Macroeconomics Chapter 2 example #21096

Points outside (or beyond) the PPF are

If increasingly more units of good Y must be given up as each successive unit of good X is produced, then the PPF for these two goods is

Consider the following combinations of guns and butter that can be produced: 0 guns, 20,000 units of butter; 5,000 guns, 15,000 units of butter; 10,000 guns, 10,000 units of butter; 15,000 guns, 5,000 units of butter; 20,000 guns, 0 units of butter. The PPF between guns and butter is

Consider two points on the PPF: point A, at which there are 10 apples and 20 pears, and point B, at which there are 7 apples and 21 pears. If the economy is currently at point A, the opportunity cost of moving to point B is

Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point below that PPF. Assuming that the PPF has not shifted, this could be due to

An increase in the quantity of resources

Which of the following is an illustration of the law of increasing opportunity costs?

The PPF between goods X and Y will be a downward-sloping

A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are

Which of the following statements is false?

An economy is productive efficient if it produces

Refer to the image. The PPF illustrates

Refer to the image. A movement from point B to point D

Refer to the image. The opportunity cost of moving from point B to A is

Farming today in the U.S. is __________ productive compared to a century ago, resulting in there being __________ farmers today than at the turn of the previous century.

Within the production possibilities frontier (PPF) framework, choice is depicted by the

In an eight-hour day, Andy can produce either 24 loaves of bread or 8 pounds of butter. In an eight-hour day, John can produce either 8 loaves of bread or 8 pounds of butter. The opportunity cost of producing 1 pound of butter is

Jose has one evening in which to prepare for two exams and can employ two possible strategies: Strategy Score in Econ Score in Stat A 94 79 B 77 90 The opportunity cost of receiving a 94 on the Economics exam in terms of the number of points on the Statistics exam is

The law of increasing opportunity costs states that as

What is the reason for the law of increasing opportunity costs?

If an economy is operating on its production possibilities frontier (PPF), are there any unemployed resources in the economy?

If Sean can bake bread at a lower opportunity cost than Jason, and Jason can produce paintings at a lower opportunity cost than Sean, it follows that

Maria Maya Good X Good Y Good X Good Y 90 0 60 0 60 30 40 10 30 60 20 20 0 90 0 30 Refer to the chart. Who has the comparative advantage in the production of good X?

Maria Maya Good X Good Y Good X Good Y 90 0 60 0 60 30 40 10 30 60 20 20 0 90 0 30 Refer to the chart. For Maria, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X.

Maria Maya Good X Good Y Good X Good Y 90 0 60 0 60 30 40 10 30 60 20 20 0 90 0 30 Refer to the chart. For Maya, the opportunity cost of producing one unit of good Y is ___________ unit(s) of good X.