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How does production possibilities frontier illustrates
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- To what can concave shape of Production Possibilities Frontier be due?Select one:a. Law of diminishing returns.b. Existence of an opportunity cost.c. Scarcity.d. Efficiency in production.e. Inflation of a market.Explain the relevant of using the concept of opportunity cost in work environmentWhat is opportunity cost? As scarce resource, financial capital has opportunity cost. What determines the opportunity cost of capital?
- Timothy quits his job that pays $60,000 a year, to enrollin a 2 year graduate programme. His anual shool expenses are $60,000 fir tuition, $8000 for books and $1400 for food. What is his opportunity cost for attending the programme?The quantities shown are taken from a production possibilities frontier for an economy with diminishing returns. The blank in the table could be which value? Bags Courses 40 300 60 ? 80 100MULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy inwhich each worker has one machine and one unit of natural resources. Assume these inputs are fixed,and so is the worker’s human capital. But there has been an improvement in technology. We can surelyconclude that productivity has increased if:a. the amount of goods and services produced from each hour of the worker’s time increases.b. the amount of goods and services produced by the worker increases relative to a worker inanother country.c. if the amount of goods and services produced by the worker in a given year increases.d. all of the above.e. none of the above
- Which of the following points on the Production Possibilities Curve represents the highest unemployment? A) C B) X C) S D) fA.Explain why newly posted job vacancies are not filled instantly when there is unem ployment? B. Capitalism Why did the institutions of capitalism lead to growth in living standards?Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is Dean's opportunity cost of soup?
- Suppose you start with a point on the Production Possibilities Curve. Now, unemployment increases dramatically. How would you show that change given your initial position?Would increasing the minimum wage force business's to lay off workers and result in higher unemployment or would it encourage economic growth and increased commerce?Explain opportunity cost.what importance is opportunity cost to the(a) Individual;(b) Firm;(c) Government