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
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A linear
a. Constant
b. Decreasing opportunity costs
c. Increasing opportunity costs
d. Diminishing marginal returns
e. Labor-intensive production
Production possibilities curve shows combinations of two goods that can be produced with the given level of resources and technology.
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- A 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 CurveAn economy's production possibilities frontier is fixed in the long run. True FalseUtopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs Ø 20 48 60 80 108 output 0 60 100 130 150 160 A 0 % inputs 0 20 40 B 60 80 100 a. From this data, complete Utopia's production possibilities table below. Possibility Cheese Wine Wine с output 0 80 140 190 210 220 D b. Utopia (Click to select) c. If Utopia is at D. the total cost of 20 more cheese is d. If Utopia is at D. the total cost of 50 more wine is E produce 130 cheese and 190 wine. wine. cheese. F 0 A
- Every 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 demandUtopia produces only two products: cheese and wine. The production levels are shown in the table below. Cheese % inputs 0 20 40 60 80 100 Possibility Cheese Wine output 0 15 25 33 38 41 A 0 % inputs 0 20 40 60 80 100 a. From this data, complete Utopia's production possibilities table below. B Wine output 0 20 35 48 53 55 75 b. Utopia (Click to select) produce 33 cheese and 48 wine. c. If Utopia is at D, the total cost of 5 more cheese is d. If Utopia is at D. the total cost of 13 more wine is wine. cheese. 0. Buffy is thinking about opening an amulet store. Sheestimates that it would cost $350,000 per year to rentthe location and buy the merchandise. In addition,she would have to quit her $80,000 per year job as avampire hunter.a. Define opportunity cost.b. What is Buffy’s opportunity cost of running thestore for a year?
- ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?What is the difference between technology and technological change? A. Technology is the development of new products, while technological change is when a firm is able to produce more output with the same inputs. B. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce the sameoutput using fewer inputs. C. Technology is the development of new products, while technological change is when a firm is able to produce the same output with fewer inputs. D. Technology is when a firm is able to produce moreoutput using the sameinputs, while technological change is the process of using inputs to make output. E. Technology is the process of using inputs to make output, while technological change is when a firm is able to produce more output using more inputs.Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.
- Explain the following terms. opportunity costUse the information in the table to answer the below question. Production Possibilities Frontier Number of hours worked Total benefit Total cost 0 0 0 10 300 100 20 550 210 30 750 340 40 900 500 50 1,000 700 Christian delivers pizza using his own car and is paid according to numbers of boxes that he delivers. Use marginal analysis to determine the optimal number of hours that he should work.The shape of the production possibilities frontier below implies that E B D Bread a. some resources are better suited for producing bread than for producing wine. b. the financial cost of producing bread is higher than the financial cost of producing wine. c. the opportunity cost of producing more bread falls as bread production rises. O d. the producer's technology is not subject to the principle of increasing cost. QUESTION 5 Opportunity cost can best be defined as the a. value of the best alternative foregone when the alternative at hand is chosen. b. cost of the resources used to produce a good or service. C. money cost of a good or service. o d. money cost plus interest on money borrowed to buy a good or service. QUESTION 6 When a firm or economy is operating inefficiently. it is operating O a. on its production possibilities frontier. b. outside it production possibilities frontier. C. at the intersection of the production possibilities frontier with the vertical axis. O d.…
