ECONOMICS QUESTIONS AND GRADED ANSWERS, 100%
GUARANTEE
The production possibilities frontiers depicted in the diagram to the right illustrate - both
the labor force and capital stock increasing
Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to
devote to lawn services. In 1 hour, he can mow
5
5 lawns or trim
10
10 bushes.
Use the line drawing tool to graph Tom's production possibilities frontier given he has 4 hours to
devote to lawn services. Properly label this line.
Carefully follow the instructions above, and only draw the required objects.
Tom's opportunity cost of mowing lawns in terms of trimming bushes is
2.00
2.00 trimmed bushes per mowed lawn. (Enter your response rounded to two decimal places.) -
diagnol line
In the diagram to the right, point
Upper G
G indicates an diagnol line down with points FCG - unattainable result
Suppose the economy whose PPF is shown on the right experiences economic growth.
,1.) Use the 3-point curved line drawing tool to show how growth affects the trade-offs the
country faces between producing ships and food.
2.) Use the point drawing tool to draw and label a point on the new PPF that shows the economy
producing more of both goods. Label this point 'B'.
Carefully follow the instructions above and only draw the required objects. - a larger labor
force
advanced technology
an increase in the capitol stock
On the diagram to the right, movement along the curve from points A to B to C illustrates -
increasing marginal opportunity costs
A production possibilities frontier (PPF) is - a curve showing the maximum attainable
combinations of two products that may be produced with available resources and current
technology
The production possibilities frontiers depicted in the diagram to the right illustrate -
technological advances in the tank industry
The people of a previously quiet and peaceful country have come to recognize the need to
expand and improve their security forces after a wave of terroristic threats and acts.
Considering their resource limitations, the extent to which security is enhanced will most likely
be determined - society's willingness to forego other goods and services, both public and
private
What happens if a country produces a combination of goods that efficiently uses all of the
resources available in the economy - The country is operating on its production
possibilities frontier.
, The principle of increasing marginal opportunity cost states that the more resources devoted to
any activity, the __________ the payoff to devoting additional resources to that activity -
smaller
Which of the following events would create economic growth, that is, shift the production
possibilities frontier outward - all the above
An increase in the available labor.
B.
An increase in the available natural resources.
C.
An increase in technology that affects the production of both goods
Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of
the two goods that each country can produce in one day are presented in the table below.
United States
Mexico
Hamburgers (in tons)
Tacos (in tons)
Hamburgers (in tons)
Tacos (in tons)
0
GUARANTEE
The production possibilities frontiers depicted in the diagram to the right illustrate - both
the labor force and capital stock increasing
Tom's lawn service specializes in mowing lawns and trimming bushes. Tom has 4 hours to
devote to lawn services. In 1 hour, he can mow
5
5 lawns or trim
10
10 bushes.
Use the line drawing tool to graph Tom's production possibilities frontier given he has 4 hours to
devote to lawn services. Properly label this line.
Carefully follow the instructions above, and only draw the required objects.
Tom's opportunity cost of mowing lawns in terms of trimming bushes is
2.00
2.00 trimmed bushes per mowed lawn. (Enter your response rounded to two decimal places.) -
diagnol line
In the diagram to the right, point
Upper G
G indicates an diagnol line down with points FCG - unattainable result
Suppose the economy whose PPF is shown on the right experiences economic growth.
,1.) Use the 3-point curved line drawing tool to show how growth affects the trade-offs the
country faces between producing ships and food.
2.) Use the point drawing tool to draw and label a point on the new PPF that shows the economy
producing more of both goods. Label this point 'B'.
Carefully follow the instructions above and only draw the required objects. - a larger labor
force
advanced technology
an increase in the capitol stock
On the diagram to the right, movement along the curve from points A to B to C illustrates -
increasing marginal opportunity costs
A production possibilities frontier (PPF) is - a curve showing the maximum attainable
combinations of two products that may be produced with available resources and current
technology
The production possibilities frontiers depicted in the diagram to the right illustrate -
technological advances in the tank industry
The people of a previously quiet and peaceful country have come to recognize the need to
expand and improve their security forces after a wave of terroristic threats and acts.
Considering their resource limitations, the extent to which security is enhanced will most likely
be determined - society's willingness to forego other goods and services, both public and
private
What happens if a country produces a combination of goods that efficiently uses all of the
resources available in the economy - The country is operating on its production
possibilities frontier.
, The principle of increasing marginal opportunity cost states that the more resources devoted to
any activity, the __________ the payoff to devoting additional resources to that activity -
smaller
Which of the following events would create economic growth, that is, shift the production
possibilities frontier outward - all the above
An increase in the available labor.
B.
An increase in the available natural resources.
C.
An increase in technology that affects the production of both goods
Suppose the United States and Mexico both produce hamburgers and tacos. The combinations of
the two goods that each country can produce in one day are presented in the table below.
United States
Mexico
Hamburgers (in tons)
Tacos (in tons)
Hamburgers (in tons)
Tacos (in tons)
0
