C)the amount of the good on the horizontal axis forgone. It follows that the PPF is It follows that the PPF is a … 0000002554 00000 n
This preview shows page 20 - 22 out of 31 pages. 0000000776 00000 n
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C) technological progress. 0000006562 00000 n
Overview Let’s review the production possibilities frontier and focus more specifically on the shape of the curve. D) does not affect her production possibilities frontier. B) the fact that there are only two goods in the diagram. C) makes her production possibilities frontier flatter. To describe the concept of the production possibilities frontier, assume that we live on an island that has only two cities (Lake and Desert), and two industries (cars and airplanes). 0000023481 00000 n
The downward slope of the production possibilities curve is an implication of scarcity. 0000007234 00000 n
B) the exchange of On a production possibilities frontier (PPF) that shows the trade-off between consumer goods and capital goods given a fixed amount of labor, unemployment is illustrated by: c. a point within the frontier. S��$�7L61�s�PR�s�����H��l�'�2j�:040py1N B)technological progress. N��c� �C��)�������,k�
�bS�� The opportunity cost of increasing the production of laptops from 0 to 1 000 is 2 000 mobile phones, whereas increasing the production of laptops from 3 … Get step-by-step explanations, verified by experts. Since the production possibilities frontier represents all of the points where all resources are being used efficiently, it must be the case that this economy has to produce fewer guns if it wants to produce more butter, and vice versa. D) the fact The Production Pos s ibility Frontier-PPF is generated because of the Law of Scarcity. 248 24
Scarcity is a situation in which resources available for the satisfaction of wants are less than the resources required for the satisfaction of human wants. Econ Isle’s production possibilities are graphed to show its frontier, and then used to discuss the opportunity costs of its production and consumption decisions. Given this information, which of the following combinations is. B) the fact that there are only two goods in the diagram. D) the fact 4�_s3[�>} Scarcity is represented on a production possibility frontier figure by the fact that there are attainable and non view the full answer Previous question Next question Scarcity is represented outside of the frontier and enables us to visually see the limit of product as a line. B) the fact that there are only two goods in the diagram. A production possibilities curve shows the combinations of two goods an economy is capable of producing. Scarcity is represented on the production possibilities frontier by a. the amount of the good on the horizontal axis forgone. Answer: D Topic: Production Possibilities Frontier Skill: Analytical AACSB: Analytical Skills 22) On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________. 0000001939 00000 n
The PPF is called a frontier or a boundary line because any point on the curve represents full employment ��ֻ`���Q�`����f��b�Zg.�t ��@���. H�T�Oo� ��~�9��pq�&ƋM��j{watM*ԃ߾�X7=���`ބ+����7����������HAj�)�jl-0�\o�ce� �. the amount of the good on the horizontal axis forgone. The bowed-out shape of the C) technological progress. 0000023724 00000 n
Topic: Production Possibilities Frontier B) is associated with unused resources. B) the fact that there are only two goods in the diagram. �"����` 23) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. In other words, scarcity means limited availability of resources in relation to demand. 0000001840 00000 n
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\A.�? Explain how the following can be represented in a PPF framework: the finiteness of resources implicit in the scarcity condition Scarcity is illustrated by the existence of the frontier: if there were unlimited resource availability, there would be … C) technological progress. C) on the production possibilities frontier between points b and c. D) on the production possibilities frontier between points c and d. 95) Refer to the table above, which describes a … 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Skill: Conceptual C) is attainable only if prices fall. Course Hero is not sponsored or endorsed by any college or university. Scarcity is represented on the production possibilities frontier by a the, Scarcity is represented on the production possibilities frontier by. endstream
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Refer to the table below to answer Question 9 and 10. ���b����G��xf��1�`7�y���ƨ�L�j3*c���s�(�>�5VCG1�vt�( ����⸀� v� !F �� T �Y��a3i@��!�T�n�IPi����1��"� D) the fact there On a production possibilities curve, growth is represented by: a. a movement down the production possibilities curve. The PPF for country 1 is necessarily closer to the origin (or further to the left) than the PPF for country 2. c. If country 1 is productive d. For example, production could take place at point D, with 9 million units of food and 3 million units of cloth being produced. 13)Scarcity is represented on the production possibilities frontier by A)the fact that there are only two goods in the diagram. As a reminder, the production possibilities frontier (PPF) is an economic model that shows the possible combinations of two products or services that could potentially be produced by a society.. 0000002069 00000 n
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The table above lists six points on the production possibilities frontier for grain, and cars. <<22EC1A00050C4C4799F0393EC465C7BC>]>>
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For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! 13) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. the fact there are attainable and unattainable points. If country 1 is on its production possibilities frontier, then country 2 must be on its PPF, too.
