The production possibilities curve represents the maximum combination of goos and services that can be produced with fixed resources and technology, given efficient use of the resources. the combinations of goods and services among which consumers are indifferent. the maximum amount of labor and capital available to society. the maximum rate of growth of capital and labor in a country.
Q: An outward shift of a production possibilities curve can be caused by a. planting a more profitable…
A: Answer: PPF shifts outward when the overall production capacity of the economy increases. Production…
Q: The following can cause the production possibilities curve to shift to the right? a. Indifference…
A: Answer: Correct option: (d) Explanation: The production possibility curve refers to the curve that…
Q: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two on, and one…
A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…
Q: The various combination of goods that can be produced in any economy when it uses its available…
A: The various combination of the goods that can be produced in an economy certain when the available…
Q: The only way that a society can produce outside the production possibilities curve is Question 9…
A: Production possibilities frontiers are used to represent the trade-off that occurs between the…
Q: Which of the following is not an illustration of the notion of opportunity cost A. The…
A: Opportunity cost is the lost of next best available option. Taking each option one by one.
Q: FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best…
A: Production possibility frontier: It is a curve both have efficient points and inefficient points, If…
Q: Tony and Patty produce skis and snowboards. The tables show their production possibilities. Each…
A: According to the Tony's production possibilities, Tony can produce either 25 snowboards or 50 skis…
Q: What does a Production Possibilities Curve depict? What is the Law of Demand? What components will…
A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first…
Q: A production possibilities curve has a downward slope because: economists have a negative view of…
A: A production possibility frontier depicts the combinations of two goods that can be produced with…
Q: As more cars are produced, the opportunity cost of each additional car is greater than for the…
A: Opportunity cost measures the trade-off between two goods i.e. goods need to be given off in order…
Q: Which of the following statements is NOT true regarding the production function and the production…
A: THESE OPTIONS ARE WRONG B) The production possibilities frontier (PPF) is a financial model used…
Q: All problems in economics are about scarcity, that is, about how to use given resources for…
A: "All problems in economics are about scarcity, that is, about how to use given resources for…
Q: What are the two major ways in which an economy can grow and push out its production possibilities…
A: The production possibilities curve denotes the maximum output that an economy can produce at its…
Q: Explain the following two statements: “Education increases human capital and expands production…
A: Answer- Need to find- Explain the following two statements: “Education increases human capital and…
Q: The production possibilities curve represents O the maximum amount of labor and capital available to…
A: A production possibility curve represents the maximum possible combinations of two goods that can be…
Q: California has been greatly affected by the forest fires of 2020. The most likely economic impact…
A: The production possibility curve (PPC) depicts the combination of two goods that a nation can…
Q: All of the following would be expected to cause an economy’s production possibilities curve to shift…
A: The production possibility curve is a set of all points which represent a combination of the goods…
Q: Every point on the production possibilities curve represents? a. a greater increase in supply b.…
A: The production possibility curve is the graphical representation of the different combinations of…
Q: Which of the following about production possibilities is FALSE?
A: In economics, the concept of scarcity and opportunity costs are examined using the concept of…
Q: Graph 1: Draw a production possibilities model with 4 points labelled A, B, C, D, one inside, two…
A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…
Q: A production possibilities curve: a. Eliminates the need to make choices regarding the use of…
A: Production possibility curve shows the trade off between combinations of 2 goods or services.
