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- CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Environmental issues affect, and are affected by, economic development. 2. Inclusion of women in the design of environmental policy is important.Imagine a country XYZ that produces only two goods—chairs and tables. Together, the chairs and tablesindustries use all of the economy’s factors of production. The table below shows the productionpossibilities for XYZ:Production Possibilities for XYZChairs Tables600 0450 150300 250150 325 0 375 use the slope (rise/run) to solve it and describe what happen a. What is the opportunity cost of increasing chairs production from 450 chairs to 600chairs? b. What is the opportunity cost of increasing tables production from 250 tables to 325tables?please solve d and e Imagine a country XYZ that produces only two goods—chairs and tables. Together, the chairs and tablesindustries use all of the economy’s factors of production. The table below shows the productionpossibilities for XYZ:Production Possibilities for XYZChairs Tables600 0450 150300 250150 325 0 375a. Draw a Production Possibility Frontier for the country using the information in tableabove. b. What is the opportunity cost of increasing chairs production from 450 chairs to 600chairs?c. What is the opportunity cost of increasing tables production from 250 tables to 325tables?d. Plot the point denoting 300 chairs and 300 tables on your graph above. Is this point“feasible”? Why or why not?e. Plot the point denoting 300 chairs and 50 tables on your graph above. Should XYZ beproducing at this point? Why or why not?
- Draw a production possibility frontier. The vertical axis shows theproduction of public sector goods and the horizontal axis showsproduction of private sector goods. The economy is currentlyproducing at point A on the frontier where 50 per cent of allproduction is devoted to public sector goods and 50 per cent toprivate sector goods.(a) Mark the following points on your drawing.(i) Point A.(in) Point B which shows production following the election of agoverment which increases government spending on botheducation and the National Health Service.(ili) Point C where unemployment is present in the economy.(iv) Point D where the government takes over production of allgoods and services in the econory.(b) Draw another diagram putting on it the original productionpossibility Frontier you drew for (a), labelling it AA.(i) Draw a new production possibility frontier on the diagram,labelling it PP, which shows the position after a devastatingwar has hit the economy.(in) Draw another PPF…CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Environmental problems result to future economic losses. 2. Poverty and ignorance may lead to non-sustainable use of environmental resources.Question 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient /State all that applies] Select one or more attainable unattainable efficient inefficient II
- CHOICES: a. Both statements are TRUE b. 1st statement is TRUE, 2nd is FALSE c. Both statements are FALSE d. 1st statement is FALSE, 2nd is TRUE STATEMENTS: 1. Economists are not concerned with the costs of global climate change. 2. Environmental problems have consequences both for health and productivity.________ can predict the Impact of an economic event on economic choices..16. Explain positive and normative statement with examples for each?
- S1: For urbanization to be economically sound, there must be efficient urban scaling. S2: Urbanization generally rules out the use of labor- intensive technology. A. True, True B. True, False C. False, True D. False, FalseEconomists may disagree because they havedifferenta. hunches about the validity of alternativetheories.b. judgments about the size of key parameters.c. political philosophies about the goals of publicpolicy.d. All of the above.Why do economists use the ceteris paribus assumption?