Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / The production possibilities schedule shown below: Combination ? B SUA 14 Scarves 80 60 40 20 0 0 20 40 60 80 Implies that this economy is not using its available resources efficiently Correct Answer results in a straight-line PPF and illustrates constant opportunity cost
The production possibilities schedule shown below: Combination ? B SUA 14 Scarves 80 60 40 20 0 0 20 40 60 80 Implies that this economy is not using its available resources efficiently Correct Answer results in a straight-line PPF and illustrates constant opportunity cost. indicates that resources are better suited to the production of scarves. You Answered reflects the law of increasing opportunity costs
Question 5 0/5 pts Which of the following is an example of capital as a factor of production? A microwave oven used by a student to warm her dinner You Answered Shares of stock in a corporation Correct Answer Cash registers used by cashiers at Kroger Camera equipment used by a family on vacation
0/5 pts Question 1 Market economies are characterized by all of the following except: Correct Answer government ownership of capital. decentralized decision-making. You Answered incentives for exchange. a profit motive for entrepreneurs
Correct option is "results in a straight line PPF and illustrates constant opportunity cost".
Production possibility schedule shows various combinations of two goods that could be produced using given resources. With the given data we can see that by sacrificing 20 units of scarves 20 hats could be produced.and this continues for every 20 units of scarves sacrificed which shows constant opportunity cost.
With constant opportunity cost production possibility curve drawn will be straight line.
Answer 5:
Correct option is "Cash registers used by cashiers at Krogers".
Factor of production are such factors that are used by a producer as a resource in its business. Microwave oven used by a student and camera used by a family are used for personal purpose and not for a business. Also shares of stock in a corporation are not the factors of production. So only cash registers are only the example of capital used as factor of production.
Answer 1:
Correct option is "government ownership of capital".
Here we were required to give an exception.
Market is a place for exchange for personal benefits/incentives and also the entrepreneurs in it are operating for the profits, taking their own price and quantity decisions.
So, only government ownership of capital is an exception for the market economies.
