Answer:
a, The PPF intersect the Y-axis at 1000 units of luxury goods
The PPF intersect the X-axis at 500 units of necessity good
It means that when the society produces zero units of necessity, it can produce 1000 units of luxury goods and if they use all resources to produce necessity, they can produce 500 units only
b. The economy can produce at a point inside the curve IF (1) There is underutilized of the available resources. (2) There is inefficiency in the use of resources
c. I will want to produce more necessity than luxury. The decision on which point the society will want to be depend on the type of economic system being practiced by my society, if it is free market, the price system will determine it and for a socialist system, the government decides.
d. If I am a dictator, I will make decrees as to the economic direction I want for the society and where the product distribution is left to the free market, the price system decides.
Explanation:
The production possibility frontier is a graph that shows the trade-off between two commodities which a country can be assumed to produce. An economy can operate on the PPF in which case it is using its resources to the fullest. It can operate inside the curve which means under-utilization of resources or inefficiency in resources utilization. A country cannot operate outside the curve except there is technological progress or economic growth.
The answer is C. “There is a major city 50 miles away from the region”.
It can be assumed that $104 worth of Supplies have been used?
Answer:
86.4%
Explanation:
the original marked price is m
then with a sales discount of 20%
the (pre-sales tax) sale price is 100%−20%=80% of
The post-sales tax price is the pre-sales tax price plus 8%,
that is the post-sales tax price is 108%=1.08 of the pre-sales tax price.
Therefore the final cost (i.e. the post-tax price) is
Answer:false
Explanation:
The current gdp of us is estimated to about $21427.1 billion.
So if beer market is estimated to be $106 billion, the percentage is ($106/$21427.1)*100
= 0.004947*100
=0.4947%
0.497% is not up to 2%
