Question : 31) A bowed out production possibilities frontier shows A) that resources : 1226370

 

31) A bowed out production possibilities frontier shows

A) that resources are equally productive in all uses.

B) increasing opportunity cost.

C) that resources are not equally productive in all uses.

D) Both answers B and C are correct.

E) Both answers A and B are correct.

 

32) The opportunity cost of a good increases as more of it is produced because

A) there is no such thing as a free lunch.

B) resources are not equally productive in all activities.

C) producing more of a good requires additional resources.

D) the number of forgone alternatives also increases.

E) people want the good less as more is produced.

 

33) As an economy increasingly specializes in producing one good, the opportunity cost of that good increases. The opportunity cost increases because

A) resources are not equally productive in all activities.

B) what must be paid to resources increases.

C) human wants are virtually unlimited.

D) not all goods are equally valuable.

E) as more of a good is produced, the profit from its production must rise.

34) As an economy produces more of one of the goods on a bowed out production possibilities frontier, what happens to the opportunity cost of producing the good?

A) It remains constant.

B) It decreases.

C) It increases.

D) It might increase, decrease, or remain constant depending on how much people value the additional units of the good.

E) None of these depict what happens to opportunity cost.

 

35) When a production possibilities frontier is bowed outward, as more of one good is produced, its opportunity cost

A) increases.

B) decreases.

C) remains constant.

D) might increase, decrease, or remain constant depending on how much people value the additional units of the good.

E) cannot be predicted.

 

36) A bowed out PPF reflects which of the following ideas?

i.increasing opportunity cost

ii.resources are not equally productive in all activities

iii.prices of goods increase over time

A) i only

B) i and ii

C) i and iii

D) ii and iii

E) i, ii, and iii

37) If there is increasing opportunity cost, then when moving downward on a production possibilities frontier, the opportunity cost of the good on the horizontal axis ________ as more of the good is produced.

A) increases and the PPF gets steeper

B) increases and the PPF gets flatter

C) decreases and the PPF gets steeper

D) decreases and the PPF gets flatter

E) does not change and the PPF gets steeper

 

38) A bowed out production possibility frontier shows that the

A) opportunity cost of a good is constant as more of the good is produced.

B) opportunity cost of a good decreases as more of the good is produced.

C) opportunity cost of a good increases as more of the good is produced.

D) opportunity cost relationship is linear.

E) opportunity cost of producing another good is negative.

 

39) Why does a nation experience increasing opportunity cost?

A) As the nation moves from a production point within the PPF to one on the PPF, opportunity costs increase.

B) As the nation moves from a production point within the PPF to another point also within the PPF, opportunity costs increase.

C) When the amount of resources increases, the opportunity cost of all goods and services increases.

D) Resources are not equally productive in producing different kinds of goods and services.

E) Because the nation cannot produce at the unattainable production points that lie beyond the PPF.

40) The fact of increasing opportunity cost when moving on the PPF means that

A) to increase the production of one product requires larger and larger sacrifices of the other good.

B) to decrease the production of one product requires smaller and smaller sacrifices of the other good.

C) to increase the production of one product requires smaller and smaller sacrifices of the other good.

D) when the government forces a movement from one point on the PPF to another point, no production is lost.

E) the PPF will be a negatively sloped straight line.

 

 

 

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