Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 2, Problem 3CQQ
To determine
Efficient and feasible points in the
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A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasible
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
ِA- We have studied the production technology. Explain the concept with an example.
B- We have studied labor-intensive technology and capital-intensive technology
Explain the difference between the two production processes with an example of each?
Chapter 2 Solutions
Brief Principles of Macroeconomics (MindTap Course List)
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Similar questions
A curve that shows the maximum amount of any two products that can be produced in an economy from a fixed resource and a fixed technology<
A, Production Possibilities frontier
B, Marginal Product curve
C, Demand Curve
D, Total Product Curve
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In the first graph with hats and videos are opportunity costs constant or increase?
How much does it cost him to make the first video in terms of hats? This is a movement from A to B.
How about the last video? This is a movement from D to E.
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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
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Direction: Plot the Production Possibilities Frontier of the below-data with good X on the horizontal axis and good Y on the vertical axis.
GOOD
PRODUCTION ALTERNATIVES
A
B
C
D
E
X
0
15
18
21
24
Y
45
42
37
27
0
Question:
Explain the different points on the curve. What does each point represent?
Why is it important for an economy to be on its production possibilities frontier?
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A production possibilities curve that is a straight line represents the case of
Group of answer
A. choices constantcosts.
B. constant opportunity costs but increasing real costs.
C. constant opportunity costs but decreasing real costs.
D. increasingCosts.
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Examine the central problems of an economy given below and select the one that cannot be represented in a production possibility curve.
a.
What to produce?
b.
How to distribute?
c.
Full utilization of resources
d.
How much to produce?
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Draw by defining production possibilities. What happens when the economy is in full and underemployment?
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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.
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three factor that might cause the production possibilities curve to shift to the right or outward
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The quantities shown are taken from a production possibilities frontier for an economy with diminishing returns. The blank in the table could be which value?
Bags Courses
40 300
60 ?
80 100
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A point lying inside (under) a production possibilities frontier indicates that _________.A. the economy is saving money.B. There are no associated opportunity costs.C. more output could be produced with existing resources.D. technology limits production.
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Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily.
What is the maximum amount of lumber Canada could produce daily?
What is the maximum amount of fish Canada could produce daily?
Draw Canada’s production possibilities frontier.
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