Which of the following is NOT an example of opportunity cost? if I watch Netflix tonight, I will not have enough time to study for my Economics test resources used to produce computers are not available to produce printers a growing economy can produce more cars and more cell phones at the same time the land on which a Saskatchewan farmer plants wheat is not available for barley production if I buy a pizza, I will not be able to afford a movie Question 3 (1 point) Any point inside the production possibilities curve indicates that: prices are too high people are saving a large portion of their incomes businesses are producing more goods than consumers want to buy
Added by Kathryn D.
Close
Step 1
It is the cost of choosing one option over another. Looking at the options given: Show more…
Show all steps
Your feedback will help us improve your experience
Aakash Goyal and 56 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
1. When countries engage in trade, they specialize in the production of the goods in which they _______________, and trade part of that production for goods in which they ________________. Select the correct answer below: a. have high opportunity costs; have low opportunity costs b. have scarce resources; have abundant resources c. have comparative advantage; do not have comparative advantage d. none of the above 2. A production possibilities frontier (PPF) ___________________. Select all that apply: illustrates the limits to the quantities of goods and services a society can produce is downward-sloping from right to left is bowed out from the origin because of diminishing marginal returns is bowed out from the origin because of increasing marginal returns
Rashmi S.
Which of the following is not an example of a transaction cost? A. The opportunity cost of time spent looking for stores selling the desired item. B. The cost of returning a defective product. C. The enjoyment of using the good. D. The time and effort spent researching the product as well as its various sellers. 2. The government's imposition of price control. A. Increases gains from trade. B. Benefits only poor consumers. C. Harms producers and wealthy consumers. D. Reduces gains from trade. 3. Black markets usually arise when there are A. Price floors. B. Price ceilings. C. Price quotas. D. Price subsidies 4. Economists assume that when there is a change in demand and/or supply, that prices reach a new equilibrium. A. Slowly. B. Quickly. C. After an adjustment period that varies. D. After a protracted negotiation process. 5. In a price system, A. Relative prices do not signal information about changes in market conditions. B. Relative prices change constantly to reflect changes in supply and demand. C. Relative prices change infrequently due to transaction costs. D. Relative prices are set by central planners based on projected supply and demand.
Jennifer S.
a. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the (opportunity) cost of 2 more automobiles? c. What is the (opportunity) cost of 6 more forklifts? d. Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? e. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could you conclude about its use of available resources? The economy is efficiently utilizing its available resources. f. Is production at a point outside the production possibilities curve currently possible? No, production at a point outside the production possibilities curve is not currently possible. g. Could a future advance in technology allow production beyond the current production possibilities curve? Yes, a future advance in technology could allow production beyond the current production possibilities curve. h. Could international trade allow a country to consume beyond its current production possibilities curve? Yes, international trade could allow a country to consume beyond its current production possibilities curve. Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): Production Alternatives Type of Production Automobiles Forklifts 30 27 21 12 Show these data graphically. Instructions: Use the tool provided 'PPC' to draw a PPC curve (plot 4 points total)
Akash M.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Watch the video solution with this free unlock.
EMAIL
PASSWORD