The production possibilities curve represents the maximum combination of goos and services that can be produced with fixed resources and technology, given efficient use of the resources. the combinations of goods and services among which consumers are indifferent. the maximum amount of labor and capital available to society. the maximum rate of growth of capital and labor in a country.
Q: An outward shift of a production possibilities curve can be caused by a. planting a more profitable…
A: Answer: PPF shifts outward when the overall production capacity of the economy increases. Production…
Q: The following can cause the production possibilities curve to shift to the right? a. Indifference…
A: Answer: Correct option: (d) Explanation: The production possibility curve refers to the curve that…
Q: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: The various combination of goods that can be produced in any economy when it uses its available…
A: The various combination of the goods that can be produced in an economy certain when the available…
Q: The only way that a society can produce outside the production possibilities curve is Question 9…
A: Production possibilities frontiers are used to represent the trade-off that occurs between the…
Q: Which of the following is not an illustration of the notion of opportunity cost A. The…
A: Opportunity cost is the lost of next best available option. Taking each option one by one.
Q: FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best…
A: Production possibility frontier: It is a curve both have efficient points and inefficient points, If…
Q: Tony and Patty produce skis and snowboards. The tables show their production possibilities. Each…
A: According to the Tony's production possibilities, Tony can produce either 25 snowboards or 50 skis…
Q: What does a Production Possibilities Curve depict? What is the Law of Demand? What components will…
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: A production possibilities curve has a downward slope because: economists have a negative view of…
A: A production possibility frontier depicts the combinations of two goods that can be produced with…
Q: As more cars are produced, the opportunity cost of each additional car is greater than for the…
A: Opportunity cost measures the trade-off between two goods i.e. goods need to be given off in order…
Q: Which of the following statements is NOT true regarding the production function and the production…
A: THESE OPTIONS ARE WRONG B) The production possibilities frontier (PPF) is a financial model used…
Q: All problems in economics are about scarcity, that is, about how to use given resources for…
A: "All problems in economics are about scarcity, that is, about how to use given resources for…
Q: What are the two major ways in which an economy can grow and push out its production possibilities…
A: The production possibilities curve denotes the maximum output that an economy can produce at its…
Q: Explain the following two statements: “Education increases human capital and expands production…
A: Answer- Need to find- Explain the following two statements: “Education increases human capital and…
Q: The production possibilities curve represents O the maximum amount of labor and capital available to…
A: A production possibility curve represents the maximum possible combinations of two goods that can be…
Q: California has been greatly affected by the forest fires of 2020. The most likely economic impact…
A: The production possibility curve (PPC) depicts the combination of two goods that a nation can…
Q: All of the following would be expected to cause an economy’s production possibilities curve to shift…
A: The production possibility curve is a set of all points which represent a combination of the goods…
Q: Every point on the production possibilities curve represents? a. a greater increase in supply b.…
A: The production possibility curve is the graphical representation of the different combinations of…
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: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…
A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…
Q: A production possibilities curve: a. Eliminates the need to make choices regarding the use of…
A: Production possibility curve shows the trade off between combinations of 2 goods or services.
Q: The Production Possibilities Curve is essentially what? Multiple Choice It shows total revenues from…
A: Production possibilities curve shows different combinations of two goods that an economy can produce…
Q: Explain how (if at all) each of the following events affects the location of a country’sproduction…
A: As per the honor code, we are allowed to attempt only first three sub-parts of the question. If you…
Q: Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on,…
A: The curve that depicts combinations of goods that could be produced while making use of the same…
Q: production possibility curve shows the possible combination of two goods with utilization of…
A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…
Q: many countries produce a single good upon which much of their economy depends. That good might be…
A: The production possibility frontier (PPF) is a graph that depicts the maximum amount of two items…
Q: Point x on a linear production possibilities curve represents a combination of 50 watches and 20…
A: A production possibility frontier indicates the production capacity of an economy. The model assumes…
Q: Question 4 . Read the following scenario and answer the questions that follow. Scenario 1 The…
A: PPC refers to the graphical model that shows all of the different combinations of 2 commodities that…
Q: Which of the following may lead to an outward shift of the production possibilities curve? a.…
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: A certain production possibilities frontier shows production possibilities for two goods: pants and…
A: Production Possibility Frontier is a curve which is the locus of different combinations of two goods…
Q: The production possibilities curve can best be described as representing the economics principle of…
A: In economics, the production possibility curve is one of the effective economic measure to be used…
Q: The leader of a political party made the following campaign promise: "My administration will…
A: Production possibility frontier shows combinations of two goods that can be produced with the given…
Q: When economic growth occurs, the production possibilities frontier shifts outward but no longer…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: A point outside the production possibilities curve is attainable, but there is not full employment…
A: PPC (Production Possibility Curve) refers to the different combinations of two commodities that can…
