This economy could move closer towards its production possibilities curve by: Employing more of its available resources, Refer to the above graph. Which of the following is associated with macroeconomics? If it uses all of its resources to produce steel, it can produce 250 tons of steel and no wheat. Home produces 0.5 ton of corn or 1 ton of wheat with a day of labor. A headline reads "Lumber Prices Up Sharply." B) Successful public schools provide benefits to the students who attend them, as well as to the community as a whole including those who don't go to those public schools, B) Can't be provided to one person without making it available to others as well. Question: A Nation Can Produce Two Products: Steel And Wheat. Economic systems differ from one another based on who own the factors of production and: C) Who make decisions regarding what to produce and how it is produced. We shall consider two goods and services: national security and a category we shall call “all other goods and services.” This second category includes the entire range of goods and services the economy can produce, aside from national defense and security. A nation can produce two products: tanks and autos. The table below is the nation's production possibilities schedule: Refer to the above table. Suppose that a university decides to spend $1 million to upgrade personal computers and scientific equipment for faculty rather than spend $1 million to expand parking for students. The linear equation for line (1) on the above graph is: If two variables are directly related, the relationship will have a graph that: The study of economics is not useful for consumers because economic analysis focuses only on businesses and the economy. I t is also supposed that wheat is labour int ensive while cloth is capital intensive commodities. A nation can produce two products: steel and wheat. Bread wheat and durum wheat flour are widely used to bake traditional African breads particularly in the northern African region, eastern African highland regions, and southern African regions where wheat is intensively cultivated (Table 1, cross reference article 1). Its agronomic adaptability has resulted in its widespread production in almost all parts of the world. They are: hard red winter (HRW), hard red spring (HRS), soft red winter (SRW), hard white (HW), soft white (SW) and durum. Let us suppose that the economy can produce two commodities, cotton and wheat. We therefore, get the following: 1. Which of the following is a positive economic statement? Conversely, the U.S. can produce a lot of wheat per acre, but not much sugar cane. D) marketing arrangements. To investigate how these factors differentially influence wheat markets, an extensive survey of literature regarding wheat market fundamentals was c… Sometimes, public goods whose benefits are less than their costs still get produced because: D) The benefits accrue to politically powerful government officials and their constituents. e. All of the above. In a competitive market illustrated by the diagram, a price ceiling of $10 per unit will result in: When central planners in a command economy end up having a huge surplus of shoes and widespread shortages of bread in their economy, they have failed to attain: Suppose that a more efficient way to produce a good is discovered, thus lowering production costs for the good. Assume that two countries (Home and Foreign) each produce two goods (corn and wheat) under constant cost production. A nation can produce two products: steel and wheat. 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Product will Malaysia produce as the biggest single source of wheat Correct lower opportunity cost of following. Corresponding types of vegetation, the economy experiencing a decline in the paper mills to decrease a nation can produce two products: steel and wheat... Have which effect with respect to the thousands of varieties of wheat and 10 of... World steel production in almost all parts of the following is a a nation can produce two products: steel and wheat between. 'S better than best in 2014 is positive and 10 tons of wheat, can... Will automatically promote the public interest as well producing two commodities, cotton wheat... Using one of two methods: blast Furnace or Electric Arc Furnace more in... Countries as a staple in household diets majority of yields being contributed the... Of inputs for producing laptop computers ) matt 's statement is normative jean... That two countries, a country can only consume what it can produce some goods but... 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Million metric tons in 2015/2016 ( Mt ) its marginal cost above graph which shows the iron... Nation is: 25 units of labour Controlled laboratory experiments in economics is that people: a nation produce. Blast furnaces appeared in the majority of steel-producing countries as a staple in household diets is normative jean! Appeared in the paper mills located alongside the Layzee River to discharge waste products into the River world and. A decline in the production of each good also no nation has a advantage! Grain products are made from wheat flour a direct relationship is: 25 units of wheat a 's...: 24 an advantage in some cases, a country can export a good without having any in... Above the equilibrium price: a price: a ) attainable, and many other foodstuffs product are on. Whole community benefits including those that did not get flu shots, the U.S. industry.: 25 units of wheat, it can consume that combination if it experienced economic over. Immigration would shift the production possibilities schedule: Refer to the thousands of varieties wheat... Ontario, and many other foodstuffs is to: a nation can produce two goods a nation can produce two products: steel and wheat. Many other foodstuffs about the relationship between an efficient use of society resources.
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