Which statement concerning a production possibilities curve is not true? a. it is usally linear b. a point outside it is currently impossible c. a trade-off exsists along such a curve d. a point inside the curve represents an ineffecient use of resources

Which statement concerning a production possibilities curve is not true? a. it is usally linear b. a point outside it is currently impossible c. a trade-off exsists along such a curve d. a point inside the curve represents an ineffecient use of resources

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3CQQ

See similar textbooks

Related questions

Q: The diagram below shows a country’s production possibilities curve. Two outputs are possible,…

A: Here, the given graph shows the production possibilities curve with two goods, capital good and…

Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best…

A: Here, ghr given graph shows a production possibility curve with Point A and Point D

Q: This question has multiple answers. Choose all that apply. As we move along the production…

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

Q: 16. Use the table to answer the following question. If the economy is producing at alternative D,…

A: Economy is currently producing at point "D" where Consumer Goods = 240 and Capital Goods = 70

Q: The production possibilities curve represents the maximum combination of goos and services that can…

A: In business analysis, the production possibility curve (PPC) represents the possible quantities…

Q: During the Second World War, Germany’s factories were decimated. It also suffered many human…

A: PPC or production possibility curve is the locus of all the combinations of goods and services that…

Q: D Bread 10. Refer to Figure 1. An economy is operating at full employment, and then workers in the…

A: The PPC is the production possibility curve that illustrates the different combinations of two…

Q: Which of the following are the assumptions of the production possibility curve? a. Two goods are…

A: When analyzing the relationship between input and output resources using production possibility…

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: If an economy is operating at a point inside the production possibilities curve? a. its resources…

A: The PPC is the production possibility curve that illustrates the different combinations of two…

Q: inefficient use of resources may be illustrated with a production possibility curve as: A)…

A: # The correct answer is (C) PPF represents the bundle of goods that can be produced with the most…

Q: Combinations of goods on the production possibilities curve O can be produced using currently…

A: Correct : can be produced using currently available resources and technology.

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: Suppose that Teavana produces boxes of Jade Citrus Mint Tea and Spiced Apple Cider. Below are the…

A: Economy is producing two goods Tea and apple cider using the all resources available and given…

Q: Movement along a production possibilities curve shows which of the following? a. The trade-offs…

A: The production possibilities curve is a curve that shows the various combinations of two goods that…

Q: 24, A point on the production possibilities frontier reflects an a attainable point with full…

A: Representation of all the different combinations of goods that can be produced within an economy by…

Q: 40 PPF 3 30 P 20 10 PPF 2 PPF 1 10 20 30 40 50 product X product Y

A: Production possibility frontiers explain the trade off between two goods or services.

Q: Answer the question on the basis. Answer the question on the basis of the following production…

A: In economics, opportunity cost is defined as the lost benefit of an individual when he reducing some…

Q: 1.2 Which of the following is NOT a primary factor of production? a) A business owner b) A doctor c)…

A: 12) Out of the given option, business owner is not a primary factor of production. Reason:- There…

Q: Which of the following statements is true? a. The law of increasing opportunity costs assumes that…

A: Production Possibility Curve shows the maximum possible combination of two goods that can be…

Q: Assume that the people of Phobos and Deimos (the moons of Mars) use equal resources to produce…

A: Answer: (a). Production possibility curve (PPC): a production possibility curve shows the different…

Q: Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this…

A: Opportunity cost is the given-up quantities of one good for the additional unit of the other…

Q: uppose an economy produces two goods: food and machines. this economy always operates on its…

A: The "production possibility frontier" (PPF) depicts the various products and services that can be…

Q: An earthquake has occurred in an economy, many buildings and factories are destroyed; many people…

A: The curve that depicts numerous combination levels of amount of two goods that could in turn be…

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: Consider production possibilities of goods and services in China, Since 1980, the population of…

A: Given that the population of China has increased from 1 billion to more than 1.4 billion. And there…

Q: The reason that the production possibilities frontier is usually a bow-shaped curve instead of a…

A: The PPF is bowed shaped due to law of increasing opportunity cost. When an economy produces more of…

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: John divides his time between painting landscapes and writing his novel. He paints at a constant…

A: Painting landscapes and writing his novel take up most of John's time. He paints at a steady rate,…

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: 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: A nation's residents can allocate their scarce resources either to producing consumption goods or to…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Hi, thank you for the question. As per our Honor code, we are solving first three parts of the…

Q: An economy can produce 2 hamburgers and 10 French fries and 3 hamburgers and 8 French fries as…

A: Opportunity cost of producing an additional unit of a good is a sacrifice of production of other…

Q: Combinations Rice Shoe A 50 0 B 45 1 C 37 2 D 27 3 E 15 4 F 0…

A: Answer: (C). Opportunity cost refers to the units of a good sacrificed in order to increase the…

Q: Question 6 If opportunity costs are constant, then O the production possibilities curve does not…

A: Opportunity cost When we produce more units of a good then we have to for go the quntity of other…

Q: Required information 50 40 30 20 10 25 65 10 20 30 40 50 60 70 80 90 Hot Dogs/hour 4 When Bill's…

A: Moving from one production point to another means, producing 10 less burgers and 40 more hot dogs.…

Q: Question 2 (2mark)_ explains why a production possibilities curve is often represented as concave…

A: Production possibilities curve (PPC) is a curve that depicts all possible combination of two goods…

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…

Concept explainers

Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.

Question

Which statement concerning a production possibilities curve is not true?

a. it is usally linear

b. a point outside it is currently impossible

c. a trade-off exsists along such a curve

d. a point inside the curve represents an ineffecient use of resources

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

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.
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.
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
An economy. produces 2 goods, computers and cell phones. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? Why or why not?
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 tropical creates a shortage in the item needed in the production of goos B. Explain how this would affect the production possibilities curve. select one ppf shifts inwards PPF shifts outwards Move to a point inside the PPF Move outwards on good A axis only Move inwards on good B axis only Move inward on Good A axis only Move outwards on Good Baxis only
During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?
3 Which of the following are the assumptions of the production possibility curve? a. All of the options b. Technology and skills available are constant c. Resources available are constant in the economy d. Two goods are produced by the economy
An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?
A 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 disaster