Macmillan Learning Below is a PPF for tangerines and bananas. Which point(s) show the inefficient use of the resource? Quantity of tangerines A Point A. Point C. Point B. Point B and D. B C D Quantity of bananas
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- Carrot Apple 0 10 1 9 2 7 3 4 4 0 d. Using the PPF drawn above identify the point of inefficiency and label it A. Why is this considered to be inefficient?e. Identify on the graph above the point of unattainability and label it B. Why is this considered to be unatainable?John has $100 to spend and wants to purchase either a pair of trousers or a T-shirt. He can only purchase one of the two as each of the items cost exactly $100. If he chooses to buy a T-shirt, what is the opportunity cost of buying the T- shirt? A. the cost of the T-shirt the B. T-shirt and the pair of trousers C. $200 D. the alternative forgone (the pair of trousers that he could not buy)It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
- POSSIBILITIES PINEAPPLES MANGOESA 100 0B 90 15C 70 30D 40 45E 0 60 1. Graph the production possibility frontier (PPF) placing pineapples on the X axis and mangoes on the Y axis. 2. On PPF curve drawn, identify the following points: i. Unattainable (label the point U) ii. Attainable and efficient (label the point AE) iii. Attainable and inefficient (label the point AI) 3. What does the shape of the PPF curve drawn suggest about the opportunity cost of producing ONE more unit of pineapples or mangoes 4. If mangoes harvesting increases from 15 to 30, what is the opportunity cost of harvesting pineapples? 5. What is the economic significance of choosing to harvest at 25 pineapples and 50 mangoes? 6. With the aid of a diagram, explain the effect of a new technological mobile weather station on…plase solve all 8 quetions 1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs. 2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production. A. Capital. B. Entrepreneurship. C. Labour. D. Land. 4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system. A. Free market. B. Traditional. C. Mixed. D. Command. 6. Which one of the following is not a macroeconomic goal? A. Control inflation. B. Achieve unemployment. C. Promote economic growth. D. Avoid balance of payment difficulties. 7. An economy experiences inflation when __________________________. A. The investments are rising. B. The population is rising. C. The general…Suppose an economyuses two resorces (labor and capital) to produce two goods (wheat and cloth). Captial is relativley more useful in prducing cloth, and labor ir relativley more useful in prducing wheat. If the supply of cpatial falls by 10% and the suppy of labor increases by 10%, how will the PPF for wheat and cloth change?
- Figure 1 shows the PPF for an economy that produces Food and Clothes. What is the maximum amount of food that the economy can produce if it produces 48 clothes? A) 50 Food B) 320 Food C) 440 Food D) 500 FoodAs depicted in -- -, it is necessary to give up some of one good to gain more of the other good. a) the production possibilities frontier graph b) the concept of marginality c) the concept of utility d) allocative efficiencyFigure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is NOT feasible? A) 170 Food and 48 Clothes B) 320 Food and 360 Clothes C) 500 Food and 0 Clothes D) 50 Food and 360 Clothes
- In what sense is economics like a science? • Draw a productionpossibilities frontier for a society that produces food and clothing. Showan efficient point, an inefficient point, and an infeasible point. Show theeffects of a drought. • Define microeconomics and macroeconohdics.a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis. GOOD PRODUCTION ALTERNATIVES A B C D E X 0 15 18 21 24 Y 45 42 37 27 0 Question: Explain the different points on the curve. What does each point represent? Why is it important for an economy to be on its production possibilities frontier?
