Question 22 If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest when O a. the economy is producing much of the first good and little of the second good. b. the economy is producing equal amounts of the first and second goods. O c. the economy is producing little of the first good and much of the second good. O d. There is no opportunity cost

Question 22 If a production possibilities frontier is bowed outward, then the opportunity cost of producing more of the first good is highest when O a. the economy is producing much of the first good and little of the second good. b. the economy is producing equal amounts of the first and second goods. O c. the economy is producing little of the first good and much of the second good. O d. There is no opportunity cost

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter3: Interdependence And The Gains From Trade

Section: Chapter Questions

Problem 4PA

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What happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. O B. The country is maximizing its opportunity cost. A 80- c. The country is operating on its production possibilities frontier. B G O D. All of the above occur if a country uses all available resources. 60- Refer to the graph to the right. What is the opportunity cost of moving from point B to point C? 40- O A. 40 sedans 30 F **... O B. 40 SUVS D 20- O C. 20 sedans O D. 20 SUVS 10 50 E 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per day
The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
Consider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is decreasing. O C. guns in terms of butter is decreasing. O E. butter in terms of guns is lower than in EconomyA. Quantity of Guns Production Possibilities Boundary Economy A 1 2 Quantity of Butter Q Quantity of Guns Production Possibilities Boundary Economy B 6 7 8 Quantity of Butter OB. butter in terms of guns is increasing. O D. butter in terms of guns is higher than in Economy A.
A production possibilities frontier (PPF) is O A. a curve that shows the potential productive capabilities of the frontier (defined as the area outside of cities) of a developing economy. O B. a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology. C. a curve showing the generally attainable combinations of two products that may be produced with all planned or potential, yet undeveloped technology. O D. a curve that illustrates the demand of two goods for the average consumer.
What happens if a country produces a combination of goods that efficiently uses all of the resources available in the economy? 100- O A. The country has eliminated scarcity. 80 O B. The country is maximizing its opportunity cost. O C. The country is operating on its production possibilities frontier. O D. All of the above occur if a country uses all available resources. 40 30 F 20- 10 50 0- 20 40 60 80 100 Quantity of SUVS produced per day Quantity of sedans produced per day
Gmail Remaining Time: 4 hours, 12 minutes, 19 seconds. * Question Completion Status: 60°F Cloudy Ⓒ YouTube 2 Maps S * What does the shape of the Production Possibilities Frontier say about the production of these two goods ? O A. Goods Land M require identical resources to produce. O B. There are decreasing Opportunity Costs as more of Good M is produced. O C. There is Zero Opportunity Cost in terms of Good L as more of Good M is produced. O D. Goods L and M are used in fixed proportions to produce another good. O E. Goods L and M require different resources to produce. 3 W E Lamar State Colleg... us history D $ A R LL 40 % 5 T 6 Good L O Search & Y 10 7 G H 5 5 Good M U 8 ly f10 ( 1 9 J K 10 O O O L P
Which of the following statements is true? O a. In a world of inefficiently used scarce resources, more production of one good necessarily means less production of some other good. b. Efficiency implies that it is impossible to get more of one good without getting less of another. O c. Even if a country has unemployed resources, it can still be operating on its production possibilities frotier (PPF). O d. The law of increasing opportunity costs assumes that all people have the same ability to produce goods.
If Korea is currently producing at efficiency, and it proceeds to increase the production of missiles, then, as long as nothing else changes, its: O A. Production-possibilities curve will shift outward. O B. Production-possibilities curve will shift inward. O c. Production of non-military goods will increase. O D. Production of non-military goods (civilian goods) will decrease.
Table 3-20 Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat Pound of Beef Brad 10 12 Theresa 6 10 Refer to Table 3-20. What is Brad's opportunity cost of producing one bushel of wheat? O a. 5/6 pound of beef O b. 6/5 pounds of beef O c. 3/5 pounds of beef O d. 5/3 pounds of beef - Icon Ke
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Point A B C D E Production of X Production of Y 0 40 3 36 6 28 9 16 12 0 The above table shows production combinations on a country's production possibilities curve. What is the opportunity cost of decreasing the production of good Y from 28 to 16 units? O 12 units of good X O 6 units of good X There is no opportunity cost when moving from one point to another along a production possibilities curve. O 3 units of good X
Quantity of Guns Production Possibilities Boundary Economy A 2 Quantity of Butter Consider the figures above. In Economy B, the opportunity cost of making O A. butter in terms of guns is higher than in Economy A. O C. butter in terms of guns is decreasing. E. guns in terms of butter is decreasing. Q Quantity of Guns Production Possibilities Boundary Economy B 7- 1 Quantity of Butter Q M OB. butter in terms of guns is increasing. O D. butter in terms of guns is lower than in EconomyA.