Q: assume county is in recession . assume the county only produces food and clothing draw a correctly…
A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…
Q: Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless.…
A: Ans.a) The main motive of studying economics is the fact that resources are scarce in the world and…
Q: three factor that might cause the production possibilities curve to shift to the right or outward
A: "Production possibilities curve represent the combination of two goods produced in an economy with…
Q: Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each…
A: choice alludes to the capacity of a purchaser or maker to choose which great, administration, or…
Q: In using tanks and trucks in a production possibilities curve with increasing opportunity cost,…
A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…
Q: “If resources were unlimited and were freely available, there would be no subject called…
A: From this statement we suggest that If resources were unlimited and freely offered, creating…
Q: Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The…
A: Scarcity refers to the scarce or the unavailability of the resources and inputs to produce a certain…
Q: The production possibilities curve illustrates the basic principle that: Question 70 options:…
A: if all the resources of an economy are fully used, more of one item could be produced only if less…
Q: A linear production possibilities curve indicates which of the following? a. Constant opportunity…
A: Production possibilities curve shows combinations of two goods that can be produced with the given…
Q: A production possibilities curve can shift inward if there is a. an increase in productivity b. an…
A: It is crucial to use resources in the economy wisely while producing goods and services because they…
Q: Resources are scarce because which of the following are limited: Question 10 options: A)…
A: Economics deals with the allocation of scarce resources among alternative uses to satisfy human…
Q: Explain how each of the following situations would affect a nation’s production possibilities curve.…
A: The nation is in recession as a result of COVID-19. Recession is triggered when demand for goods and…
Q: FIGURE 2-10 Apples (bushels) Refer to Figure 2-10. What movement along the production possibilities…
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- A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Question 39Select one: a. the opportunity cost of shirts in terms of pants b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the tradeoff between production of pants and production of shirtsA production possibilities curve can shift inward if there is a. an increase in productivity b. an increase in unemployment c. an increase in the price of raw materials d. a misallocation of resources e. a natural disasterIf an economy is producing inside the production possibilities curve, then A) There is full employment of resources. B) It is operating efficiently. C) It has idle resources. D) There are not enough resources available to produce more output.
- Which of the following about production possibilities is FALSE? A) It is drawn with technology fixed. B) It is drawn assuming there are two goods produced. C) It allowed for increasing factors of production. D) None of the above.Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency.Every point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demand
- Production possibilities represent the various combinations of two goods that can be produced given (a) fixed resources and (b) fixed technology. All combinations on the production possibilities curve represent the full-utilization of resources. Any point inside the production possibilities curve indicates that resources are under-utilized and more output could be produced with the available resources. Any point outside the production possibilities curve indicates that the available resources can't support the production of the given output combination. At full-utilization of resources, the only way to increase the production of both goods is by shifting the production possibilities curve. Now consider my backyard garden. I have 100 square feet of allocated space for the vegetable garden which is my fixed resource. for simplicity, I am growing only two vegetables: tomatoes and eggplant. If I grow all tomatoes, I can get a total of 10lbs, and if I grow all eggplant 8lbs. By producing…Which of the following will shift an economy's production possibilities curve outward? Select one: a. An increase in the unemployment rate. b. A decrease in land, labor, or capital. c. A decrease in the unemployment rate. d. An improvement in technology. Suppose there is a decrease in the price of herbicides and pesticides used in the production of barley. All other things being equal, the equilibrium price of barley will _______, and equilibrium quantity will _______. And suppose barely and hops are complements. After the change in the barley market occurs, all other things being equal, it follows that the equilibrium price of hops will _______, and equilibrium quantity will _______. Select one: a. increase; decrease; increase; decrease b. decrease; increase; decrease; decrease c. decrease; increase; increase; increase d. increase; increase; decrease; increase This past year, a sharp decrease in Japanese demand for U.S. dollars…Explain how each of the following situations would affect a nation’s production possibilities curve. COVID -19 increases the number of unemployed workers in the nation. A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals. A switch to online delivery, increases access to education in the nation’s colleges and universities but might have a detrimental impact on the quality of education. The nation passes a law requiring all employees to give the employees 16 weeks of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time. What happens to the PPF ? explain.
- Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one outside the production possibilities curve. Explain the 4 points in terms of scarcity, choice and efficiency. Graph 2: Draw a production possibilities model which illustrates economic growth. Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of the law of increasing opportunity cost. Graph 4: Draw a production possibilities model for North Korea and label the Y axis Guns, and the X axis Butter. Put two points, A and B, on the curve. Using the two points, explain the concept of government (or market) failure.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?The only way that a society can produce outside the production possibilities curve is Question 9 options:by producing efficiently.through economic growth.by obeying the Law of Increasing Relative Cost.to use the concept of opportunity cost.