Q: The Production Possibilities Curve is essentially what? Multiple Choice It shows total revenues from…
A: Production possibilities curve shows different combinations of two goods that an economy can produce…
Q: Explain how (if at all) each of the following events affects the location of a country’sproduction…
A: As per the honor code, we are allowed to attempt only first three sub-parts of the question. If you…
Q: Graph 1: Draw a production possibilities model with 4 points labeled A, B, C, D, one inside, two on,…
A: The curve that depicts combinations of goods that could be produced while making use of the same…
Q: production possibility curve shows the possible combination of two goods with utilization of…
A: A country has to choose which goods they produce because of the scarcity of resources. The scarcity…
Q: many countries produce a single good upon which much of their economy depends. That good might be…
A: The production possibility frontier (PPF) is a graph that depicts the maximum amount of two items…
Q: Point x on a linear production possibilities curve represents a combination of 50 watches and 20…
A: A production possibility frontier indicates the production capacity of an economy. The model assumes…
Q: Question 4 . Read the following scenario and answer the questions that follow. Scenario 1 The…
A: PPC refers to the graphical model that shows all of the different combinations of 2 commodities that…
Q: Which of the following may lead to an outward shift of the production possibilities curve? a.…
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: A certain production possibilities frontier shows production possibilities for two goods: pants and…
A: Production Possibility Frontier is a curve which is the locus of different combinations of two goods…
Q: The production possibilities curve can best be described as representing the economics principle of…
A: In economics, the production possibility curve is one of the effective economic measure to be used…
Q: The leader of a political party made the following campaign promise: "My administration will…
A: Production possibility frontier shows combinations of two goods that can be produced with the given…
Q: When economic growth occurs, the production possibilities frontier shifts outward but no longer…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: A point outside the production possibilities curve is attainable, but there is not full employment…
A: PPC (Production Possibility Curve) refers to the different combinations of two commodities that can…
Q: assume county is in recession . assume the county only produces food and clothing draw a correctly…
A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…
Q: Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless.…
A: Ans.a) The main motive of studying economics is the fact that resources are scarce in the world and…
Q: three factor that might cause the production possibilities curve to shift to the right or outward
A: "Production possibilities curve represent the combination of two goods produced in an economy with…
Q: Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each…
A: choice alludes to the capacity of a purchaser or maker to choose which great, administration, or…
Q: In using tanks and trucks in a production possibilities curve with increasing opportunity cost,…
A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…
Q: “If resources were unlimited and were freely available, there would be no subject called…
A: From this statement we suggest that If resources were unlimited and freely offered, creating…
Q: Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The…
A: Scarcity refers to the scarce or the unavailability of the resources and inputs to produce a certain…
Q: The production possibilities curve illustrates the basic principle that: Question 70 options:…
A: if all the resources of an economy are fully used, more of one item could be produced only if less…
Q: A linear production possibilities curve indicates which of the following? a. Constant opportunity…
A: Production possibilities curve shows combinations of two goods that can be produced with the given…
Q: A production possibilities curve can shift inward if there is a. an increase in productivity b. an…
A: It is crucial to use resources in the economy wisely while producing goods and services because they…
Q: Resources are scarce because which of the following are limited: Question 10 options: A)…
A: Economics deals with the allocation of scarce resources among alternative uses to satisfy human…
Q: Explain how each of the following situations would affect a nation’s production possibilities curve.…
A: The nation is in recession as a result of COVID-19. Recession is triggered when demand for goods and…
Q: FIGURE 2-10 Apples (bushels) Refer to Figure 2-10. What movement along the production possibilities…
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- A certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Question 39Select one: a. the opportunity cost of shirts in terms of pants b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the tradeoff between production of pants and production of shirtsA curve that shows the maximum amount of any two products that can be produced in an economy from a fixed resource and a fixed technology< A, Production Possibilities frontier B, Marginal Product curve C, Demand Curve D, Total Product CurveEvery point on the production possibilities curve represents? a. a greater increase in supply b. an efficient use of rescources c. an inefficient use of resources d. a greater increase in demand
- 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.Consider a Production Possibility Frontier that bows outward. Suppose the production of one good increases. As a result opportunity cost of producing this good will __________ because productive resources ___________________ in their suitability for producing different kinds of goods. A. increase; differ B. decrease; are the same C. increase; are the same D. decrease; differFigure 2-9 Panel (a) Panel (b) cups of coffee cups of coffee 65 65 6 6 55 45 45 4 4 K 35 35 3 3 25 25 2 N 2 15 15 1 05 05 M 1 2 3 4 5 6 donuts 1 2 3 4 5 6 donuts 1.
- The answer to, "What goods are to be produced?" deals with: who gets the goods. how tastes and preferences are determined. how resources are combined to produce goods and services. the kinds and quantities of goods and services produced.When 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 linear production possibilities curve indicates which of the following? a. Constant opportunity costs b. Decreasing opportunity costs c. Increasing opportunity costs d. Diminishing marginal returns e. Labor-intensive production
- Any point on a country's production possibilities curve represents a combination of two goods that an economy 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.2. Which of the following is not an assumption that underlies an economy's production possibilities curve? A. fixed income B. fixed resources C. unchanged technology D. fully employed resourcesple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…