\"\"Please answer with simple explanations\"\" 1. The production possibilities c
ID: 2506153 • Letter: #
Question
""Please answer with simple explanations""
1. The production possibilities curve below shows the hypothetical relationship between the production of capital goods and consumer goods in an economy.
Production alternative
Product A B C D E
Capital Goods 0 1 2 3 4
Consumer Goods 22 18 13 7 0
What is the total opportunity cost of producing the second unit of capital goods?
a. 4 units of consumer goods
b. 5 units of consumer goods
c. 9 units of consumer goods
d. 13 units of consumer goods
2. The U.S. and the U.S.S.R
a. Evolved in part from the same philosophical origins
b. Shared Veblin as their intellectual inspiration
c. Produced and distributed output according to the principal of relative depravation
d. Did not share scarcity as their fundamental economic problem
3. From the economist
Explanation / Answer
48-DECREASE IN SUPPLY
44. d. B will decrease and the demand for C will increase
43.b. Increased by 60 units
18.d. Marginal benefit is less than the marginal cost a.
16.A share of corporate stock issued by General Motors
15. d. Education and income are highly correlated d.
14.Decrease by 20 percent
12. b. Price is above the optimal price to society
11.
c. $1,500
9. b. Distribution of income according to basic resource classes, i.e., wages, rents, interest, and profITS.
8. c. A person who purchases home insurance and then is less careful
7. b. All benefits associated with the production and use of a public good are received by the government
6. d. Equilibrium quantity will stay the same and equilibrium price will increase
5. c. Private goods are characterized by rivalry
4 b. Consumption by one person reduces the quantity available to others
3 d. The market system is unable to adapt to or to accommodate change
2
1.d. 13 units of consumer goods
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.