Give explanation of the correct option and explanation of the incorrect options. Note: Hand written not allowed. Consider the production possibilities frontierdisplayed in the figure shown. If society iscurrently producing at point A, it could move topoint D if:BooksACoçBDPizzasO a. all the resources were switched fromprinting books to the production of pizzas.O b. the cost of producing pizzas were toincrease.O c. the society is no longer able to producethe quantity of books at point A.O d. the cost of producing books were toincrease

The Production Possibilities Frontier (PPF) shows the maximum attainable combinations of two goods…

Consider the production possibilities frontier displayed in the figure shown. If society is currently producing at point A, it could move to point D if: Books ç B D Pizzas O a. all the resources were switched from printing books to the production of pizzas. O b. the cost of producing pizzas were to increase. O c. the society is no longer able to produce the quantity of books at point A. O d. the cost of producing books were to

Consider the production possibilities frontier displayed in the figure shown. If society is currently producing at point A, it could move to point D if: Books ç B D Pizzas O a. all the resources were switched from printing books to the production of pizzas. O b. the cost of producing pizzas were to increase. O c. the society is no longer able to produce the quantity of books at point A. O d. the cost of producing books were to

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 6SCQ: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a...

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Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
What is scarcity? Can you think of two causes of scarcity?
To determine how much of a good to produce to achieve allocative efficiency, we O A. construct a production possibilities frontier and choose the midpoint. O B. must produce on the PPF and at the point where the marginal benefit exceeds by as much as possible the marginal cost of the good. OC. construct a production possibilities frontier and choose any point on it. O D. must produce on the PPF and at the point where the marginal benefit exceeds by any amount the marginal cost of the good. O E. must produce on the PPF and at the point where the marginal benefit and marginal cost of the good are equal.
The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants
Point A B C D E Production chocolate bars 0 10 20 30 40 Production cans of cola 100 90 70 40 0 The above table shows production points on Sweet - Tooth Land's production possibilities frontier. Which of the following is an example of a point that is inefficient? A. 0 chocolate bars and 100 cans of cola OB. 38 chocolate bars and 0 cans of cola OC. 32 chocolate bars and 40 cans of cola OD. 20 chocolate bars and 80 cans of cola MEEDI
The nation of Rougarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. B E 90 0 10 B. Attainable and Efficient OC. Unattainable and Inefficient OD. Only Efficient OE Unattainable and Efficient A Turnips 100 Potatoes 0 OF. Attainable and Inefficient OG. Only Unattainable OH. Only Inefficient C 70 20 A production point that contained 70,000 bushels of Turnips and 30,000 bushels of Potatoes would be classified as: OA. Only Attainable D 40 30 40
The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants cars. In an hour, Larry can either mow one lawn orwash one car; Moe can either mow one lawn or washtwo cars; and Curly can either mow two lawns orwash one car.a. Calculate how much of each service is producedin the following scenarios, which we label A, B,C, and D:• All three spend all their time mowing lawns. (A)• All three spend all their time washing cars. (B)• All three spend half their time on each activity. (C)• Larry spends half his time on each activity, whileMoe only washes cars and Curly only mowslawns. (D)b. Graph the production possibilities frontier for thiseconomy.…
The diagram below shows a society's production possibility frontier for coffee mugs and calculators. Use this information to answer this question. The opportunity cost of producing an additional coffee mug would be lowest at: Calculators O O A. D OB. A OCB ODC D O A Coffee mugs OC B
Question 16 Daisy has the following Production Possibilities Frontier per week. Her resource is 5 Ibs of flour. Note: You will use this PPF to answer the next several questions. tarts 20 14 3. 3 1 3 2 ar » pies Given Daisy's PPF. the following production combo, 9 pies and 8 tarts is O an eficient use of resources. O an inefficient use of resources. O not possible with the given resources.
The shape of the PPF curve illustrates... O A. Decreasing opportunity cost O B. Increasing opportunity cost O C. Allocative inefficiency O D. Allocative efficiency
When new and better ways of producing all goods and services are discovered or when the quantity of capital increases, O A. the opportunity cost of all goods decreases O B. our economy grows, but we still face scarcity and opportunity cost O C. the economy moves along its production possibilities frontier O D. the production possibilities frontier shifts inward e Text Pages Grapher Get More Help -
What is Production Possibility Frontier? Draw and explain a production possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy’s cow population?