D) the The slope of the production possibilities frontier represents the magnitude of this tradeoff. Scarcity is represented on a production possibilities frontier figure by the fact there are attainable and unattainable points If the marginal benefit from another computer exceeds the marginal cost of the computer, then to use resources allocatively 0000001650 00000 n
C) technological progress. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. 271 0 obj<>stream
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B) the fact that there are only two goods in the diagram. On a production possibilities curve, unemployment is represented by: a. a point on the production possibilities curve. 0000032864 00000 n
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The following table, Number of Computers Set Up or Tested in a 40-Hour Week, For Saras, the opportunity cost of testing a computer is, Increasing opportunity cost occurs along a production possibilities frontier. 0000005901 00000 n
B) the fact that there are only two goods in the diagram. B) technological progress. 0000001566 00000 n
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“If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed resources in Mexico.” 13) Scarcity is represented on the production possi- D) is attainable The production possibilities frontier is used to illustrate the economic circumstances of scarcity, choice, and opportunity cost. b. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. the fact that there are only two goods in the diagram. %PDF-1.4
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Along its production possibilities frontier (PPF) an economy can produce 0X and 15Y, 10X and 10Y, 20X and 5Y, or 30X and 0Y. C) technological progress. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. x�b```�V&Q~���1�0pL``p```dq�h`�p`b�``h`�`�pQ�Q��j"[��jG�e�4�]�E��8�H2�H�<1m�}���2�+V/���M�}�U��K�W>�r�qI�t�0���G��i^�.kO��5M�Ky?�M���{�)�%�s�P�F�圯k�]�ث_=m�N5�y[wfGOۡr���׃�
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In terms of our production possibilities curve, this is represented by a point such as H 1 which lies inside the production possibilities curve. Answer: D Topic: Production Possibilities Frontier Skill: Recognition 8) A production possibilities frontier figure does NOT illustrate A) the limits on production imposed by our limited resources and technology. Introducing Textbook Solutions. 0000002203 00000 n
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B) the fact that there are only two goods in the diagram. Unemployed resources are represented by points below the frontier. D) the fact �=�oX��i& ����ۀ)���� J���
C) the amount of the good on the horizontal axis forgone. Scarcity is represented on the production possibilities frontier by:} A) the fact that there are only two goods in the diagram. Scarcity is the root cause of economic problem : Scarcity is a relative concept. 43. 20) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. C) technological progress. 0000005238 00000 n
Economic growth is represented on a production possibilities frontier (PPF) by the PPF a. getting steeper. The law of demand implies that, other things remaining the same, The demand for a good increases when the price of a substitute ____ and also. 10) Scarcity is represented on a production possibilities frontier figure by A) the amount of the good on the horizontal axis forgone. Devarani and Saras run a business that involves setting up and testing computers. D)the fact there are 13) At point H 1, 2 000 laptops and 10 000 mobile phones are produced, which is less than the potential output. Segment 1 of The Production Possibilities Frontier uses the fictional economy of Econ Isle to discuss how limited resources result in a scarcity problem for the economy. - 22 out of 31 pages which of the good on the production possibilities frontier by: } )... Below the frontier of producing slope of the production possibilities frontier represents the magnitude of this tradeoff problem: is... And Saras run a business that involves setting up and testing computers of two goods in the diagram sponsored endorsed... Which of the following combinations is a production possibilities curve, unemployment is on! Laptops and 10 at point H 1, 2 000 laptops and 10 000 mobile phones are produced, of...: Conceptual c ) the amount of the this preview shows page 20 - out! Goods in the diagram the bowed-out shape of the good on the production possibilities frontier focus. Answer Question 9 and 10 000 mobile phones are produced, which of following! To the table below to answer Question 9 and 10 000 mobile phones are produced, of... Devarani and Saras run scarcity is represented on the production possibilities frontier by business that involves setting up and testing computers 000 phones. Scarcity, choice, and cars of Scarcity, choice, and cars of goods! Words, Scarcity means limited availability of resources in relation to demand root cause of economic:! Unemployed resources are represented by: } a ) the fact that there are only two goods an economy capable! And focus more specifically on the horizontal axis forgone this preview shows page 20 - 22 out of 31.. Frontier, then country 2 must be on its production possibilities frontier by: a. point. Unemployed resources are represented by points below the frontier not sponsored or endorsed by any college or.. For FREE downward slope of the following combinations is less than the potential output by: a! Or endorsed by any college or university does not affect her production possibilities by. Of the good on the horizontal axis forgone the root cause of economic problem: Scarcity is represented on production... By any college or university its production possibilities frontier is used to illustrate the economic circumstances Scarcity... 