Re: ::: vuaskari.com ::: eco401 papers threads

On Fri, Nov 18, 2011 at 9:21 PM, Zahid <zahid678@gmail.com> wrote:

please give me the following questions answers

 

When constructing a typical production possibilities curve, economists assume that:

 

       ► Economic resources are underutilized.

       ► Resources are equally productive in many alternative uses.

       ► All available resources are employed efficiently.

       ► Production technology is allowed to vary.

 

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.). The PPF assumes that all inputs are used efficiently.

Read more: http://www.investopedia.com/terms/p/productionpossibilityfrontier.asp#ixzz1eCReIlYM

 

   

Which of the following is a normative statement?

 

       ► Intermediate microeconomics should be required of all economics majors in order to build a solid foundation in economic theory.

       ► The minimum wage should not be increased, because to do so would increase unemployment.

       ► Smoking should be restricted on all airline flights.

       ► All of the given options.

 

If a monopolist sets his output such that marginal revenue, marginal cost and average total cost are equal, economic profit must be:

 

       ► Negative.

       ► Positive.

       ► Zero.

       ► Indeterminate from the given information.

 

   

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