Question : 31) The slope of a country’s production possibility frontier equal : 1303490

 

 

31) The slope of a country’s production possibility frontier is equal to ________ and the optimal production point is located where the slope is equal to ________. Assume that output of good Y is measured on the vertical axis, output of good X is measured on the horizontal axis, MPL is the marginal product of labor with a subscript indicating which good, P is the price of a good, and w is the wage rate.

A) -MPLY/MPLX; -PX/PY

B) -PX/PY; -MPLY/MPLX;

C) -PX/w; -PY/w

D) -MPLY/w; -MPLF/w

E) -MPLX/MPLY; -PX/PY

 

 

32) In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________.

A) increase by 5%; remain unchanged; remain unchanged

B) increase by less then 5%; decrease; increase

C) increase by more then 5%; increase; remain unchanged

D) remain constant; increase; increase

E) remain constant; decrease; decrease

 

 

33) In the specific factors model, a 5% increase in the price of food accompanied by a 0% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________.

A) increase by less then 5%; decrease; increase

B) increase by 5%; remain unchanged; remain unchanged

C) increase by more then 5%; increase; remain unchanged

D) remain constant; increase; increase

E) remain constant; decrease; decrease

 

 

34) In the specific factors model, a 0% increase in the price of food accompanied by a 5% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________.

A) increase by less then 5%; increase; decrease

B) increase by 5%; remain unchanged; remain unchanged

C) increase by more then 5%; increase; remain unchanged

D) remain constant; increase; increase

E) remain constant; decrease; decrease

 

35) In the specific factors model, a 5% increase in the price of food accompanied by a 5% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in the welfare of the fixed factor in the production of cloth.

A) no change; no change; no change

B) an increase; an increase; an increase

C) a decrease; an increase; an increase

D) an increase; a decrease; a decrease

E) a decrease; a decrease; a decrease

 

 

36) In the specific factors model, a 5% decrease in the price of food accompanied by a 5% decrease in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in the welfare of the fixed factor in the production of cloth.

A) no change; no change; no change

B) an increase; an increase; an increase

C) a decrease; an increase; an increase

D) an increase; a decrease; a decrease

E) a decrease; a decrease; a decrease

 

 

37) In the specific factors model, a 5% increase in the price of food accompanied by a 10% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in the welfare of the fixed factor in the production of cloth.

A) an ambiguous change; a decrease; an increase

B) an ambiguous change; an ambiguous change; an ambiguous change

C) a decrease; an ambiguous change; an ambiguous change

D) an increase; a decrease; an increase

E) an ambiguous change; an increase; a decrease

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more