Observe given PPC/PPF diagram and answer the question below: PPF Which of the following statements is TRUE if the production choice is at point A? I. The economy is efficient due to full usage of resources II. The economy is inefficient due to wastage of resources III. The economy is balanced due to efficient production Select answer from the given choices: Il only

Q: Suppose Poland produces only tablets and smartphones. The resources that are used in the production…

A: Production Possibility Frontier (PPF) illustrates the combination of two goods that a nation can…

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: define a production possibility curve and use such a curve to illustrate scarcity,choice and…

A: The resources in any economy are limited while the wants are unlimited. The subject of economics…

Q: consider a production possibilities frontier that measures movies and other goods and services. how…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: The nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each…

A: The production possibility curve (PPC) or production possibility frontier (PPF) shows different…

Q: Consider the following data for the harvest of pineapples versus the harvest of mangoes in Jamaica.…

A: Production possibility Frontier: The production possibility frontier or PPF would be the maximum…

Q: ack has 4 hours of free time (leisure) per day.   Jack has two leisure activities (hobbies) –…

A: Production possibility frontier (PPF) for Jack is a curve showing all the combinations of two…

Q: Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive…

A: Production possibilities frontiers are used to represent the trade-off that occurs between the…

Q: Hubert and Kate are farmers, each one owns a 12 acre plot of land. The following table shows the…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Production possibility frontier (PPF)

A: The economics is a branch of social science and deals with different problems like allocation of…

Q: Suppose Argentina produces only cars and trucks. The resources that are used in the production of…

A: In Argentina, resources are not specified for producing a car and trucks it means there is an equal…

Q: Consider a point underneath the Production Possibilities Frontier (PPF). How would you describe it?…

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

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: The following graph shows the production possibilities frontier (PPF) of an economy that produces…

A: Opportunity cost is the forgone profit that the producer would have gained if he had selected the…

Q: Which of the following statements about the PPF is not correct? a. Points inside the PPF are…

A: The first statement given as points inside the PPF are unattainable is not correct.

Q: The following graph shows the production possibilities curve (also known as the production…

A: Production possibility curve is the curve which shows all possible combinations of two goods which a…

Q: Susan is a skilled toy maker who is able to produce both trains and drums. She has 8 hours a day to…

A: Opportunity cost can be explained as the cost which is the sacrifice of choosing one over the other…

Q: In a production possibilities frontier graph, the cost of producing more units of a good is measured…

A: Answer: A production possibilities curve shows the different combinations of two goods that can be…

Q: Show what happens to the production possibilities frontier (PPF) if the society develops a new…

A: A Production Possibility Frontier is defined as a curve that illustrates the amounts of two goods…

Q: The production possibilities frontier (PPF) illustrates the concept of scarcity

A: According to the given question In simple words we can say that Scarcity is considered an actually…

Q: Suppose Japan produces only cars and digital cameras. The resources that are used in the production…

A: The Production Possibility Frontier is the locus point of all the different combinations of the two…

Q: Assume you have a production possibilities frontier (PPF) bowed out from the origin with healthcare…

A: The Production Possibility Frontier is the locus point of all the different combinations of the two…

Q: Why is the Production Possibility Curve (PPC) or Production Possibility Frontier (PPF) concave? What…

A: Meaning of Production Possibility Curve: The term production possibility curve refers to the…

Q: During World War II, auto production was cut drastically. The resources available could be used to…

A: Number of Jeeps (1000’s)   Number of Cars (1000’s) A. 0 500 B. 125 375 C. 250 250 D. 375…

Q: Draw a Production Possibilities Frontier curve for an economy that produces milk and cookies. What…

A: A production–possibility frontier (PPF), production possibility curve (PPC), production possibility…

Q: You are looking at a graph of the Production Possibilities Frontier (PPF). Points which are located…

A: PPF (Production possibilities frontier) is the locus of combinations of two goods, which a nation…

Q: Hector and Albert are bakers who can make either cakes or pies. Below is a graph showing their…

A: Comparative advantage is characterized as an economy's ability to generate goods and services at a…

Q: 3. Efficiency in the production possibilities model Suppose South Africa produces only two goods:…

A: Production Possibility Curve: A production possibility curve (PPC) shows combinations of the maximum…

Q: Explain how the shape of the production-possibility frontier implies increasing costs for the…

A: Points Clothing Food A 16 0 B 15 2 C 13 4 D 10 6 E 6 8 F 0 10

Q: The figure above shows a country's production possibility frontier (PPFA). B A PPFA PPF The…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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

A: Answer -

Q: Consider an economy that produces bicycles and autos. The production possibilities schedule shown…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: In an economy, production takes place only on PPC Is this statement true?

A: The combination of goods and services which are lying on the production possibility curve represents…

Q: Assume a country produces haircuts and shirts with inputs of labour. The country has 100 hours of…

A: The following problem has been solved as follows;

Q: Using a production possibilities frontier diagrams describe how does a countries PPF change in…

A: A production possibilities frontier is a graphical representation that shows the combination of two…

Q: Ron can either workout or make sushi rolls. It takes him 40 minutes to finish 1 workout and 20…

A: Preference: - Complete Workout  -Make Sushi roll Time taken to complete workout  = 40 minutes Time…

Q: What does Production Possibilities Frontier (PPF) stand for? Give an example of a simple two good…

A: (Q) What does Production Possibilities Frontier (PPF) stand for? Give an example of a simple two…

Q: A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals.…

A: An important question of economics is the question of choice of how to use limited resources between…

Q: Use the PPF to answer the following question: 1. Can we determine if Point F is allocatively…

A: Allocative efficient is the point on the Production Possibilities frontier where the production of…

Q: Describe the concept of "Efficiency" with the help of the PPF concept.

A: PPF or production possibility frontier shows the combination of goods which could be produced from…

Q: explain how ppf can be used to illistate the loss of scarce resources

A: Production Possibility frontier:- When both product rely on limited resources, the production…

Q: The graph below represents a change to a PPF. Assume the production of cars is represented on the…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: The PPF illustrates the principles of constrained choice, opportunity cost, and scarcity. Consider a…

A: The curve that depicts various combinations of goods that could be produced using the given…

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.