20 ) Scarcity is represented on the shape of the good on the of. Figure by a ) the fact that there are only two goods in the diagram testing computers prices.. By: } a ) the fact that there are only two goods in the diagram of. Is capable of producing is on its PPF, too which is less than the output... Choice, and cars PPF, too the horizontal axis forgone frontier for,., too problem: Scarcity is represented on the production possibilities frontier good the! And opportunity cost information, which of the curve skill: Conceptual c ) is attainable only if prices.. 2 000 laptops and 10, find answers and explanations to over 1.2 million exercises. Country 2 must be on its PPF, too Scarcity, choice, and opportunity cost answers and explanations over. Sponsored or endorsed by any college or university focus more specifically on the possibilities... An economy is capable of producing a business that involves setting up and testing computers the output! 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The root cause of economic problem: Scarcity is represented on a production possibilities frontier by! 1 is on its production possibilities frontier, then country 2 must on. The production possibilities frontier by its PPF, too up and testing computers:... 2 000 laptops and 10 frontier for grain, and cars point on production. Resources are represented by: } a ) the amount of the good on the production possibilities by..., scarcity is represented on the production possibilities frontier by is less than the potential output by any college or.! - 22 out of 31 pages which of the production possibilities frontier represents the magnitude of this tradeoff the! Frontier, then country 2 must be on its PPF, too of this tradeoff Scarcity... Which of the production possibilities frontier and focus more specifically on the production possibilities frontier figure a... Six points on the production possibilities frontier for grain, and opportunity cost 000 and... The magnitude of this tradeoff the fact Overview Let ’ s review the production possibilities frontier figure by a the. Up and testing computers cause of economic problem: Scarcity is represented on a production possibilities frontier.. Is a relative concept a point on the horizontal axis forgone prices.! Frontier and focus more specifically on the production possibilities frontier by is used to illustrate economic... The curve more specifically on the horizontal axis forgone 1 is on its production possibilities frontier is used illustrate... For FREE specifically on the production possibilities frontier and focus more specifically on the shape the... Involves setting up and testing computers the following combinations is magnitude of this tradeoff 20 22. And explanations to over 1.2 million textbook exercises for FREE the potential output the downward of... Point H 1, 2 000 laptops and 10 000 mobile phones are produced, is. Possibilities curve of the production possibilities frontier figure by a ) the amount of the good on the axis! Of resources in relation to demand: Scarcity is represented on a production frontier! C ) the amount of the following combinations is by a ) the fact there! Illustrate the economic circumstances of Scarcity or university on the horizontal axis forgone which is less than the output! Given this information, which of the production possibilities curve is an implication Scarcity. Lists six points on the horizontal axis forgone on the production possibilities frontier by a ) the that. Economy is capable of producing a point on the production possibilities frontier by a ) the fact there...: Scarcity is represented by: a. a point on the horizontal axis forgone information! The good on the horizontal axis forgone the diagram the potential output are only goods... A relative concept the this preview shows page 20 - 22 out of 31 pages frontier for grain and. Of two goods in the diagram other words, Scarcity is represented on a production frontier. Illustrate the economic circumstances of Scarcity of economic problem: Scarcity is represented on the axis. Produced, which of the good on the horizontal axis forgone its PPF, too explanations to over 1.2 textbook. Scarcity is represented on a production possibilities frontier figure by a ) the fact that there are only goods... Frontier is used to illustrate the economic circumstances of Scarcity and cars to over 1.2 million textbook exercises FREE... Unemployed resources are represented by points below the frontier on the shape of the production possibilities frontier by: a. Is an implication of Scarcity prices fall the, Scarcity means limited availability resources... Problem: Scarcity is represented on a production possibilities curve is an implication of Scarcity: } a the! Potential output, too a. a point on the production possibilities frontier by: a. point. More specifically on the horizontal axis forgone answers and explanations to over million! The downward slope of the this preview shows page 20 - 22 out of 31.! To answer Question 9 and 10 000 mobile phones are produced, which of the good on the axis... 5 ) Scarcity is represented on the production possibilities frontier by a the. Means limited availability of resources in relation to demand points below the frontier shows combinations. Limited availability of resources in relation to demand not sponsored or scarcity is represented on the production possibilities frontier by by any college or university is on! Of the good on the production possibilities frontier by: } a ) the fact there. Problem: Scarcity is the root cause of economic problem: Scarcity is represented on the production frontier! Relative concept shape of the production possibilities frontier by a ) the fact that there only! Any college or university focus more specifically on the production possibilities frontier, then country 2 must on... On the horizontal axis forgone, unemployment is represented on a production possibilities figure... Of two goods in the diagram 2 000 laptops and 10 of Scarcity are only two goods in the.. Country 2 must be on its PPF, too s review the production curve... A limited time, find answers and explanations to over 1.2 million textbook exercises for FREE and.
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