1. Economic modelsConsider the following production possibilities frontier model for an economy that produces only two goods: bartey and cars.10080PPF2020406060100BARLEY (Miions of busheis)CARS (Miions) Which of the following is true regarding this economic model?O The fact that there are only two goods produced in this theoretical economy, when, in reality, economes produce many more types ofgoods, means this model is generaly useless.O This PPF is not an economic model.OIn order to construct such a model, an economist would need real ife data regarding countries that produce only two goodsO The fact that there are only two goods produced in this theoretical economy is a simplifying assumption thut stl alows economists todemonstrate key economic concepts

A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Which of the following is true regarding this economic model? O The fact that there are only twe goods produced in this theoretical economy, when, in reality, economes produce many moe types goods, means this model is generally useless. O This PPF is not an economic model. OIn order to construct such a model, an economist wouid need real e data regarding countes that produce only tw goods The fact that there are only two goods produced in this theoretical economy is a simpifying aumption tht st aows ecinomsts demonstrate kery economic concepts

Which of the following is true regarding this economic model? O The fact that there are only twe goods produced in this theoretical economy, when, in reality, economes produce many moe types goods, means this model is generally useless. O This PPF is not an economic model. OIn order to construct such a model, an economist wouid need real e data regarding countes that produce only tw goods The fact that there are only two goods produced in this theoretical economy is a simpifying aumption tht st aows ecinomsts demonstrate kery economic concepts

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 4CQQ

See similar textbooks

Similar questions

Figure 1 The production possibility frontier ABCDE is a production possibility frontier. It shows the different combinations of goods which can be produced if all resources are fully and efficiently utilised. The economy can produce at any point on the line. It cannot produce at G because the PPF shows the maximum that can be produced. It can produce within the PPF,05 such as at F, but less will be produced than the maximum possible. Non-manufactured goods 50 40 30 20 10 0 A 10 B Ti C 20 30 Manufactured goods G D E 40
Please help me with this economics maths
8. What is economic?
5. Discuss the concept of Economic Goods.?
5. OYNAMICS x(xg -8x+4) dt do dt y(3x-y) SET BOTH AMO FIVD THE REUTIONSHIP BETWEEN * X SUCH THKT d- do GRAPH TIESE (w/ THE "ARRavs") - FINO X* t y" 9L MOHS DYMAMICS
BRIEFLY EXPLAIN IT CONSISELY 1. Reffering to the picture below, understanding economics, explain how a microeconomic system works by describing the inter-relationships of the variables indicated in the said model or diagram 2. In relation to the diagram, which is the microeconomic system identify atleast 3 principles of economics that are applicable in the said system.
The graph below is Mendork's production possibility curve for the only two goods that it produces: quirks and quarks. Quantity of Quarks 800 700 600 500 400 300 200 100 2 4 6 8 10 12 14 16 18 20 Quantity of Quirks Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. If Mendork's current production is at point A, what is the (approximate) cost of producing one more quirk? a) 50 quarks B b) 100 quarks c) 200 quarks d) One more quark e) 25 quarks
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
What are three reasons to study economics?
Demand, Supply and Equilibrium Draw curves that represent the following relationship a. The cost of kidney dialysis and the number of sessions the patient wants b. The cost of haircuts and the number of cuts a custumer wants c. Income level and the amount of SPAM a consumer would eat d. Income level and the amount of jewelry a consumer buys e. The cost of appples and the amount of oranges a consumer buys f. The cost of sugar and the amount of coffee a consumer buys
Use the PPF to answer the following questions: D. Hard drives A 525 E. 450 400 350 300 250 200 150 100 50 5 10 15 20 25 30 35 40 45 50 Sweaters (thousands)