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vredina [299]
3 years ago
9

Suppose residents of Montana operate on their production possibility frontier, and they want to increase the production of both

wheat and fly-fishing rods. According to the production possibility frontier, this cannot happen without new resources or technological improvement. True or false?
Business
1 answer:
pshichka [43]3 years ago
6 0

Answer:

The correct answer is True.

Explanation:

The production possibilities frontier (FPP) is a graphical representation of the maximum quantities of production that an economy can obtain in a given period using all the resources it has available.

In an economy that has thousands of products, the alternatives to produce one or the other good and how much of each are very large. When an alternative is chosen, it means that other possibilities are being renounced. The relationship between what we choose and what we give up is the opportunity cost.

If all available resources are not used, that is, the potential production is not reached, the quantities produced will be within the enclosure delimited by the production possibilities frontier. That is, they would be at a possible but inefficient level.

On the other hand, that the quantities produced were to the right of the FPP would represent an impossible situation since, as we have indicated, in the FPP all available resources are already being used, so if we were to the right, it would mean that We are using non-existent resources.

On the other hand, if there are technological improvements or labor improvements, the production possibilities frontier will shift to the right, since there will be capacity to manufacture a greater number of the two goods. On the contrary: if production capacity decreases (usually due to a shortage of raw materials or natural disasters), the production possibilities frontier would shift inwards (to the left). That is, if the available resources changed, we would obtain a new FPP.

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Don operates a taxi business, and this year one of his taxis was damaged in a traffic accident. The taxi was originally purchase
Stolb23 [73]

Answer:Don's casualty loss deduction=$ 770

Explanation:

A  Casualty loss is an  unexpected or sudden financial loss that occurred as a result of  damage or loss of property. It will be calculated as follows

Adjusted basis at the time of accident         $1,500

Repair cost on account of accident              $2,750

Amount of casualty loss before  the adjustments $ 1,500

( which is the  Lessor of $ 1,500 and $ 2,750)

Deduct :

Reimbursements gotten from insurance         $ 730

Don's casualty loss deduction  = $ 1,500 - $ 730  = $ 770

3 0
2 years ago
If the short-run macroeconomic equilibrium is _________ of the economy's potential output, then there is a(n) ________ and the a
Ulleksa [173]

Answer:

B. To the left; recessionary gap; fall

Explanation:

Short-Run Macroeconomic equilibrium occurs when the real GDP demand is equal to the real GDP supply. When there is a shift to the left it means GDP demand decreases below supply leading to an excess in supply of goods and services. When this happens, there's a fall in the level of employment and other indicators of recession. This will also invariably lead to a Fall in the aggregate level of price in order to attract more demand.

The opposite scenario occurs when there is a shift to the right or increase in demand.

8 0
3 years ago
What's the difference between product and brand?
ElenaW [278]
A product is made by a company and can be purchased by a consumer in exchange for money while brands are built through consumer perceptions, expectations, and experiences with all products or services under a brand umbrella.
4 0
2 years ago
Read 2 more answers
Which statement is not true about the minimum wage?
hammer [34]

Answer:

Owners are not required to pay it to foreign workers.

Explanation:

The minimum wage policy should offer protection to all employees. The policy should not discriminate against any group of workers, such as the youth, women, or immigrants. The wage policy applies in all types of contractual agreements. The policy seeks to protect the most vulnerable category of workers.

Only a few groups are excluded from the policy and with reasons. They include workers in the informal economy and domestic workers.

3 0
3 years ago
In producing product AA, 6,300 pounds of direct materials were used at a cost of $1.10 per pound. The standard was 6,000 pounds
abruzzese [7]

Answer:

300 A

Explanation:

(SQ - AQ) SP

(6000 - 6300)1

300 A

It means that actual quantity produced is worse than expected quantity.

5 0
3 years ago
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