Person 1 can allocate her 8-hour day between the production of two goods. A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 unit. Person 2, can produce 3 units of Good B or 4 units of Good A per hour. 1. A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve. Select one: a. PPF shifts inwards b. PPF shifts outwards c. Move to a point inside the PPF d. Move outwards on Good A axis only e. Move outwards on Good B axis only f. Move inwards on Good A axis only g. Move inwards on Good B axis only

Person 1 can allocate her 8-hour day between the production of two goods. A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 unit. Person 2, can produce 3 units of Good B or 4 units of Good A per hour. 1. A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve. Select one: a. PPF shifts inwards b. PPF shifts outwards c. Move to a point inside the PPF d. Move outwards on Good A axis only e. Move outwards on Good B axis only f. Move inwards on Good A axis only g. Move inwards on Good B axis only

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 4CQQ

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1. Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to good B yields 2 units whereas each hour devoted to good A produce 4 units. a. A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve.
Draw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?
Person 1 can allocate her 8-hour day between the production of two goods.A and B .Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units State weather 9 units of Goods B and 12 units of Goods A are attainable ,unattainable, efficient or inefficient. State all that applies
Economics is a social science which deals with human behavior as a relationship between ________. a. unlimited buyers and limited sellers b. consumption and production c. unlimited wants and scarce resources d. unending wants and limited people
Refer to the above diagram. Points A, B, C, D, and E show: Multiple Choice that the opportunity cost of bicycles increases, while that of computers is constant. combinations of bicycles and computers that society can produce by using its resources efficiently. that the opportunity cost of computers increases, while that of bicycles is constant. that society's demand for computers is greater than its demand for bicycles.
Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibilities curve to depict this (which "good" should be placed on each axis) and why your curve would have a particular shape.
Answer the given question with a proper explanation and step-by-step solution. Which of the following choices correctly illustrates how changes in opportunity costs affect supply? A) A farmer produces corn and wheat. The price of wheat rises, so he shifts his resources toward wheat and the supply of wheat rises. B) A fisherman fishes for lobsters and oysters. The price of lobsters rises, so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters. C) A textbook for economics becomes cheaper, so more students opt to buy that particular textbook. D) Milk and cereal are complementary goods, so when the price of cereal falls, the quantity supplied of milk rises.
A production possibilities curve shows the variouscombinations of two outputs thata. consumers would like to consume.b. producers would like to produce.c. an economy can produce.d. an economy should produce.
Your budget line defines A) Consumption possibilities B) Production possibilities C) Societal demand for goods D) Unlimited income
Which of the following choices correctly illustrates how changes in opportunity costs affect supply? Choice 1 of 4:A farmer produces corn and wheat. The price of wheat rises; so he shifts his resources towards wheat and the supply of wheat rises.Choice 2 of 4:Milk and cereal are complementary goods; so when the price of cereal falls, the quantity supplied of milk rises.Choice 3 of 4:A fisherman fishes for lobsters and oysters. The price of lobsters rises; so he decides to spend more of his time fishing for oysters because he can make the same amount of money with fewer lobsters.Choice 4 of 4:A textbook for economics becomes cheaper; so more students opt to buy that particular textbook.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.