Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 1.2, Problem 3QQ
To determine
Production possibility frontier .
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Explain the following concept
1.scarcity
2.choice
3.opportunity cost
4.resource
Explain the following concepts
1.scarcity
2.choice
3.opportunity cost
4.resources
Tony and Patty produce skis and snowboards.
The tables show their production possibilities.
Each week, Tony produces 5 snowboards and 40 skis and Patty produces 10 snowboards and 5 skis.
Tony's opportunity cost of producing a snowboard is
skis.
Patty's opportunity cost of producing a snowboard is skis,
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Chapter 1 Solutions
Macroeconomics
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2RQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7PCh. 1.A - Prob. 7APCh. 1.A - Prob. 8PCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- Q. How would the following events be shown using production possibilities curve [ please draw diagram] for shelter and food? a. The economy is experiencing double digit unemployment? b. Economic growth is increasing at over 5 percent per year. c. Society decides it wants less shelter and more food. d. Society wants more shelter and less food.arrow_forwardHow does the slope of a budget line illustrate opportunity costs and trade-offs? How does a budget line illustrate scarcity and the effect of limited incomes?arrow_forwardIn deciding to produce a given good, an individual would always choose A. The process that uses the most capital goods B. The most productive process available C. The shortest and most productive process available D. The shortest process availablearrow_forward
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costarrow_forwardEconomics studies choices that arise from one fact. What is that fact? A. Our resources are unable to satisfy all our wants. B. Some families are too big. OC. Businesses produce too many varieties of most goods.arrow_forwardExplain the concepts appraisal well and production well in brief ?arrow_forward
- Figure - Production-Possibilities Curve Office Buildings .C D Housing It is not possible for society to produce this combination of office buildings and housing with current resources and technology. Which of the following points in the figure could represent this combination? Multiple Choice A B B .Aarrow_forwardCarefully define the following terms and explain their importance to the study of economics. a. resources b. rational decision c. scarcity d. opportunity costarrow_forward1. Explain the principle of scarcity? 2. Explain the principle of choice? 3. Explain the concept of diminishing returns?arrow_forward
- SECTION# NAME PRINT LAST NAME, FIRST NAME Use the graphs below to answer questions 7 through 10. PAM ALEX Cakes Cakes 10 9 Pies 10 Pies 6. 7. For Alex, the opportunity cost of 1 pie is cost of 1 pie is cake(s); for Pam, the opportunity cake(s). 2/3; 1 b. 2/3; 2 a. 12; 1 d. 1½; 2 Č. 8. For Alex, the opportunity cost of 1 cake is cost of 1 cake is pie(s); for Pam, the opportunity pie(s). 2/3; 1 b. 2/3; 2 a. 12; 1 C. d. 12; 2 Alex has a comparative advantage in 9. and Pam has a comparative advantage in cakes; pies pies; cakes a. cakes; cakes pies; pies C. If Alex and Pam specialize according to comparative advantage, their combined output will be: 10. 9 cakes and 10 pies. 19 cakes and 16 pies. a, 10 cakes and 6 pies. 15 cakes and 20 pies. C. b.arrow_forwardTom and Abby produce rackets and balls. The tables show their production possibilities. Tom allocates all his resources and produces 2 rackets and 16 balls an hour. Abby allocates all her resources and produces 2 rackets and 4 balls an hour. Tom and Abby decide to specialize and trade. specializes in rackets and produces specializes in balls and produces A. Tom; 2 rackets; Abby; 32 balls B. Tom; 4 rackets; Abby; 8 balls C. Abby; 4 rackets; Tom; 32 balls D. Abby; 2 rackets; Tom; 8 balls E. Tom; 4 rackets; Tom; 32 balls The number of balls produced by If Tom and Abby specialize and trade 1 racket for 8 balls. gets rackets from for less than it costs gets balls from to produce them. to produce them, and for less than it costs Tom's Production Possibilities Rackets (per hour) 0 1 2 3 4 Abby's Production Possibilities Rackets (per hour) 0123 and and and and and 4 and and and and and Balls (per hour) 32 24 16 8 0 Balls (per hour) 8 006 NO 4 2 0arrow_forwardFIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best describes Point A? It is efficient. It is preferable to Point D. It is inefficient. It is unattainable. Cloihingarrow_forward
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