Q: Why is the production possibility curve also called as the opportunity cost curve

A: Initially we can say that the production possibility curve is known as a curve or line which depicts…

Q: 31. PPC is also called: (a) Opportunity cost curve (b) Transformation curve (c) Production…

A: Production possibility curve is the locus of combinations of goods which the economy can produce…

Q: What can cause the Production Possibility Frontier (PPF) to contract, that is to say, move the PPF…

A: Production possibility frontier shifts inside or contracts when the potential of production reduces…

Q: Unlike a market economy, a command economy: a. Consumer sovereignty to make production decisions b.…

A: Economy of a country includes all the economic activities that are undertaken in the country.

Q: Assumptions are initial conditions made before production possibilities frontier (PPF) is built.…

A: The production-possibility frontier is a graph showing different variations of the quantities of two…

Q: How can government involvement in an economy help or hinder the expansion of the production…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Explain the usefulness of a Production Possibilities Frontier and how it could be applied to an…

A: Production possibility frontier: - it is the graphical representation of different combinations of…

Q: If the production of computers increases from point P to point S, what is the opportunity cost in…

A: Opportunity cost is the loss of potential increase from different options when one option is picked.

Q: In market economies, most decisions are made by ___, while in command economies, most economic…

A: Command economy: - a command economy is a controlled economy where all economic decisions are taken…

Q: The table given below reports the value of sales at each stage of production of an economics book.…

A: Value-added method of calculating GDP GDP measures the market value of final goods and services…

Q: In a free market equilibrium, the gains from trade are always greater for consumers than for…

A: The gain from trade under perfect competition depends on the elasticities of demand and supply and…