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- which one of the following is true about the production possibilities frontier (ppf) o a. the information is perfect o b. large number of buyers and sellers o c. free entry and exit o d. government interference in economic activitiesWhich of the following is not a scarce resource? Select one: O a. Labor, when the unemployment rate is near 10 percent O b. Sunshine for solar power in the deserts of Arizona O c. Factories used to produce personal computers O d. People able to repair industrial robots Oe. Fertile land in KansasWhich economic model reveals the variety of options for what to do with your scarce time? Supply curve Demand curve O Income distribution curve O Production possibilities curve
- Are either or both of these newspaper headlines positive or normative? 1. Smoking causes lung cancer. 2. The minimum wage should not be increased. Statement 1 is a statement because it be tested. O A. positive; can O B. normative; can OC. normative; cannot O D. positive; cannotThe possible combinations of two goods that can be produced in a certain period of time under certain conditions of technology and fully employed resources: O a. Scarcity O b. Central problem O C. Opportunity Cost O d. Production possibilityThe production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
- QUESTION 19 Mohamed says that "gas prices are rising because there aren't enough oil refineries." Ahmed argues that "gas prices are rising because of the growing demand for gasoline from China and India." We can conclude that O A. Mohamed's statement is positive, but O B. Ahmed's statement is positive, but Ahmed's is normative. OC.Both statements are positive. D. Both Mohamed's is normative. statements are normativeSuppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.MANCOSA Use the following production possibility curve (PPC) of the Land of Oz to answer the question. The Land of Oz can only produce yellow bricks or tin. What should happen for the unattainable point, point D, to become attainable? Tin (t) 9 000 7 000 A PPC, B 16 mil Yellow bricks O A. Decrease in the minimum wage. O B. Decrease in economic growth. O C. Increased taxes for brick makers and tin producers. O D. Emigration of workers out of the country. PPC₂ 19 mil 4
- Gmail Remaining Time: 4 hours, 12 minutes, 19 seconds. * Question Completion Status: 60°F Cloudy Ⓒ YouTube 2 Maps S * What does the shape of the Production Possibilities Frontier say about the production of these two goods ? O A. Goods Land M require identical resources to produce. O B. There are decreasing Opportunity Costs as more of Good M is produced. O C. There is Zero Opportunity Cost in terms of Good L as more of Good M is produced. O D. Goods L and M are used in fixed proportions to produce another good. O E. Goods L and M require different resources to produce. 3 W E Lamar State Colleg... us history D $ A R LL 40 % 5 T 6 Good L O Search & Y 10 7 G H 5 5 Good M U 8 ly f10 ( 1 9 J K 10 O O O L Pciples of Microeconomics - Spring21 Which of the following is CORRECT? Select one: O a. If a firm is technologically efficient, it is always economically efficient. O b. If a firm is technologically efficient, it is always producing at the lowest costs of production. O c. If a firm is economically efficient, it is always technologically efficient. O d. None of these answers is correct. DUS PAGE NEBased on the graph, what is the opportunity cost of moving from point B to point D? Baseballs 200 150 100 C 50 100 200 300 400 Bananas Select one: O a. 100 bananas and 100 baseballs O b. 100 bananas and 50 baseballs O c. 50 baseballs O d. none of the answers are correct O e. 100 bananas B.