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- What are various forms of the Production Possibilities Frontier and what do they illustrate relative to such concepts as growth,increasing opportunity cost and scarcity/trade offs?Consider two countries: Alland and Georgeland. Say that Alland can produce 48 units of food per person per year or 16 units of clothing per person per year, but Georgeland can produce 68 units of food per person per year or 17 units of clothing per person per year. Compute each country's opportunity cost for each product. Tip: The list below contains the correct answers. Enter the correct amount for each of the 4 boxes making sure it is entered exactly as written below. Don’t omit or add space, digits or other characters. 0.25, 0.33, 1.33, 1.25, 1.40, 3, 4, 30, 40 Alland’s opportunity cost of 1 unit of food is [a] unit(s) of clothing Alland’s opportunity cost of 1 unit of clothing is [b] unit(s) of food Georgeland’s opportunity cost of 1 unit of food is [c] unit(s) of clothing Georgeland’s opportunity cost of 1 unit of clothing is [d] unit(s) of food Enter Alland or Georgeland in the appropriate box. Please make sure to enter each name exactly as written here. Don’t omit or add…Any point on a country's production possibilities frontier represents a combination of two goods that an economy: Select one: a. may be able to produce in the future with more resources and/or superior technology. b. can produce using some portion, but not all, of its resources and technology c. can produce using all available resources and technology. d. will never be able to produce.
- Which of the following economic systems are concerned with addressing the fundamental economic systems? I. the traditional system II. the command system III. the market system IV. a mixed economy A. II,III, and IV B. Only IV C. III and IV D. I, II, and IVAccumulation of capital and change in technology bring economic growth, which means that the PPF keeps shifting outward: Production that was unattainable yesterday becomes attainable today; production that is unattainable today will become attainable tomorrow. Why doesn’t this process of economic growth mean that scarcity is being defeated and will one day be gone?What is meant by production and consumption being pro-trade, antitrade, or neutral? What are the terms of trade effect and wealth effect of growth? explain in detail
- true or false Economic models must mirror reality or they are of no value. When economists make normative statements, they are more likely to be acting as scientists. If a country's worker can produce 5 hamburgers per hour and 10 bags of fries per hour, then absent trade with other countries,the price for 1 bag of fries is 2 hamburgers. If trade benefits one country, it's trading partner must be worse off due to the price of trade. If an advanced country has an absolute advantage in the production of everything(relative to certain less developed countries), the advanced country will benefit if it eliminates trade with less developed countries and becomes self sufficient.Which of the following can expand a nation's production possibilities boundary (curve)? [select all that apply] expanding the quantity of resources realizing technological progress enacting trade barriers decreasing the price of productsWhich of the below statements is INCORRECT about about a specific market economy such as the U.S. (America), or market economies in general? Group of answer choices In market economies government bureaucrats direct everything from the number of bars of soap a factory can produce to the number who students who may study electrical engineering. Complex economies in which billions of transactions every day, the vast majority of which happen withou any direct government involvement. In the twentieth century in one market economy life expectancy increased from forty-seven years to seventy-seven, and infant mortality plunged by 93%..