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15) Refer to Figure 2-6. If the economy is currently producing at point E, what is the
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- Suppose the economy initially produces 15,000 gallons of drinking water and 400,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B ) is tons of steel. Suppose, instead, that the economy currently produces 336,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C ) is tons of steel. Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is the opportunityIf the economy is currently producing at point W, what is the opportunity cost of moving to point X? Group of answer choices: 19 million tons of steel 3 million tons of steel 9 million tons of paper 5 million tons of paperQ6 The production possibilities curve below applies to an economy, Prospera that produces only ice-cream sodas and industrial robots. What is the opportunity cost of industrial robots in terms of ice cream sodas when Prospera moves from point a to b and b to c? What is the opportunity cost of ice cream sodas in terms of industrial robots when Prospera moves from point e to d and d to c? How a technological improvement in the assembly of industrial robots would affect the production possibilities curve? If industrial robots can be viewed as a capital good, then describe how this economy’s decision to produce more industrial robots will affect its future production possibilities curve? Can Prospera produce 6 industrial robots and 40 ice-cream sodas Why? How would you describe production in Prospera, If 4 industrial robots and 20 ice-cream sodas are produced?
- Q46 How does a straight-line production possibilities boundary differ from a concave boundary? a. The straight-line boundary does not show scarcity, whereas the concave boundary does. b. The concave boundary illustrates constant opportunity costs, whereas the straight-line boundary illustrates decreasing opportunity costs. c. The straight-line boundary shows opportunity cost, whereas the concave boundary does not. d. A straight-line boundary is associated with a command economy, whereas a concave boundary is associated with a free-market economy. e. The straight-line boundary illustrates constant opportunity costs, whereas the concave boundary illustrates increasing opportunity costs.Consider production possibilities of goods and services in China, Since 1980, the population of China has grown by over 40%, from just under 1.0 billion to more than 1.4 billion people. In addition, there has been massive investment in both human and physical capital. Given these changes, we can expect that China's production possibilities frontier has shifted and become curved (bowed outward). Answers A - D A.outward; more B.inward, more C.inward; less D.outward, lessQuestion 2 How would each of the following situations affect a nation's production possibilities curve? The amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workers remaining unemployed for a longer period of time. This a) does not shifts b) shifts the PPC.
- part 4 5 6 Q6 The production possibilities curve below applies to an economy, Prospera that produces only ice-cream sodas and industrial robots. What is the opportunity cost of industrial robots in terms of ice cream sodas when Prospera moves from point a to b and b to c? What is the opportunity cost of ice cream sodas in terms of industrial robots when Prospera moves from point e to d and d to c? How a technological improvement in the assembly of industrial robots would affect the production possibilities curve? If industrial robots can be viewed as a capital good, then describe how this economy’s decision to produce more industrial robots will affect its future production possibilities curve? Can Prospera produce 6 industrial robots and 40 ice-cream sodas Why? How would you describe production in Prospera, If 4 industrial robots and 20 ice-cream sodas are produced?1A. What is the opportunity cost of moving from point A to point B? 1.B. What is the opportunity cost of moving from point B to point A?Question 3.3. Which situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflict
- 22.How would the Great Recession of 2007–2009 be pictured in a typical production possibilities curve?Q1: The following schedule shows the combination of the total production of Aerospace production (Rockets) and agricultural production (Rice) in a specific country, assuming full use of economic resources: Possibility Rockets Production (X Axis) Rice Production (Y Axis) A 14 0 B 12 3 C 9 6 D 5 9 E 0 12 Answer the following questions: Which points on the graph are attainable and efficient? (Why) What is the opportunity cost of moving from point B to C? (the opportunity cost of …………………… is …………………) 3. If the country had a loan from the world-bank and directed the loan to increase the agricultural production, show graphically how the PPF will change?Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: A new technique improves the efficiency of extracting copper from ore.