Refer to the diagram. E H B F Consumer Goods Technological advance that is useful in producing consumer goods but not in producing capital goods is shown by the shift of the production possibilities curv from AB to: 1) CD. O 2) BE. O 3) AF. O 4) GH, Capital goods
Q: Which of the following is NOT the factors of production? O 1) money. O 2) land. 3) labor. 4)…
A: # The correct option is (A) "Money"
Q: Refer to the figure at right. The value of the marginal rate of substitution between points B and D…
A: Marginal Rate of Substitution (MRS) is the rate at which one good is given up in order to get an…
Q: QUESTION 8 Which of the following is correct? O B. When AP is rising MC is falling, and when AP is…
A: MP refers to the Marginal Product, MP of input, say labor is defined as the one extra output that a…
Q: 00 Mc Graw Hill Connect 5. Refer to the following production possibilities table for con sumer goods…
A: Answer- "Thank you for submitting the question.But, we are authorized to solve only 3 sub parts .…
Q: If Jeff's wage rate rises, he decides to work fewer hours. From this, we can infer that O 1) for…
A: When a product's price rises, the substitution effect occurs, resulting in a drop in sales due to…
Q: Sam is a skilled toy maker who is able to produce both cars and puzzles. He has 8 hours a day to…
A: The trade-off between two items that a company or a country produces using the quantity of resources…
Q: QUESTION 23 Suppose k grows at a rate of 6 percent and l grows at a rate of 9 percent. If y =k/31…
A: As per Bartleby Guidelines we are required to solve one question at a time if not releated. As the…
Q: Which of the following would most likely shift the production possibilities curve outward? O 1. a…
A: The curve that depicts the combination of goods that could be purchased with the given resources and…
Q: Danièle has 40 hours a week she can use for work or leisure. She earns 16 euros an hour and has no…
A: The utility function calculates a consumer's satisfaction or welfare as a function of their…
Q: Pt B in Figure B-4 is described as O a. Attainable & efficient O b. Unattainable O C. Attainable &…
A: Production possibility frontier (PPF) is a curve depicting all maximum output possibilities for two…
Q: If a family's MPS is 0.2, it means that the family is: O a. Saving $0.2 O b. Saving 20 percent of…
A: In economics, disposable income refers to the income available with individuals after the payment of…
Q: If you have the following information Grandfather The amount of flexibility -) Item type -Y Economic…
A: As the Price of item Y increases from 40 to 60, the quantity demanded of item X increases from 10 to…
Q: What determines output per worker in the One Country Technblogy Model? O Output is produced by all…
A: In an economy, output refers to the amount of goods and services produced using specfiic amount of…
Q: The term that refers to the situation where we dont have all of our needs and wants because…
A: Economy is an area where the people work to earn livelihood.
Q: efer to the above table . The model will produce ( operate ) in which of the following outcomes : O…
A: Answer is given below
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: If you have the following information Find ? 1- The amount of flexibilityq 2- Item type 3- Economic…
A: As the price of the good increases, from 40 to 60, the quantity demanded, also increase from 10…
Q: Which of the following relations is not correct? O A. APS + APC = 1. O B. 1- MPC = MPS. O C. MPC +…
A: As you asked for option only The answer in step 2
Q: Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant…
A: Opportunity cost measures the trade-off between two goods.
Q: Every other thing equal, an increase in the risk of investment return would cause the IS curve to…
A: IS curve: It refers to the combinations of the rate of interest rate and the output produced in the…
Q: The GDP for a small economy in 2010 was $9,950. This was composed by $4,600 of consumption, $2,650…
A: GDP: GDP or gross domestic product is the final value of all the goods and services that are…
Q: 5. To the right is a production possibilities table for consumer goods (automobiles) and capital…
A: Answer - "Thank you for submitting the question.But, we are authorized to solve only 3 sub parts…
Q: Manuel rents a house for $21,500 per year. The house can be purchased for $375,000, and he has this…
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: 2. Attending college is a case where the Lof not going exceeds the monetary cost of tuition. A) A.…
A: In economics, two activities are related if they both are performed using a specific input, for…
Q: 80 40 30 60 90 120 150 Quantity (units per day) The slope of the line shown in the above figure is…
A: Slope of the line suggest the relation between price and quantity supplied.
