production possibilities frontier outward? O A. An increase in the capital stock. O B. An increase in the labour force. O C. An advance in technology. O D. A reduction in unemployment.
Q: Which of the following is a microeconomics question? Select one: O a. Why do some countries grow…
A: As wants and desires of the individuals in the economy are unlimited but the resources possessed by…
Q: Which of these words do not belong to the group? O a. National income O b. Local culture O c. Price…
A: Local culture is not part of macroeconomics.
Q: Which of the following statements are normative and which are positive? 1. When the inflation rate…
A: Meaning of Economics: The term economics refers to the situation under which there remains a…
Q: Productivity refers to the amount of goods and services produced in a certain country. Select one: O…
A: GDP stands for gross domestic product. GDP is the value of all final goods and services newly…
Q: Refer to the diagram. E H B F Consumer Goods Technological advance that is useful in producing…
A: A PPF or Production possibility curve is a graph showing the production of the combination of two…
Q: A nation that devotes more of its resources to the production of capital goods is likely to: a)…
A: Capital investment is characterized as an amount of money procured by an organization to seek after…
Q: Which of the following is NOT an objective of macroeconomics? O A. A high and growing level of…
A: Macroeconomics is that branch of economics in which we study the economic problem and issues at a…
Q: Why is total efficiency units of labor used as an indicator of how much the economy can produce? O…
A: As a way of measuring how well/efficient, the performance of the workforce is, the method that is…
Q: The primary reason that living standards in some countries are higher today than they were a century…
A: * ANSWER :- From the above information the answer is provided below.
Q: Choose the statement that does not describe Microeconomics. O a. All of these O b. The purchasing…
A: Economics is the study of production, distribution, and consumption when the resources are scarce in…
Q: a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital,…
A: The circular flow of income is an economic model that represents economic transactions in a market…
Q: All of the following basic economic questions deal with microeconomics EXCEPT: O a. How is the…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 2/3 With the production function Y A+KL,if we double, we get an increasing returns production. OA.…
A: Given: Yt=AtKt13Lt23where,A=Stock of ideaK=CapitalL=Labor Since A is given as stock of ideas, this…
Q: Economists make assumptions Select one: O a. because all scientists make assumptions O b. to reduce…
A: Option C is correct answer To make the world easier to understand
Q: The opportunity cost of every investment in capital goods is O absolute advantage. current…
A: Opportunity cost: It means that while choosing one alternative, another alternative is lost.
Q: A: How can explain the micro economics in this advanced age? B: Define the term production?
A: Answer for A part:
Q: Which of the following is NOT a concern for macroeconomics? O A. The level of unemployment caused by…
A: Microeconomics manages costs and production in single markets and the connection between various…
Q: Which of the following is a microeconomics question? Select one: O a. Is it sensible for a…
A: Microeconomics is a branch of economics that deals with issues concerning an individual, individual…
Q: In a market economy. O a. economic output shrinks as we discover better ways of doing things. O b.a…
A: Option A is correct
Q: Which one of the following is a Normative statement? O a. Popcom and chocolates are sold in movie…
A: Normative statements are those kind of statements in economics that talk about the value judgement…
Q: A real quantity is a quantity measured: Select one: O a. in physical terms. O b. using real prices.…
A: The real quantity is the actual quantity produced in the particular time period.
Q: The problem of choosing the appropriate production techniques refers to which type of economic…
A: Let's answer each of the following questions one by one along with the reasons behind them.
Q: Which of the following is a topic studied in Macroeconomics? Select one: O a. aggregate behavior of…
A: Macroeconomics is the part of economics in which we study economics as a whole about performance,…
Q: QUESTION 19 Which of the following is a microeconomic statement? O A. The real domestic output…
A: Microeconomics deals with individual firms and goods. Macroeconomics deals with the whole economy as…
Q: Which of the following ismes is more likely to be studied in Macroeconomics than Microeconomics? O…
A: Macroeconomics is the discipline of economics concerned with the overall structure, performance,…
Q: An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot…
A: Inward shift in PPF:- 1) Major storms, flooding, and other major hazards can be disastrous to a…
Q: All of the following economic questions deal with microeconomics EXCEP a. Are the country's…
A: Microeconomics is the investigation of people, families and firms' conduct in dynamic and portion of…
Q: Any point inside the production possibilities curve indicates. O A. the presence of technological…
A: PPC: It is used to measure production efficiency based on the available resources.
