The production possibilities curve can best be described as representing theeconomics principle ofa) Scarcityb) Rational vs irrational behaviorc) Supply and demandd) Law of unintended consequences

In economics, the production possibility curve is one of the effective economic measure to be used…

Answered: The production possibilities curve can…

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 19SQ

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In the production process, both the average product and marginal product of the variable input rise first, then fall, and then rise to infinity False True the government should spend less money to take care of a national park they are testing an economic model making a positive statement making a normative statement O not dealing with scarcity
Please describe each step to solve the problem presented below:
State (a) a positive economic statement of your choice, and then (b) a normative economic statement relating to your first statement.
How does the scarcity of resources affect the firm’s decision making? Justify your answer through discussing specific situations.
When the quantity of resources for production increases, the production possibility curve Select One: a) Becomes short b) Becomes straight c) Remains same d) Expands away origin e) Contracts to words origin
Principles of microeconomics activity.
Hello experts, I have posted this question many times in chegg, but every time people answering this question to use ai tool like chatgpt, please dont use gpt and other ai tool. Question: When we assume that what is true for the part is also true for the whole, we are committing (A) the post hoc fallacy (B) failure to hold other things constant (C) the fallacy of composition (D) normative fallacy Please Don't use chatgpt or other ai tool. If you know correct answer then attempt if you gave wrong answer then i gave 37 dislikes for you and more from my friends accounts also.
Suppose South Africa produces only two goods: barley and laptops. The following graph shows South Africa's current production possibilities frontier (also known as the production possibilities curve), along with six output combinations represented by black points (cross symbols) labeled A to F. LAPTOPS (Millions) 100 80 60 40 20 0 PPF + > 20 ++♡ B F + 40 ҳс xo E 60 BARLEY (Millions of bushels) 80 1 100 (?)
Real life example of scarcity forces tradeoff
The production possibilities frontier (PPF) has a constant opportunity cost exhibits increasing marginal returns shows the individual's choice set reflects output assuming the full use of society's resources
A production possibilities curve that is concave to the origin (bowed out) implies that as more of a good is produced, the opportunity cost (A) remains constant (B) decreases (C) decreases at first and then increases (D) increases (E) increases at first and then decreases
When constructing a production possibilities frontier, which of the following assumptions is not made? (A) A country produces only two goods or types of goods. (B) The amount of available resources does not change. The technology available to firms is given. There is a fixed quantity of money.

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The production possibilities curve can best be described as representing the economics principle of a) Scarcity b) Rational vs irrational behavior c) Supply and demand d) Law of unintended consequences