The possible combinations of two goods that can be produced in a certain period of time under certain condition fully employed resources: a. Scarcity O b. Central problem O c. Opportunity Cost d. Production possibility
Q: 1. Discuss the principles of individual decision making with examples
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: (h) sugar industry is a subject matter of micro economics. Give reason. (i) what do you mean by…
A: Microeconomics deals with the behavior of firms and individuals in making decisions regarding the…
Q: The statement "U.S. Government should raise minimum wage to $15 an hour" is Select one: O a. a…
A: The terms 'positive' and 'normative' economics are frequently used by economists. Positive economics…
Q: What's in the flow? Use the information to answer the following questions. For each ofthe scenarios,…
A: Q1) 1. Rouhaan has his own business selling shawarma at a stand in a mall. For his shawarma stand,…
Q: table below presents some combinations of math homework questions and exam questions that Professor…
A: The production possibility table shows the combination of two goods that can be produced with the…
Q: 1. Define the Following A. Economics B. Factors of Production C. Scarcity
A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Efficiency means that: Select one: O a. society is getting the most it can from its scarce resources…
A: An efficient distribution will be that distribution we can make anyone better off without making…
Q: a. Suppose that businesses buy a total of $100 billion of the four resources (labor, land, capital,…
A: Product Market is market where households purchase goods for personal use from firms. Brings…
Q: Classify each of the following statements as positive or normative Statement Firms can increase…
A: Positive economics describes and explains diverse economic phenomena or the "what is" scenario.…
Q: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term, how it…
A: Basic Economic problem of Scarcity: One of the most fundamental economic issues we experience is…
Q: Production possibilities curve ABCDE is bowed out from the origin because: a. the marginal benefit…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: The individual production points on each person's production possibilities frontier represent their…
A: Production possibility curve is used to represent the maximum amount of output that an individual…
Q: Efficiency is when O a The benefits of the resources are distributed fairly among economic agents O…
A: Economic wealth: It refers to the valuation of resources that are available in the economy. The…
Q: Question. Using the table below, answer the questions that follow it. A B C D…
A: a)The production possibility curve is a graphical representation of combination of two goods or…
Q: CLOI. Define economics and explain its importance to individuals' and firms' success.
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: a.Discusses the principles of individual decision making with examples b.Explain with your own…
A: a. To understand how decisions are made and how these decisions affect use of resources. We must…
Q: 1. According to the preclassical or Physiocratic school (1756–78) and classical economists…
A: During the pre classical or classical economists era there were majorly three factors of production…
Q: on 1 When a society cannot produce all the goods and services people wish to have, it is said that…
A: Note:- “Since you have asked multiple question, we will solve the first question for you. If you…
Q: mework: Production Possibilities Frontier (Ch 02) 30 PPF Enter your search term 25 20 15 10 30 180…
A: Opportunity cost refers to decrease in quantity of one good to have more of other good. It shows how…
Q: QUESTION 1 All of the following are categories of economic resources except: O Land O Interest rate…
A: Economic resources: the inputs used for producing and distributing goods and services.
Q: The basic concern of economics is * O to keep business firms from losing money. O to prove…
A: Economics is the branch of social science that deals with the consumption, distribution, and…
Q: Resources used to make goods and services are called A factors of B people production C scarcity D…
A: PLEASE NOTE THAT AS PER THE POLICY I HAVE SOLVED THE FIRST THREE SUB-PARTS. PLEASE POST OTHER…
Q: Which of the following indifference curve the slope of the production possibilities frontire? A,…
A: The production possibility curve, abbreviated as PPC, depicts various combinations of products that…
Q: In Islamic economic system the economic behaviour is governed by the Select one: O a. None of these…
A: In the Islamic economic system, economic behavior is governed by the Islamic law that is the…
Q: In economics, Economies of Scope occur when: O The production possibilities curve is reduced to one…
A: The term "cost efficient" refers to anything that provides excellent value, with advantages and use…
Q: Which of the following about production possibilities is FALSE?
A: In economics, the concept of scarcity and opportunity costs are examined using the concept of…
Q: Scarcity is Select one: A. a problem; developing economies only. O B. not a problem; rich…
A: In economics scarcity means that resources are limited to fulfill individual demands. Each country…
Q: produ ossibility table Rye 0 10 20 30 40 0 50 O increasing marginal opportunity cost. decreasing…
A: In business examination, the creation plausibility wilderness (PPF) is a bend showing the differing…
Q: Because of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the…
A: Economics is the study of the behavior of agents and how they interact with each other in the…
Q: (a) At point F, how many sweaters are being produced? How many hard drives? (b) Label points A-H as…
A: A PPF (production possibility frontier) shows the different combinations of two goods that a nation…
Q: A small bakery makes baguettes and muffins. With the resources available (workers, flour, machines)…
A: A small bakery makes baguettes and muffins. With the available given resources, this bakery can…
Q: Thousands of people work together every day so that fresh SO steak gets delivered to people in…
A: In a market economy or a capitalist economy resource allocation is left at the hands of the market.…
Q: Define the concept of scarcity. Explain the significance of this concept in relation to the concept…
A: The scarcity occurs where demand tends to be larger than available resources. Thus, resources are…
Q: Suppose a society is producing capital and consumer goods. Draw production possibilities frontier…
A: The production possibility frontier (PPF) is a curve that depicts the variations in the quantities…
Q: A business model explains: Select one: O a. How the organization creates value O. b. How the…
A: We show that Entrepreneurs need to develop and àdapt their business model as they seek clarity about…
Q: 10 * scarcity can be eliminated throuah non of the mentioned because scarcity can not be eliminated…
A: Scarcity can be eliminated through None of the above because scarcity cannot be eliminated. Hence,…
Q: Although sleeping in on a work day or school day has an opportunity cost, sleeping late on the…
A:
Q: Combination Fruit Candy 1500 1350 100 1100 175 800 225 450 350 E 500 Use the table to answer…
A: An opportunity cost refers to an alternative lost while selecting the best alternative.
