(a) Best Alternative.

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Answer 1

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Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

To determine

(b)

Best Alternative

To determine

(c)

Best Alternative.

To determine

(d)

Best alternative

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Graph 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.

Graph 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.

Explain how each of the following situations would affect a nation’s production possibilities curve. (ii) Covd-19 increase the number of unemployed workers in the nation What happen to PPF and explain why

Answer 2

Question

Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

To determine

(b)

Best Alternative

To determine

(c)

Best Alternative.

To determine

(d)

Best alternative

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Answer 3

Question

Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

To determine

(b)

Best Alternative

To determine

(c)

Best Alternative.

To determine

(d)

Best alternative

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Answer 4

Question

Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

To determine

(b)

Best Alternative

To determine

(c)

Best Alternative.

To determine

(d)

Best alternative

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Answer 5

Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

To determine

(b)

Best Alternative

To determine

(c)

Best Alternative.

To determine

(d)

Best alternative

Answer 6

Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

Answer 7

Chapter 3, Problem 4MCQ

To determine

(a)

Best Alternative.

Answer 8

To determine

(b)

Best Alternative

Answer 9

To determine

(b)

Best Alternative

Answer 10

To determine

(c)

Best Alternative.

Answer 11

To determine

(c)

Best Alternative.

Answer 12

To determine

(d)

Best alternative

Answer 13

To determine

(d)

Best alternative

Answer 14

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Answer 17

Ch. 3 - Prob. 1SPPA Ch. 3 - Prob. 2SPPA Ch. 3 - Prob. 3SPPA Ch. 3 - Prob. 4SPPA Ch. 3 - Prob. 5SPPA Ch. 3 - Prob. 6SPPA Ch. 3 - Prob. 7SPPA Ch. 3 - Prob. 8SPPA Ch. 3 - Prob. 9SPPA Ch. 3 - Prob. 1IAPA

(a) Best Alternative.

Solution Summary: The author explains that the production possibility curve is a graphical representation of combination of two goods which an economy can produce, given its resources and technology.

(a)

Best Alternative.

(b)

Best Alternative

(c)

Best Alternative.

(d)

Best alternative

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Chapter 3 Solutions

(a) Best Alternative.

Solution Summary: The author explains that the production possibility curve is a graphical representation of combination of two goods which an economy can produce, given its resources and technology.

(a) Best Alternative.

(b) Best Alternative

(c) Best Alternative.

(d) Best alternative

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Chapter 3 Solutions

(a)

Best Alternative.

(b)

Best Alternative

(c)

Best Alternative.

(d)

Best alternative