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All else equivalent, when the output of one good raises, the output of other goods: (1) Should fall in an underemployed economy. (2) May rise as well when society begins on its PPF. (3) Will drop in a
Can someone help me in finding out the right answer from the given options. Production possibilities frontiers can be employed to demonstrate why maximizing economic growth needs: (1) The amount of in
Maximizing the community's economic welfare needs production: (i) On production-possibility curve. (ii) Of minimum exports and maximum imports. (iii) Of more consumer durables and fewer services. (iv)
Deliberately acting in a way which cannot attain a wanted goal is: (w) rational behavior. (x) random behavior. (y) irrational behavior. (z) maximizing behavior. Can anybody suggest me the proper expl
When the production possibilities frontier in a proficient economy is not growing, raising the output of one good always needs: (i) Increasing the output price for the other good. (ii) Bigger amounts
For any given point on the production possibilities (or PPF) curve: (i) More economic welfare is achieved than from any points within the PPF. (ii) Moving to some other output combination should yield
The economy's present production possibilities frontier is not restricted by the: (1) Quantity and quality of labor force. (2) Amount of capital stock currently accessible. (3) Quantity and quality of
The principle which the simplest workable theory is also the fine is termed as: (i) positive analytics. (ii) minimalism. (iii) Occam's razor. (iv) simple-mindedness. (v) hypothesis testing. I need a
The country’s production-possibilities curve exhibits: (i) Which combination of goods are best for the society. (ii) Output combinations which fully employ society's resources. (iii) Demands for
Suppositions underpinning simple production possibilities frontier models don’t comprise a need that: (i) Net resources are fixed. (ii) All resources are efficiently employed. (iii) Technology i
Good economic models are: (1) intricate models of all aspects of the actual economy. (2) designed to create economics hard. (3) simplifications of the real world. (4) scientific only when expressed ma
Drawing a production possibilities frontier needs the supposition that: (1) Decision makers encompass discretion over resource accessibility. (2) Technology is constant. (3) Income is fairly distribut
Economic theories are: (w) true with definition. (x) generally excellent in theory but wrong during practice. (y) made up of generalizations regarding economic behavior. (z) normative, whereas economi
I have a problem in economics on Comparative advantage in production. Please help me in the following question. The oranges are grown in Florida and potatoes are grown in Maine mainly since: (i) orang
Economic efficiency tends to be improved via: (1) Divisions of labor in specialization and production and trade according to comparative advantage. (2) Maximization of the opportunity costs. (3) Under
A standard step while making a new economic theory is to: (w) properly blend normative and positive perspectives. (x) physically test this in an economics laboratory. (y) see when this predicts behavi
The first and most significant test a positive economic theory should pass to be acceptable entails an evaluation of how well this conforms to: (1) how things really work. (2) common sense. (3) normat
I have a problem in economics on Exchange and Specialization. Please help me in getting the right answer from the following question. Sarah the wheat farmer would be most probable to trade for fruit f
According to the advocates of free trade and World Trade Organization, each and every country potentially advantages from trade liberalization and the lowering of tariffs since each and every country:
Several parents ask children to write down lists of “things” they would like Santa to carry for Christmas, as well as to rank their “wants” in sequence. While gifts are positiv
Mutually beneficial exchange is probable whenever relative production costs vary previous to trade, is a manner to state the law of: (1) Positive profits from trade. (2) Comparative benefit. (3) Speci
Economic efficiency needs that, relative to the other goods which different individuals might consume, the people who value exact goods relatively the most should own and/or use all goods. Such princi
When a world famous concert pianist is as well the world's fastest short order cook, he would most likely gain the most financially through devoting: (i) Full time to frying burgers (ii) Full time to
Even people who are extremely good at everything couldn’t encompass: (i) absolute benefits in approximately everything. (ii) Much higher incomes than average. (iii) Comparative benefits in every
Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output prod