Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.2, Problem 4QQ
To determine
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Consider a Production Possibility Frontier thatĀ 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.
Ā
Ā
A.
increase; differ
Ā
B.
decrease; are the same
Ā
C.
Ā increase; are the same
Ā
D.
decrease; differ
If an economy is operating at a point inside the production possibilities curve?a.its resources are not being used efficiently. b.This is a trick question because an economy cannot produce at a point inside the curve. c.the curve will begin to shift inward. d.the curve will begin to shift outward.
Every point on the production possibilities curve represents?
a. a greater increase in supplyĀ
b. an efficient use of rescourcesĀ
c. an inefficient use of resources
d. a greater increase in demand
Chapter 1 Solutions
Macroeconomics
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2RQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7PCh. 1.A - Prob. 7APCh. 1.A - Prob. 8PCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
Knowledge Booster
Similar questions
- Scarcity is a condition that exists when A. there is a fixed supply of resources relative to the demand for the product. B. there is a large demand for the product. C. resources are not able to meet the entire demand for a product. D. All of the above.arrow_forwardIn deciding to produce a given good, an individual would always choose A. The process that uses the most capital goodsĀ B. The most productive process available C. The shortest and most productive process available D. The shortest process availablearrow_forwardSuppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is Š. 36 C. 6. D. B.arrow_forward
- What is a āfinal goodā? Select one: a.Ā A good not used as an input in the production process b.Ā A natural resource used to produce a good c.Ā A good purchased as an input in the production process d.Ā A good used in the production of another goodarrow_forwardWhich of the following is true for expansion path? a. It shows all the possible combinations on budget line that can be consumed by the consumer. b. It shows all the possible all optimal cost minimizing points for the input at each level of output. c. It shows all the pareto efficient with the final allocation of goods. d. It shows all the possible combination that can be produced using the constant technology and resources.arrow_forwardIf resource prices are fixed and the selling price rises, then Ā a. profits will increase. Ā b. profits will decrease. Ā c. profits will remain constant. Ā d. both profits and output will decreasarrow_forward
- The law of increasing opportunity costs indicates that the opportunity cost of producing a good: a. increases as more of the good is produced. b. decreases as more of the good is produced. c. is proportional to the production of the good. d. is constant to the production of the good.arrow_forwardA point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasiblearrow_forwardIf a society allocates resources so that it produces efficiently, then it is producing at a point A on its production posibility frontier that is the most desirable. ( B. on its production posibility frontier but not necessanly the most- desirable point. C. outside is production possibilty frontier. ( D. that maximizes its economic growth.arrow_forward
- Which of the following indifference curve the slope of the production possibilities frontire? A, Opportunity cost B, Marginal cost C, Indifference Curve D, Marginal Productarrow_forwardFactors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D)Ā inputs into the production process.arrow_forwardEfficiency is achieved ā A. when producers are getting the maximum possible output from the available resources. B. when prices of all goods and services go to zero. C. when output is being produced at a point inside a production possibilities curve. D. when consumers are able to buy everything that they want.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSON
Engineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education