8. Any point inside the productions possibilites frontier is: Group of answer choices efficient inefficient. unattainable....
8. Any point inside the productions possibilites frontier is: Group of answer choices efficient inefficient. unattainable. all of the above.
9. Which of the following could be responsible for a shift in the production possibilities frontier? Group of answer choices An increase in quantity of resources. a change in household attitudes. an increase in consumption. Only answer choices (1) and (2) are correct.
Homework Answers
Production possibility frontier is the combination of amount of production of two goods that can be produced.
All the points below the PPF are called inefficient. As there is a scope that production of both the goods can be increased.
A shift in PPF is possible when there is a increase in resources. So that economy can utilize these resources to increase production. A change in consumption pattern can result in increased import but not necessarily it will shift PPF.
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8. Any point inside the productions possibilites frontier is:
Group of answer choices efficient inefficient. unattainable....
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with...
Figure 2-1 4) Refer to Figure 2-1. Point A is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 5) Refer to Figure 2-1. Point B is A) technically efficient. B) unattainable with current resources. C) inefficient in that not all resources are being used. D) the equilibrium output combination. 6) Refer to Figure 2-1. Point C is A) technically efficient. B) unattainable with current resources....
answer all please and thank you Refer to the production possibilities frontier in below. Which of...
answer all please and thank you
Refer to the production possibilities frontier in below. Which of the following statements is true about point ? Good Y 0 2 4 6 8 10 Good X Select one: a. It is attainable only if we consume more of good X b. It is attainable only if we consume more of good Y. It is attainable only if we consume less of good Y. d. It is attainable only if we consume less...
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
Producer surplus measures the value between the actual selling price and the: Group of answer choices...
Producer surplus measures the value between the actual selling price and the: Group of answer choices profit-maximization price. deadweight loss price. price sellers are willing to sell the product. lowest price sellers are willing to sell the product. When the opportunity cost of producing carrots increases as more carrots are produced, then: Group of answer choices the production possibilities curve is a straight line. resources are equally suited to the production of carrots and to other goods. no more carrots...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
Marginal cost is the opportunity cost of a good or service divided by the number of...
Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. If the United States can increase its production of automobiles...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm...
1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...
1. If the government imposes a price ceiling, then: Group of answer choices producers would be...
1. If the government imposes a price ceiling, then: Group of answer choices producers would be inclined to increase the quantity supplied. producers must charge the ceiling price. the price offered by producers must be at or below the ceiling price. the market supply curve will shift to the right. the price offered by producers must be at or above the ceiling price. 2. If foreign exchange rates are determined by the interaction of supply and demand forces for the...
2. Production Possibilities Frontier: Screwdrivers and Bloody Marys Set-up: Screwdrivers contains: orange juice and one shot...
2. Production Possibilities Frontier: Screwdrivers and Bloody Marys Set-up: Screwdrivers contains: orange juice and one shot of vodka Bloody Mary contains: tomato juice and one shot of vodka Assumption: plenty of either juice, but only one small bottle of vodka (6 shots) a. (0.5 pt) Create the PPF: Screwdrivers on the vertical axis Bloody Marys on the horizontal axis Label the vertical and horizontal axes numerically To get the x-intercept: "How many Bloody Marys could be made, if you only...
1. An above-full-employment equilibrium occurs when Group of answer choices aggregate demand decreases while neither the...
1. An above-full-employment equilibrium occurs when Group of answer choices aggregate demand decreases while neither the short-run nor long-run aggregate supply changes. short-run aggregate supply decreases while neither aggregate demand nor long-run aggregate supply changes. the equilibrium level of real GDP is greater than potential GDP. the equilibrium level of real GDP is less than potential GDP. 2. Which of the following shifts the aggregate demand curve rightward? Group of answer choices a decrease in consumption an increase in investment...
answer all please and thank you
Refer to the production possibilities frontier in below. Which of the following statements is true about point ? Good Y 0 2 4 6 8 10 Good X Select one: a. It is attainable only if we consume more of good X b. It is attainable only if we consume more of good Y. It is attainable only if we consume less of good Y. d. It is attainable only if we consume less...
19. Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. This will cause a. no change in the supply curve, only a change in price b. a decrease in supply (a leftward shift of the supply curve) c. a movement up the supply curve d. a movement down the supply curve. e. an increase in supply (a rightward shift of the supply curve) If the quantity demanded changes substantially with...
2. Production Possibilities Frontier: Screwdrivers and Bloody Marys Set-up: Screwdrivers contains: orange juice and one shot of vodka Bloody Mary contains: tomato juice and one shot of vodka Assumption: plenty of either juice, but only one small bottle of vodka (6 shots) a. (0.5 pt) Create the PPF: Screwdrivers on the vertical axis Bloody Marys on the horizontal axis Label the vertical and horizontal axes numerically To get the x-intercept: "How many Bloody Marys could be made, if you only...
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