I think my answer is right, but I am between b too. Please help. The point where the PPF intersects the vertical axis isO a. unattainable.Ob. attainable but productive inefficient.O c. attainable and neither productive efficient nor productive inefficient.O d. attainable and productive efficient.

As the wants and desires of every individual in an economy are unlimited but resources possessed by…

The point where the PPF intersects the vertical axis is a. unattainable. b. attainable but productive inefficient. O c. attainable and neither productive efficient nor productive inefficient. O d. attainable and productive efficient.

The point where the PPF intersects the vertical axis is a. unattainable. b. attainable but productive inefficient. O c. attainable and neither productive efficient nor productive inefficient. O d. attainable and productive efficient.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 9SQP

See similar textbooks

Related questions

Q: Potential GDP AA 2006 2008 2010 2012 2014 2016 Time In the above figure, which point represents a…

A: There are four phases of business cycle namely peak,trough,expansion and contraction. Output gap is…

Q: According to the circular-flow diagram, factors of production are owned by Select one: a. firms O b.…

A: According to circular flow diagram, factors of production are owned by households. Which are land,…

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: How do choices end up determining what, how, and for whom goods and services are produced?

A: Hi, thanks for the question. As per the guidelines we are allowed to attempt first question, if you…

Q: 3. Which of the following items will NOT affect an economy's PPF in Country XY? 4 O The development…

A: When the economy's potential GDP increases, the production possibilities frontier shifts outwards,…

Q: Between a straight line PPF and concave PPF, which one is more realistic? Why? Defend your answer.

A: Straight line PPF means that the opportunity cost remains same at all points whereas a concave…

Q: Which sentence is incorrect about this production possibility frontier? 100 90 80 70 60 50 40 30 20…

A: A production possibility frontier illustrates the combinations of two goods that can be produced…

Q: a) why is the slop of PPF downward? (b) why does the PPF look concave to the origin? (c) What is…

A: The production possibilities frontier represents the combinations of goods and services that a…

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: Which of the following is not an assumption that underlies an economy's production possibilities…

A: The production possibilities curve (PPC) is the downward sloping curve which is concave to the…

Q: production possibilities table for two products, Consumption goods and Capital goods, is found…

A: Dear student, you have asked multiple sub-part questions in a single post and have not mentioned…

Q: Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: 100 75 G 45 25 OD 75 80 90 100 Tons of steel If the economy is producing at point G, what is the…

A: The opportunity cost of the value of the benefit that is sacrificed when a particular alternative is…

Q: QUESTION 20 Which of the fallawing is not an illustration of the notion of opportunity cost O A. The…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: In the production process, both the average product and marginal product of the variable- input rise…

A: The statement that "In the In the production process both the average product and marginal product…

Q: A production possibilities curve is drawn basedon which of the following assumptions?a. Resources…

A: In an economy, the production possibility curve is the depiction of the potential output that the…

Q: 3. Change in Relative Price and Trade T-shirts 800 700 600 500 400 300 200 100 100 200 300 400 500…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: hat is a basic definition of per diems? what are the pros and cons of per diems?

A: Per diems: It refers to the expenses and it is a Latin expression that signifies "for every day."…

Q: Jack is a lowly office worker in 2030, and represents the typical consumer. He onl spends his money…

A: a) CPI =(price in the current year/ price in the base year)*100 It is given that the CPI for the…

Q: Healthcare PPF Education 1.1.1 Define the curve AF. 1.1.2. Explain the following points in relation…

A: Curve AF is a production possibility curve which shows the combination of Healthcare and Education…

Q: Which of the following makes economics an art? a. Practical use b. Value judgment c. Objectivity of…

A: Knowledge is distributed into various streams. This is done for the simplicity of gaining knowledge.…

Q: Are either or both of these newspaper headlines positive or normative? 1. Smoking causes lung…

A: Positive statements are those which are based on facts and truths. Normative statements are those…

Q: Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following…

A: We have given four production bundle Bundle A contains 50 food and 360 clothes. Bundle B contains…

Q: EBP Construction is producing cements and plywood. The production function of the economic goods are…

A: Production possibility curve shows the combination of two goods that a country can produce with…

Q: Suppose society faces a broad tradeoff between allocating resources to the production of investment…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1) In a circular flow diagram which one of the following transactions happens in the market for…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Long-run economic growth can alleviate the problems of poverty by... O a. Increasing future…

A: Long-run economic growth can alleviate the problems of poverty by reducing inequality in the nation…

Q: Differentiate positive statement from Normative statement and give 2 examples for the latter and…

A: Difference between positive statement and normative statement are as follows: A positive statement…

Q: Exhibit 2-10 production possibilities curve data A B C D E Capital Goods 0 1 2 3 4 Consumption…

A: When an economy is faced with the production possibility table as given in the Exhibit 2-10. As…

Q: Normative statements are based on O A. the law, which may be quite different in various countries. O…

A: A normative statement conveys a value judgement regarding whether a condition is acceptable or…

Q: Explain how the relative PPP differs from the absolute PPP. Can the Relative PPP hold true while, at…

A: Absolute PPP is termed the price of two goods that will be constant in two nations. Suppose, a…

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: Describe and contrast market economies, planned economies and mixed economies.

A: Market economy :- A market economy is a type of economy in which the decisions regarding investment,…

Q: ... ecan produce all combinations A. inside the PPF but not on the PPF or outside the PPE B. on the…

A: (1) An economy Can produce any combination of goods which lie either inside the PPF or on the PPF.…

Q: uppose the economy goes from a point on its production possibilities frontier (PPF) to a po O a. a…

A: PPF shows the different combinations of two goods that can be produced with available resources.