Q: An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot…
A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: A country operates inside its production possibilities curve; this may be caused by unemployment. O…
A: Correct : unemployment
Q: Identify the type of central economic problem that is related to problem of choice of what to…
A: Economics is the social science that discusses the behavior of different variables that affect the…
Q: By going to school an individual will obtain which "factor of production"? O Money. O Physical…
A: the factor of production tells us about the various items needed in the production process and which…
Q: Suppose that an economy's capital increases so that the labor-capital ratio decreases. According to…
A: Economic capital is a risk indicator that is based on capital. It is the amount of capital necessary…
Q: F1/3 72/3 The production function Y = AK"L describes %3D O a. how any amount of capital and a…
A: A production function, in general, is a representation of how the quantity of output changes as a…
Q: The value of what Burger King produces in France is included in the United States and in the French.…
A: The value of Burger King produces in France would be included in the French GDP because it is…
Q: Which of the following is not a scarce resource? Select one: O a. Sunshine for solar power in the…
A: Since you have asked multiple questions, we are answering the first one for you. If you want the…
Q: In the context of the circular flow of economic activity, which of the following would NOT be a…
A: Answer : B. Provisions of factors of production
Q: Production Possibility Frontier (PPF) B 79. Product B Copyright 2003 - Investopedia.com Any point…
A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…
Q: The unintended consequences of an economic change that are not immediately identifiable but are felt…
A: Economics is a branch of social science that deals with the production, distribution, and…
Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…
A: A production possibility curve shows various combinations of two goods that an economy can produce…
Q: Jew theories of economic growth emphasise that the pace of technological change is p economic…
A: An increase in the production of economic services and goods when being compared from one time…
Q: Which of the following is a macroeconomic question? How many textbooks should be published by a…
A: Unemployment rate: - it is the percentage of people out of the total labor force who are able and…
Q: O A. Production-possibilities curve will shift outward. B. Production-possibilities curve will shift…
A: The production possibility curve, abbreviated as PPC, depicts all of the performance combinations…
Q: The amount of capital in an economy is a(n). while the amount of investment is a(n) Select one: O a.…
A: Stock in economics is measured at a specific time and it is a quantity that exist at a specific…
Q: Actual output equals potential output... A. On the production possibilities curve O B. Within the…
A: Production possibility curve shows the combination of Production of two different goods with the…
Q: which of the following questions is not a microeconomic question? oa. why is wealth unequally…
A:
Q: Which of the following is NOT an objective of macroeconomics? O A. A high and growing level of…
A: Macroeconomics is a part of financial matters that concentrates on how a general economy—the market…
Q: n of the following is not correct? A typical production possibilities curve indicates how much O…
A: The production possibility curve shows the different combinations of two goods that can be produced…
Q: Which of the following would shift a country's production possibilities curve inward? O A reduction…
A: Inflation rate or interest rate doesn't impact PPF, so (1) and (2) are false. Lower labor force…
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- A) Calculate the opportunity cost of :- Increasing production of food from 20 to 30 million units.- Increasing production of clothing from 22 to 60 million units B) The country wants to produce 85 million units of food and 40 million units of clothing. Is this possible? What point is this called? C) State TWO (2) ways how they can achieve this point (B) in the future. D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?Combination Bananas metric tons (X axis) Coffee metric tons (Y axis) A 20,000 0 B 18,000 11,000 C 14,000 20,000 D 8,000 27,000 E 0 30,000 What is the opportunity cost (amount & item) of the first 11,000 tons of coffee produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 11,000 tons of coffee to 20,000 tons of coffee ? ________________ What is the opportunity cost (amount & item )of increasing production from 20,000 tons of coffee to 27,000 tons of coffee? ____________Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?
- "Only answer c-d ones" (a) Calculate the opportunity cost of producing one additional unit of good x in terms of units of good y in Home and Foreign. The opportunity cost of producing one additional unit of good x in Home or foreign is the amount of good y that must be given up to produce it. At Home, one worker can produce 2 units of good x or 1 unit of good y. Thus, to produce one additional unit of good x, half a unit of good y must be given up. The opportunity cost in Home is 0.5 units of good y. In Foreign, one worker can produce 1 unit of good x or 2 units of good y. To produce one additional unit of good x, two units of good y must be given up. The opportunity cost in Foreign is 2 units of good y. (b) Derive the production possibilities frontier (PPF) for Home and Foreign and plot it in a graph with good x in the horizontal axis and good y in the vertical axis. To derive the production possibilities frontier (PPF) for Home and Foreign, we use the labor market clearing condition…The table below shows production points on Sweet-Tooth Land's production possibilities frontier. What is the opportunity cost of one chocolate bar if Sweet-tooth Land moves from point C to point D? B) 10 cans of cola per chocolate bar C) 3 cans of cola per chocolate bar D) 1/3 can of cola per chocolate bar A) 30 cans of cola per chocolate baWhich of the following questions does an economic system answer? Choose one or more: O A. Why should a society produce? O B. What should a socięty produce? O C. When should a society produce? O D. How much should a society produce? O E. How should a society produce things? O F. For whom should a society produce?
- Combination Cinnamon metric tons (X axis) Nutmeg metric tons (Y axis) A 7,000 0 B 6,000 7,000 C 4,500 11,000 D 2,500 14,000 E 0 16,000 What is the opportunity cost (amount & item) of the first 7,000 tons of nutmeg produced? ______________________ What is the opportunity cost (amount & item) of increasing production from 7,000 tons of nutmeg to 11,000 tons of nutmeg ? ________________ What is the opportunity cost (amount & item )of increasing production from 11,000 tons of nutmeg to 14,000 tons of nutmeg ? _____________ What is the opportunity cost (amount & item) of increasing production from 14,000 tons of nutmeg to 16,000 tons of nutmeg ? ________________ What is happening to the opportunity cost as Copperton produces more nutmeg? ____________________________________(A) what percentage of this total was produced by the three largest economies shown in this bar graph? (b)what percentage of this total was produced by the three smallest economies shown in this bar?Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is the opportunity cost of swords if total sword production is 40?
- An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?How is economic growth depicted on a Production Possibilities Frontier? O A leftward shift of the entire PPF O A movement from a point on the PPF to a point inside the PPF A rightward shift of the entire PPF A movement from a point on the PPF to a different point on the PPFSuppose the economy initially produces 15,000 gallons of drinking water and 450,000 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 (72,000, 135,000, 90,000, 54,000, 108,000) tons of steelSuppose, instead, that the economy currently produces 378,000 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 (72,000, 135,000, 90,000, 54,000, 108,000) ons 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 (Less, Equal, Or Greater Than) the opportunity cost of 5,000 additional gallons of drinking water at point A. This reflects the (Notion that Countries can gain from trade, Law of Increasing Opportunity Costs, Fact…
