Economics, 20th Edition, Northern Virginia Community College
18th Edition
ISBN: 9781307172218
Author: McConnell
Publisher: McGraw Hill Education
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Chapter 1.2, Problem 4QQ
To determine
Production possibility frontier .
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Students have asked these similar questions
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
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
If an economy is producing inside its production possibility curve, it reflects ____________________________________.
Question 5 options:
1)
an efficient use of scarce resources
2)
the concept of scarcity
3)
an underutilisation of resources
4)
increasing opportunity cost
Chapter 1 Solutions
Economics, 20th Edition, Northern Virginia Community College
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- three factor that might cause the production possibilities curve to shift to the right or outwardarrow_forwardThe 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.Savearrow_forwardHow much the economy can produce at its natural rate of output depends on a. technology b. the quantity of available natural resources c. the productivity of labor d. the stock of available capital e. all the abovearrow_forward
- A linear production possibilities curve indicates which of the following? a. Constant opportunity costs b. Decreasing opportunity costs c. Increasing opportunity costs d. Diminishing marginal returns e. Labor-intensive productionarrow_forwardGraph 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.arrow_forwardWhy combinations above the Production Possibility Curve are not attainable? a. It is due to unlimited resources b. It is due to inefficiency of government c. It is due to scarcity resources d. It is due to lack of technologyarrow_forward
- 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.arrow_forwardNo 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.arrow_forwardQ.1.1 What is the cause of scarcity in the economy? (a) Limited wants and unlimited resources.(b) Limited wants and limited resources.(c) Unlimited wants and unlimited resources.(d) Unlimited wants and limited resources.Q.1.2 Which one of the following is a microeconomic issue? (a) The rate of economic growth in South Africa.(b) The price of maize in South Africa.(c) The unemployment rate in Zimbabwe.(d) The South African inflation rate.Q.1.3 What are the three major economic flows? (a) Income, spending and saving.(b) Spending, production and saving.(c) Income, saving and investment.(d) Income, spending and production.arrow_forward
- 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.arrow_forwardGraph 1: Draw a production possibilities model with 4 points labeled 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.arrow_forwardGraph 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.arrow_forward
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