ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 2, Problem 3.7P
(a)
To determine
To graph: The
b)
To determine
The meaning of shift of PPFand the adjustments needed to be incorporated in the personal life to make such PPF shift.
c)
To determine
The reason for the outward shift of PPF and whether the shift would be parallel one.
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15) Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B? 15) ______
Practice Question 9
Table 1
James
Lucy
Wagons
16
18
Tricycles
32
24
Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles.
What is James's opportunity cost of making a tricycle?
Group of answer choices
1. 3/4 of a wagon
2. 2 tricycles
3. 1/2 of a tricycle
4. 1/2 of a wagon
Mike and Sandy are two woodworkers who both make tables and chairs. In 1 month, Mike can make 4 tables or 20 chairs, where Sandy can make 6 tables or 18 chairs. What is the opportunity cost of 1 table? Question 14
Select one:
a. 1/5 chair for Mike and 1/3 chair for Sandy.
b. 3 chairs for Mike and 5 chairs for Sandy.
c. 5 chairs for Mike and 3 chairs for Sandy.
d. 1/3 chair for Mike and 1/5 chair for Sandy.
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