product Y 50- 40+ 30+ 20+ 10+ Fig. A 0+11 0 10 20 30 40 50 product X 07. Comparing the production possibilities frontiers in figures A and B. a) the PPF in figure A indicates increasing opportunity costs of X. Ob) the PPF in figure B indicates decreasing opportunity costs of X. O c) resources in the economy depicted in figure A are specialized. O d) the PPF in figure B indicates increasing opportunity costs of X only. O e) None of the above product Y 50- 40 a 30+ 20+ Fig. B 10+ +0 b d ге 0 10 20 30 40 50 product X

product Y 50- 40+ 30+ 20+ 10+ Fig. A 0+11 0 10 20 30 40 50 product X 07. Comparing the production possibilities frontiers in figures A and B. a) the PPF in figure A indicates increasing opportunity costs of X. Ob) the PPF in figure B indicates decreasing opportunity costs of X. O c) resources in the economy depicted in figure A are specialized. O d) the PPF in figure B indicates increasing opportunity costs of X only. O e) None of the above product Y 50- 40 a 30+ 20+ Fig. B 10+ +0 b d ге 0 10 20 30 40 50 product X

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter2: Economic Tools And Economic Systems

Section: Chapter Questions

Problem 3.7P

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Similar questions

What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?
It takes Andy 45 minutes to complete a load of laundry and 15 minutes to wrap a present. It takes Bob 60 minutes to complete a load of laundry and 30 minutes to wrap a present. Which of the following statements is true? Select one : O A. Bob's opportunity cost of doing a load of laundry is wrapping 3 presents. O B. Bob has a comparative advantage in doing laundry. O C. Bob has a comparative advantage in wrapping a present. O D. Andy's opportunity cost of wrapping a present is doing 3 loads of laundry. O E. Bob has an absolute advantage in doing laundry.
a) Draw a production possibilities frontier (PPF) for a society that produces two goods, guns and wheat. Suppose this society has two political parties, party R (who want a strong military) and party L (who want a smaller military). Show points on your diagram that party R and party L chooses. b) Show graphically whether your PPF will change if all the resources used for both the goods were equally suitable for production of guns and wheat? c) Assuming that b stands and if all the resources are used for the production of guns, 20 guns can be produced and if all the resources are used for production of wheat, 80 units of wheat can be produced, then what is the opportunity cost of producing one gun?
1a. What is a Production Possibilities Frontier (PPF)? Consider an economy with only two goods: guns and butter. Show the tradeoff between the production of guns and the production of butter by drawing a (bowed outward) PPF (use gun production on the horizontal axis and butter production on the vertical axis). b. In what ways does the PPF reflect: i. scarcity and choice; and ii. increasing opportunity cost? c. How would the PPF be affected by a technological improvement in the production of guns? Solve all this question......you will not solve all questions then I will give you down?? upvote..
While producing on the production possibilities frontier. if additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be Select one: O a. boswed outward. O b.a straight line. O c bowed inward. O d. positively sloped.
Below is the production possibilities table for consumer goods (maize) and capital goods (tractors):Type of productionProduction possibilities A B C D Emaize 30 27 21 12 0Tractors 0 2 4 6 8i. Show these data graphically. ii. If the economy is at point C, what is the cost of one more unit of maize? iii. Suppose improvement occurs in the technology of producing tractors but not in the technology of producing maize. Draw the new production possibilities curve. iv. Now assume that a technological advance occurs in producing maize but not in producing tractors. Draw the new production possibilities curve. v. Now draw a production possibilities curve that reflects technological improvement in the production of both goods.
2. What economic opportunity cost in COVID 19?
2. Compare and Contrast. Identify two modes of doing the same thing where one involves a more technologically advanced method. Example would be snail mail vs. e-mail. List down as many examples. Brainstorm with a partner if a less technologically sophisticated mechanism can actually turn out to be better in terms of reaching for the good life. Is the more technologically advanced always better?
The PPF shown in figure SLO-1.3 depicts ___________. decreasing opportunity costs between capital and consumer goodsconstant opportunity costs between capital and consumer goodsincreasing opportunity costs between capital and consumer goodsnon constant opportunity costs between capital and consumer goods
1. Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two. 2. Explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost).
1.Under what conditions is the production possi bilities frontier linear rather than bowed out? 2.Explain how absolute advantage and compara-tive advantage differ. 3.Give an example in which one person has anabsolute advantage in doing something butanother person has a comparative advantage. 4.Is basoute advantage or comparative advantage more important for trade? Explain yourreasoning using the example in your answer toQuestion 3..If two parties trade based on comparativeavantage an ot gain, in wat range mustthe price of the trade lie?.Will a nation tend to export or import goods forwhich it has a comparative advantage?
4. a. Suppose that you are on a deserted island and can produce either 32 tons of coconuts OR 16 tons of pineapples. Draw the PPF representing this situation. Assume that coconuts are on the x-axis. Also assume that the PPF is linear. Clearly label your graph. b. For each of the following combinations say whether they are attainable (feasible) or unattainable (infeasible), based on the above information. If they are feasible, say whether they are efficient or inefficient. Also, label the three points on the graph above. (i) 8 tons of coconuts and 12 tons of pineapples: (ii) 16 tons of coconuts and 3 tons of pineapples: