Question

In a hypothetical economy that produces two goods, there is an improvement in the production of...

In a hypothetical economy that produces two goods, there is an improvement in the production of one of the goods. This will be illustrated by…
a) A point on the PPF diagram
b) An outward swivel of the PPF diagram
c) An outward shift of the PPF diagram
d) An inward shift of the PPF diagram

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Choose appropriate answer: In a hypothetical economy that produces two goods, there is an improvement in...
Choose appropriate answer: In a hypothetical economy that produces two goods, there is an improvement in the production of one of the goods. This will be illustrated by… a) A point on the PPF diagram b) An outward swivel of the PPF diagram c) An outward shift of the PPF diagram d) An inward shift of the PPF diagram
Suppose an economy produces only two goods: Spanish ham and kugel. The production possibility frontier (PPF)...
Suppose an economy produces only two goods: Spanish ham and kugel. The production possibility frontier (PPF) is a downward-sloping straight line. Then, a)   The opportunity cost of producing one more Spanish ham is constant b)   The opportunity cost of producing one more Spanish ham is increasing c)   The opportunity cost of producing one more Spanish ham is always zero d)   None of the above
a) Draw a diagram, which shows the production possibility curve for a country, which produces capital...
a) Draw a diagram, which shows the production possibility curve for a country, which produces capital and consumer goods. b) On this diagram show: i. A point at which the economy is operating productively efficient, ii. A point which is unobtainable for the economy given its resources and level of technology, iii. A point at which the economy is operating inefficiently. c) Briefly explain what happens to the PPF if there is an earthquake in the country. d) Briefly explain...
Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa...
Consider the following production possibilities frontier model for an economy that produces only two goods: alfalfa and smartphones. 020406080100100806040200SMARTPHONES (Millions)ALFALFA (Millions of bushels)PPF Which of the following is true regarding this economic model? In order to construct such a model, an economist would need real life data regarding countries that only produce two goods. The fact that there are only two goods produced in this theoretical economy, when, in reality, economies produce many more types of goods, means this model...
The production possibilities frontier (PPF) illustrates the combinations of goods that society can consume when trading...
The production possibilities frontier (PPF) illustrates the combinations of goods that society can consume when trading with other producers. True False When it is said that trade between nations can make both sides of the trade better off, this means that all citizens in each nation will benefit. True False A production possibilities frontier (PPF) is characterized by increasing opportunity costs when a. ​the PPF is bowed outward b. ​the PPF is a straight line c. ​increasing opportunity costs do...
1. Consider an economy that tries to achieve higher economic growth over time by encouraging production...
1. Consider an economy that tries to achieve higher economic growth over time by encouraging production activities without paying any attention to the environmental quality. Assume that the resources and technology used in the economy stay the same. Show, using a well labeled diagram with appropriate production possibility frontier/s and indifference curve/s, how the economy might move over time. 2.Why is sustainability not likely to be attainable if an economy's PPF doesn't shift outward? Explain in one or two sentences.
Instructions Students have to create two hypothetical economies with their respective Production Possibilities Frontier (PPF). Parameters:...
Instructions Students have to create two hypothetical economies with their respective Production Possibilities Frontier (PPF). Parameters: One country should be a bigger economy in both industries. Assume constant opportunity costs along each country’s PPF. Thus, there are 5 tasks to complete this assignment: 1. Create a PPF for each hypothetical economy using 5 output combinations for each PPF 2. Graph the PPFs for the two hypothetical economies from a Production Possibilities Frontier schedule 3. Calculate the opportunity costs of producing...
Before the Covid crisis, economists considered that the US economy was at “full employment.” Assuming that...
Before the Covid crisis, economists considered that the US economy was at “full employment.” Assuming that the crisis did not affect the US economy’s total capacity to produce, the current situation would be best represented by: A) the PPF shifting inward (closer to the origin) B) the PPF shifting outward (further from the origin) C) a point on the PPF located on the opposite side of the pre-Covid point D) a point outside the PPF E) a point inside the...
Suppose the prices of goods X and Y both double, while the consumer's income is unchanged....
Suppose the prices of goods X and Y both double, while the consumer's income is unchanged. This will cause the consumer's budget constraint to: Select one: a. shift inward in a parallel fashion b. shift inward and become flatter c. shift inward and become steeper d. shift outward in a parallel fashion
Suppose in the country of Wetland there are production inefficiencies. This: A. can both be illustrated...
Suppose in the country of Wetland there are production inefficiencies. This: A. can both be illustrated by some point outside the production possibilities curve. B. can exist at some point on a production possibilities curve. C. causes the production possibilities curve to shift outward. D. can both be illustrated by some point on the inside the production possibilities curve. E. All of the other answers are incorrect.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Statistics Discussion: The accuracy of a forecasting technique is evaluated especially using the MSE (mean squared...
    asked 14 minutes ago
  • If the U.S. government manages to close a recessionary gap and achieve potential GDP with fiscal...
    asked 19 minutes ago
  • A block with mass 10kg is on a ramp angled at 20 degrees above the horizontal,...
    asked 19 minutes ago
  • I have a sample of 31 7thgrade girls who took an IQ test.  I calculated the sample...
    asked 26 minutes ago
  • A researcher wishes to estimate the proportion of adults who have​ high-speed Internet access. What size...
    asked 26 minutes ago
  • Brick column in the external corridor of a house, with section size of 440 mm X520...
    asked 27 minutes ago
  • 17.                             Mel has a(n) __________ lien on Ellen’s car after he replaced her clutch. The lien.
    asked 34 minutes ago
  • Jackson Company engaged in the following investment transactions during the current year. Feb 17,Purchased  430 shares of...
    asked 45 minutes ago
  • When might discrimination in the workplace be justified? Might discrimination on the basis of gender or...
    asked 57 minutes ago
  • The strength grade of materials used for brick masonry at a certain site is as follows:...
    asked 1 hour ago
  • Show (prove), from the original definition of the integers, that subtraction of integers is well defined....
    asked 1 hour ago
  • How is polarity of a "bond" different than polarity of a "molecule?" What makes a particular...
    asked 1 hour ago