Q: a) Draw a production possibilities curve (PP1). Label the horizontal axis Tools and the vertical…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: The current performance of the South African economy shows that... O A. South Africa is operating on…

A: When talking about the managing an economy in terms of economic activities, it is said that an…

Q: The study of microeconomics and macroeconomics differ in that: O a. microeconomics examines the…

A: Microeconomics is the study of individual market of the economy, focusing on consumer behaviour,…

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 economic reasons to marry include: O A) insurance, joint consumption, increasing returns to…

A: Economic activity is an activity that is performed with the aim to earn profit or returns whereas…

Q: PPF Data (same as previous questions) B. D E Solar Panels 500 400 300 200 100 (1,000s) SUVS (1,000s)…

A: Given A B C D E Solar panels (1000s) 500 400 300 200 100 SUV(1000s) 0 15 22 27 30

Q: Combinations of goods outside the productionpossibilities curve (PPC) have which of the…

A: PPC , also called Production possibilities curve, refers to a curve that displays different…

Q: I don't understand what this is asking for. (look at image)

A: The production possibility frontier (PPF) represents the different combinations of two goods that…

Q: Real Consumption The diagram below shows alternate paths for two hypothetical economies, each…

A: In the above diagram, curve A represents economy A and curve B represents economy B. At point e,…

Q: Ehh and Mol can produce bread and butter. Suppose That Ehh can produce 40 breads per minute, while…

A: A comparative advantage in the production of a good or service is secured by an economic agent or…

Q: Which of the following would shift an economy's production possibilities curve to the left? Select…

A: The production possibility curve illustrates the combination of two goods that can be produced with…

Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

I think my answer is right, but I am between b too. Please help.

The point where the PPF intersects the vertical axis is
O a. unattainable.
Ob. attainable but productive inefficient.
O c. attainable and neither productive efficient nor productive inefficient.
O d. attainable and productive efficient.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Differentiate positive statement from Normative statement and give 2 examples for the latter and former about our LGU response to the increasing number of Covid-19 positive cases.
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.
Consider Economia, a nation that produces only clothes and food. On their straight-line PPF, food is measured on the horizontal axis and clothes are measured on the vertical axis. If Economia produces no food, it can produce 1200 units of clothing; if it produces no clothing, it can produce 4800 units of food. Calculate the slope of the nation's PPF. Economia would like to produce one more unit of food. To do so, it must sacrifice how many units of clothing?
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.
A production possibilities table for two products, Consumption goods and Capital goods, is found below. Usual assumptions regarding production possibilities are implied. Consumption goods are measured in tons, and Capital goods are measured per unit. Combination Consumption goods Capital goods A 0 6 B 18 5 C 33 4 D 45 3 E 54 2 F 60 1 G 63 0 1. Sketch a production possibilities curve from the above information. 2. Using the information given in the above schedule, describe the concept of increasing opportunity cost. 3. Suppose the economy is producing at a point inside the PPC. Give at least two reasons why this could occur. What could be done to move the economy to a point on the PPC? 4. “As compared to production combination F, the economy would experience higher growth rates in the future if production combination B is currently chosen.” Comment this statement. 5. Given the…
Exhibit 2-10 production possibilities curve data A B C D E Capital Goods 0 1 2 3 4 Consumption goods 25 23 19 13 0 Suppose an economy is faced with the production possibilities table shown in Exhibit 2-10. As additional units of capital goods are being produced, the number of consumption goods produced must: A) Increase because the production possibility table shows only the maximum efficiency points. B) Increase because of the law of increasing costs. C) Decrease because of the law of increasing costs. D) Decrease because of the finite nature of the resource base.
No written by hand solution Refer to Table C. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of baseballs produced at quantity A in the table? 6,200. 5,900. 5,400. 4,200.
An automobile manufacturer uses labor, capital, and a variety of intermediate goods in the production of cars. The car requires $4,000 of steel, $6,000 seats, $10,000 of electronics, $2,000 tires, $10,000 of labor, $5,000 of capital and has a 20% sales markup to consumers. a. What is the total value of intermediate goods? b. What are the total payments to factors of production? c. What is the total value of sales? d. What is the value of GDP from the sale of this car?
The question is simple. Consider an economy with just one technique for production of each good: Good Food Cloth Labor per unit output 1 1 Land per unit output 2 1 Capital per unit output 0.8 0.9 Q1. There are 100 units of capital available. Write and draw the production possibility possiblity curve in this case. Label all the important points clearly.
PE19 Determine whether each of the following would cause the economy’s PPF to shift inward, outward, or not at all: An increase in average length of annual vacation An increase in immigration A decrease in the average retirement age The migration of skilled workers to other countries.
Figure 1 shows the PPF for an economy that produces Food and Clothes. Which of the following production bundles is feasible and inefficient? A) 50 Food and 360 Clothes B) 500 Food and 48 Clothes C) 320 Food and 144 Clothes D) 50 Food and 264 Clothes
Production possibility frontiers are thought to be concave from the origin (bowed out) because: A. of the different intensities with which commodities and services are used in producing capital, land, and labor. B. land, labor, and capital are used in fixed proportions in producing all commodities and services. C. of the different intensities of people's labor efforts. D. all productive resources are equally suited for producing all goods. E. productive resources differ in their suitability for producing different goods.