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- The output from a McDonalds restaurant would be classified as ________ production.A) quaternary B) primary C) secondary D) tertiary
2.Which of the following is NOT part of the
A) The alternative uses of the time you spend studying.
B) The tuition fees that you or your government pays.
C) The income that you could have earned if you did not attend university.
D) The cost of the food that you consume while you are attending university
3.In a
A) only producers are price makers.
B) all producers and consumers are price takers.
C) all producers and consumers are price makers.
D) only consumers are price taker.
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Solved in 2 steps
- ple Choice ý the letter of the choice that best completes the statement or answers the question. 1. Which of the following is an example of lower production costs brought about by the use of technology? the delivery costs of gasoline to the consumer by diesel trucks the use of e-mail to replace slower surface mail а. b. the making of breads and pastries in local shops rather than large bakeries the importing of fresh vegetables from South America rather than using canned vegetables- с. d. 2. What is the effect of import restrictions on prices? They cause prices to drop. b. a. They cause prices to rise. They often cause prices to rise steeply and then drop. d. They usually do not have any lasting effect on price. с. 3. What do sellers do if they expect the price of goods they have for sale to increase dramatically in the future? sell the goods now and try to invest the money instead of resupplying sell the goods now but try to get the higher price for them store the goods until the…Which of the following is NOT part of the opportunity cost of attending university? A) The alternative uses of the time you spend studying. B) The tuition fees that you or your government pays. C) The income that you could have earned if you did not attend university. D) The cost of the food that you consume while you are attending universityThe boundary between the combinations of goods and services that can be produced and the combinations that cannot be produced, given the available factors of production and the state of technology is called ________.
- Complete the following sentence. Marginal cost Select one: A. remains constant. B. is the opportunity cost of producing one more unit of a good or service. C. is unrelated to the production possibilities frontier. D. is always greater then marginal benefit. E. always equals marginal benefit.Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm uses its resources efficiently, what is the opportunity cost of an increase in chicken production from 300 pounds to 500 pounds a year? Explain your answer.Table 1: Production Capacity of COVID-FREE LAND.Toilet Rolls 30,000 28,000 24,000 18,000 10,000 0Sanitizers 0 1,000 2,000 3,000 4,000 5,000Use information in Table 1 above to answer the following questions:a. Using the above figures, graph the production possibilities Frontier (PPF) of COVID_FREELAND (Hint! Use Microsoft Excel, for accuracy)b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID- 19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.
- 1. A Cars(thousands) 0 Beef(Thousands of tons) 10 B 100 2 9 - 4 7 C D 6 4 E 8 0 a)Plot the production possibilities data. What is the opportunity cost of producing the first 2000 automobiles? b) Label a point F inside the curve, why is it inefficient? it unattainable? a point H outside the curve, why isQUESTION 2: Table 1: Production Capacity of COVID-FREE LAND. Toilet Rolls Sanitizers 30,000 28,000 1,000 24,000 2,000 18,000 3,000 10,000 4,000 5,000 Use information in Table 1 above to answer the following questions: a. Using the above figures, graph the production possibilities Frontier (PPF) of COVID_FREELAND (Hint! Use Microsoft Excel, for accuracy) b. In your own words, while making use of the graph that you have created in part a, explain what the PPF is. Cleary state all assumptions and properties of the PPF. c. Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is outbreak of COVID-19 and the demand for sanitizers and toilet rolls increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. (Hint: State any appropriate assumptions made).1. Identify the four basic inputs to an economic system, and give examples for each of them.
- Any point within a production possibility frontier indicate _________________ combinations in the production of the two goods or services and _______________ in terms of the use of resources. a.Unattainable; efficiency b.Attainable; inefficiency c.Attainable; efficiency d.Unattainable; inefficiencyTimothy quits his job which pays $59000 a year to enrol in a 3 year degree graduate program. His annual school expenses are $60300 for tuition, $9500 for books and $3000 for food, what is his opportunity cost of attending the graduate program?1. Describe productive efficiency and allocative efficiency. 2. Explain the law of diminishing returns and give an example. 3. Explain the concept of opportunity cost and give an example. 4. Describe and explain the idea of a "sunk cost" and give an example. 5. Define and explain normative and positive economic statements. REQUIREMENTS: Answer the following questions in short essay format please! (4-5 sentences)