Q: Figure: Consumer and Capital Goods Consumer goods (per period) Curve 2 Curve 1 Capital goods (per…
A: A PPF (Production Possibilities Frontier) depicts the combination of two items that a country may…
Q: Which of the following relations is not correct? O A. MPC + MPS = 1. O B. APS +APC = 1. OC. MPS =…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: If your planned consumption expenditure is $600 per month and your income is $500 per month, your a.…
A: Planned consumer expenditure or spending depends on the level of income of an individual. Income…
Q: John spends $10,000 on on-year's college tuition instead of working full-time at McDonald's (his…
A: The opportunity cost of doing an activity is the sacrifice of potential gain or benefit associated…
Q: Goods that are produced by one firm for use in further processing by another firm is Select one: a.…
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…
Q: In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in…
A: If there is increase of equal proportion of price so that relative price (P1/P2) remains constant,…
Q: If Arif can make 20 pizzas or 10 cakes in one day, the opportunity cost of O A. 1 pizza is half a…
A: Opportunity cost is an economic term that refers back to the cost of what you have to surrender…
Q: Your neighborhood pizza restaurant has a deal: Pay $3 at the door, and eat as much pizza as you want…
A: Answer: Correct option: $0 Explanation: Marginal cost: it refers to the cost of the additional unit…
Q: Instructions: Enter your answers as a whole number. a. What quantities of A, B, C, and D will…
A: Answer: Introduction: To maximize utility the consumer will purchase that unit of good where the…
Q: uestion 16 4) Listen Refer to the production possibilities curves. Curve (a) is the current curve…
A: Answer (16): (b) Less good for the future than at point P. At point N, less capital good is being…
Q: Consider the household model that you have seen in class but now assume that the household lives for…
A: When a household model talks about more than one period, an individual's consumption and savings…
Q: 3. Suppose you won $15 on a lotto ticket at the local 7-Eleven and decided to spend all the winnings…
A: * SOLUTION :- (3) As per guidelines I answered only first 3 subparts please repost other one...…
Q: TA y Producten for en Cenen Gallons of Ice Cream If Figure 1 shows Ben's production possibilities…
A: Production possibility curve: - it is the graphical representation of different combinations of two…
Q: Which of the following relations is not correct? O A. MPS = MPC + 1. O B. 1- MPC = MPS. O C. MPC +…
A: Answer: Option A. MPS = MPC +1
Q: 4. Given Y = C + I, + Go C = Co + bYa 1 = lo G = Go T = T, + tY %3D i) Using reduced form, find the…
A: Endogenous variables: The variables which is present within the model , if we consider examples of…
Q: Productivity is defined as O 1) output per person. O 2) output per unit of capital. O 3) output per…
A: Productivity is characterized as the amount of merchandise and enterprises delivered from each until…
Q: Which one of the following statement is correct? O a. Higher National Income with no change in…
A: National Income is the total value of final goods and services that are produced in a financial…
Q: Assume that the basket of goods consumed in an economy are: Hamburger, leans and Movie tickets The…
A: The measure that depicts the final value of goods and services produced in an economy within a given…
Q: Lars can initially produce 20 pizzas or 2 cakes. After some training from a pizza-making expert, his…
A: In economy, opportunity cost refers to the implicit cost or expense that is also known as the…
Q: Dawson went shopping with only $100 on him. He wants to buy a new pair of designer eye glasses and a…
A: Answer: Correct option: (2) Explanation: As Dawson has only $100 with him, and he wants to buy a new…
Q: Assume that X is great at computer programming AND at cooking pizza. Which of the following is true?…
A: When a person has two options A and B and if one has to choose one of them(let's say option A), the…
Q: QUESTION 18 Which of the following best explains why isoquant curves have the "curved" shape that…
A: Isoquant refers to the curve that shows the different combinations of inputs that can produce the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A production possibilities curve is drawn basedon which of the following assumptions?a. Resources are fixed and fully employed, andtechnology advances at the rate of growth ofthe economy overall.b. Resources such as nonrenewable resourceswill decline, but labor remains fullyemployed and technology is unchanged.c. Resources can vary; most resourcesexperience times of unemployment; andtechnology advances, particularly duringwartime.d. Resources such as labor and capital will growand are fully employed, and technology isunchanged.e. None of the answers correct.Combinations of goods outside the productionpossibilities curve (PPC) have which of the followingcharacteristics?a. They are attainable today only if weemploy all unemployed or underemployedresources.b. They are not attainable given our existingstock of resources and technology.c. They imply that some resources, such aslabor, are unemployed or underemployed.d. None of the answers is correct.give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve?a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable.b. The production function describes the capacity of a single firm, whereas the production possibilities summarises theoutput capacity of the entire economy.c. A production function tells us the maximum amount of output attainable from the use of all resources.d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of allresources
- Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?Ehh and Mol can produce bread and butter. Suppose That Ehh can produce 40 breads per minute, while Mol can produce 30. Alternatively, Ehh can produce 10 butters per minute, while Mol can produce 5. Assume that Ehh and Mol specialize only one of the goods. Based only this information. For Ehh and Mol t consume the greatest amount of bread and butter, Ehh should specialize in producing ________because he has an ________advantage in /their production.why is the market for recycled aluminium good and the market for plastic bad in the US? Depict this with a firm input choice model. I understand that recycled plastic decreases in qualiy everytime it is recycled while aluminium does not and can be recylced without the decrease in quality, but I dont know how to depict this graphically
- Draw a circular-flow diagram. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Selena pays a storekeeper $1 for a quart of milk.b. Stuart earns $8 per hour working at a fast-foodrestaurant.c. Shanna spends $40 to get a haircut.d. Salma earns $20,000 from her 10 percentownership of Acme Industrial.Suppose an economyuses two resorces (labor and capital) to produce two goods (wheat and cloth). Captial is relativley more useful in prducing cloth, and labor ir relativley more useful in prducing wheat. If the supply of cpatial falls by 10% and the suppy of labor increases by 10%, how will the PPF for wheat and cloth change?3. During the summer you have made the decision to attend summer school, which preve:ts you from working at your usual summer job in which you normally earn S5,000 for th summer. Your tuition cost is S3,000 and books and supplies cost S1,300. In terms of dollars, the opportunity cost of attending summer school is: A. SI0,300. B. S5,000. C. S4,300. D. S3,000.
- Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?Assume an economy producing only two goods (shoes and computers) with a fixed amount ofproductive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions:i. Draw the economy’s production possibility frontier on hindsight of the relevantassumption.ii. Why are points outside the frontier unattainable? iii. Identify three ways by which the economy can attain the level of production outside thePPF. iv. What happens to the PPF when technological change overwhelmingly favours theproduction of computers? v. What happens to the PPF when the economy discovers an improved technology forproducing shoes? vi. Assume now that the sacrifice ratio is greater than 1, show what will happen to the…Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?
