Any point on a country's production possibilities curve represents a combination of two goods that an economy O will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.
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- many countries produce a single good upon which much of their economy depends. That good might be coffee or wool or oil. How might a production possibilities curve help economists in such a country determine how to diversify their economyWhen economic growth occurs, the production possibilities frontier shifts outward but no longer limits the amount that can be produced. economy moves along its production possibilities frontier. production possibilities frontier shifts outward. production possibilities frontier becomes steeper.A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.
- Any point on a country's production possibilities frontier represents a combination of two goods that an economy: Select one: a. may be able to produce in the future with more resources and/or superior technology. b. can produce using some portion, but not all, of its resources and technology c. can produce using all available resources and technology. d. will never be able to produce.Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve:a. The quality of education increases.b. The number of unemployed workers increases.c. A new technique improves the effifi ciency of extracting copper from ore.d. A devastating earthquake destroys numerous production facilities.What do you mean by the production possibilities of an economy
- Name a way that your family interacts in the marketsfor the factors of production and a way that itinteracts in the markets for goods and servicesProduction possibilities are whatDraw a production possibilities curve showing the number of apples and pears that one person can pick in a given time period. Show efficient, inefficient, and impossible levels of output. Explain why a combination of apples and pears (i.e. a level of output at a middle point along the curve) gives you more fruit that if you had picked only apples. The highest quality cricket bats, used by Test cricketers, sell for over $1,000AUD. They are made from a special type of willow tree grown specifically for that purpose. Similar bats, made from cheaper willow, sell for less than $200. Suppose a plant disease destroys half of the world’s high quality willow trees. The stock of cheaper willow trees is unaffected. (a) Explain how the market for high quality cricket bats might be affected by this change. (b) Explain how the market for cricket bats made from cheaper willow might be affected by the change in the market for high quality bats.
- What does a production possibilities graph show in economics? how many items can be produced in a specific amount of time possible production costs one's final choice one's top two choices when making a decisionSuppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce. Explain why scarcity exists in this economy. Use the data as evidence of your reasoning. What is the maximum quantity of guns that can be produced? What is the maximum quantity of butter than can be produced? Draw the nation’s production possibility curve. What is the opportunity cost of guns in this nation? Explain why the nation can’t produce both 3 guns and 4 butters. Explain why the nation shouldn’t produce both 1 gun and 2 butters.The production possibility frontier is a graph that shows Select one: a. how much goods a society can consume at various average price levels. b. all combinations of goods that a society can produce if it uses all its resources efficiently. c. all combinations of goods that a society can consume if it uses all its resources efficiently. d. all combinations of factors that a society can use if there are no idle factors. e. the rate at which a societyʹs output will grow if it uses all resources efficiently.