Looking at the production possibility curve, it can be noticed that Zimbabwe's production of oil and wood both fall inside (inward) the PPC. What does this indicate? a. oil and wood production is fully maximized b. the production of oil is maximized, but production of oil is not c. the points that oil and wood production lie is impossible to achieve d. oil and wood production is not efficient

Looking at the production possibility curve, it can be noticed that Zimbabwe's production of oil and wood both fall inside (inward) the PPC. What does this indicate? a. oil and wood production is fully maximized b. the production of oil is maximized, but production of oil is not c. the points that oil and wood production lie is impossible to achieve d. oil and wood production is not efficient

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter2: Production Possibilities Frontier Framework

Section: Chapter Questions

Problem 3WNG

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12. Use the production possibility curve (PPC) to answer the question. If Zambia is currently on PPC1, then point-------will be an efficient use of resources, while point-----------will be unattainable. Production possibility Curve for Zambia 2000 PPC 1800 PPC 1050 S5 65 85 Honey a) Е, В b) С, D c) А, F d) D, C Milk
12. Use the production possibility curve (PPC) to answer the question. If Zambia is currently on PPC1, then point---------will be an efficient use of resources, while point--.-----will be unattainable. Production possibility Curve for Zambia 2000 PPC 1800 PPC 1050 55 65 85 Honey a) Е, В b) С, D c) A, F d) D, C
0 %24 A country in autarky would consume at a point its PPF, while a country that engages in trade would consume at a point its PPF. on; to the left of O to the left of; on to the left of; to the right of O on; to the right of Unit 7- Chapter 1..xlsx Unit 7- Chapter 1.xlsx O Topic 2 (2).docx O Topic 2 (1).docx 11:08 PM 73°F O prt sc home end delete 61 144 backspace -> lock 6. 7. 5. enter H. pause * shift alt ctri
1. Consider the countries of Canada and Mexico. In one month, Canada can produce a maximum of 150 wheat or 200 barley. Mexico can also maximize production of 150 wheat, but their maximum barley output is 150. a. Assuming each country devotes half of its resources to growing each crop, calculate the production level of each crop in each country and overall production. b. Determine comparative advantage in each and show how you found this. c. Calculate production levels in each country of each crop under specialization and also overall production. d. How much of each crop was gained by specialization? 2. Using cheddar cheese, explain in two sentences or fewer the following: a. Income Effectb. Substitution Effectc. Law of Diminishing Marginal Returns
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