Q: In Figure 1.1, which of the following points would the opportunity cost of producing one more SUV be…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: roblem: Scarcity and Choice 25 B 15 10 5. 0. 80 160 240 320 400 480 560 640 STEEL (Thousands of…
A: Opportunity cost refers to the loss which is incurred by giving up the best alternative while making…
Q: a) Explain exchange efficiency and production efficiency and give the main condition for each type…
A: Exchange efficiency appears with a given combination of goods, it is not possible to redistribute…
Q: 2. Neneh rents a house for which she pays the landlord $25,000 per year. The house can be purchased…
A: The information given is:- Rent paid by neneh = $25,000 Cost of the house = $250,000 Also the…
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: The United States is one of the world's wealthiest countries. Think of a recent case in which the…
A: As the provisions of the oil and gaseous petrol are reducing in the U.S. economy which prompts…
Q: Source:…
A: Factors of production:- The resources that companies utilize to create commodities are regarded as…
Q: In a small town, there's a mousepad factory which employs workers at $8 an hour, for forty-hour…
A: Opportunity cost is the cost of loosing one opportunity for gaining the best other one or we can say…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with ________, the incentives that influence those choices, and the arrangements that coordinate them. plethora realization scarcity profusionplase solve all 8 quetions 1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs. 2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production. A. Capital. B. Entrepreneurship. C. Labour. D. Land. 4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system. A. Free market. B. Traditional. C. Mixed. D. Command. 6. Which one of the following is not a macroeconomic goal? A. Control inflation. B. Achieve unemployment. C. Promote economic growth. D. Avoid balance of payment difficulties. 7. An economy experiences inflation when __________________________. A. The investments are rising. B. The population is rising. C. The general…
- Below is a table of production possibilities for a company that produces soft drink bottles and juice bottles (in thousands of units per week): Production alternatives production type A B C D E F Set of 8 soft drink bottles 0 4 10 15 19 22 12 juice box 58 56 48 32 16 0 Plot this data on a graph. What specific assumptions are represented by this production possibilities curve? If a firm is at point C, what is the opportunity cost of an additional set of soft drinks? From an extra juice box? If the company characterized in this table produced 7 sets of 8 bottles of soda and 40 cases of 12 juices, what could be concluded about the use of available resources? Is production currently possible at a point outside the production possibilities curve? Explain your answer.a.Discusses the principles of individual decision making with examples b.Explain with your own words the determinants of price elasticity of demand. c. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples, d. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view. ReplyForward1. Discuss the principles of individual decision making with examples Q.2. Explain with your own words the determinants of price elasticity of demand. Q.3. The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples. Q.4. Do you think that the pure market economy in these circumstance of COVID 19 play an effective role in economy? Give four evidences from your point of view.
- 4) The United States is one of the world’s wealthiest countries. Think of a recent case inwhich the decisions of the U.S. government were severely constrained by scarcity. Describe the tradeoffs that were involved. What were the opportunity costs of the decisions that were made?Why is the economic concept of scarcity a crucial onefor businesspeople to understand?1. Below is the production possibilities table for consumer goods (washing machine) and capital goods (tractor): Type of Production Production Possibilities A B C D E Washing Machine 0 4 8 12 16 Tractor 60 54 42 24 0 a) Show these data graphically. b) If the economy is at point B, what is the cost of one more washing machine? What is the cost of one more tractor? c)Explain how the production possibilities frontier reflects the law of increasing opportunity costs.
- Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.Because of scarcity,a. it is impossible to satisfy every desire andchoices must be made.b. the available supply of time, goods, andresources is greater than human wants.c. every desire is fulfilled.d. there are no limits on the economy’s ability tosatisfy unlimited wants.Determine whether the statements below describe scarcity or opportunity cost. 1. Ali has to chose between taking a second job or spending more time with his family because his 2. ABC Hospitals are turning away patients as all hospital beds full and staff already on dury. 3. The government of Icelandia decides to reduce spending on affordable housing to increase spendi A. Scarcity. B. Opportunity Cost.