Answered: Question 2 (2mark)_ explains why a…

Question 2 (2mark)_ explains why a production possibilities curve is often represented as concave (bowed out) from the origin?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 11RQ: What does a production possibilities frontier illustrate?

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Question 3.3. Which situation would most likely cause a nation's production possibilities curve to shift inward? The construction of more capital goods An increase in discrimination based on race An increase in the number of skilled immigrant workers The destruction from bombing and warfare in a losing military conflict
Unit 4 Question 1 The production possibility frontier of an economy is as shown in Figure 1. (a) () If the economy produces 15 units of manufoctured goods, whot is the maximum number of non-manufactured goods it can produce? (in) How many manufoctured goods could it produce if production of non-manufoctured goods was 50 units? (b) The economy is currently operating at point C What is the opportunity cost of increasing production of non-manufactured goods by (1) 15 units; (1) 20 units? (c) The econory is at D. Whot is the marginal cost of increasing production of non-manufactured goods to the point () C; (i) B? Thanks in advance!
15) Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B? 15) ______
22.How would the Great Recession of 2007–2009 be pictured in a typical production possibilities curve?
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Practice Question 9 Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is James's opportunity cost of making a tricycle? Group of answer choices 1. 3/4 of a wagon 2. 2 tricycles 3. 1/2 of a tricycle 4. 1/2 of a wagon
10. Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. none of the choices are correct d. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources
4: What does a Production Possibilities Curve depict? 5: What is the Law of Demand? 6: What components will cause a Shift in the Demand curve?
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