MACROECONOMICS W/CONNECT:LOOSE>CUSTOM<
21st Edition
ISBN: 9781260195835
Author: McConnell
Publisher: MCG CUSTOM
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Chapter 1.2, Problem 4QQ
To determine
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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 supplyĀ
b. an efficient use of rescourcesĀ
c. an inefficient use of resources
d. a greater increase in demand
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.Ā plethora realization scarcity profusion
Chapter 1 Solutions
MACROECONOMICS W/CONNECT:LOOSE>CUSTOM<
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2RQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7PCh. 1.A - Prob. 7APCh. 1.A - Prob. 8PCh. 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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- Q. How would the following events be shown using production possibilities curve [ please draw diagram] for shelter and food? a. The economy is experiencing double digit unemployment? b. Economic growth is increasing at over 5 percent per year. c. Society decides it wants less shelter and more food. d. Society wants more shelter and less food.arrow_forwardthree factor that might cause the production possibilities curve to shift to the right or outwardarrow_forwardDraw 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_forward
- a. Would the study of economics be necessary if resources were unlimited?Ā b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain.Ā c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free.Ā d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.arrow_forwardBecause 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 economyās ability tosatisfy unlimited wants.arrow_forwardIf an economy is producing inside its production possibility curve, it reflects ____________________________________. Ā Question 5 options: Ā 1)Ā an efficient use of scarce resources Ā 2)Ā the concept of scarcity Ā 3)Ā an underutilisation of resources Ā 4)Ā increasing opportunity costarrow_forward
- No written by hand solutionĀ 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_forwardProduction possibilities curve ABCDE is bowed out from the origin because: a. the marginal benefit of pizzas declines as more pizzas are consumed. b. the curve gets steeper as we move from E to A . c. it reflects the law of increasing opportunityarrow_forwardŁA-Ā We have studied the production technology.Ā Explain the concept with an example. B-Ā We have studied labor-intensive technology and capital-intensive technologyĀ Explain the difference between the two production processes with an example of each?arrow_forward
- Which of the following about production possibilities is FALSE? A) It is drawn with technology fixed.Ā B) It is drawn assuming there are two goods produced.Ā C) It allowed for increasing factors of production.Ā D) None of the above.arrow_forwardA 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 onlyarrow_forwardplase 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 generalā¦arrow_forward
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