suppose jim is a brilliant attorney who can draft especially persuasive legal briefs.

by Miss Vanessa Oberbrunner Published 2 years ago Updated 1 year ago 6 min read

Which best describes whether Jim should hire an administrative assistant to help him?

Which best describes whether Jim should hire an administrative assistant to help him? Jim should hire an administrative assistant because the assistant would likely have a comparative advantage in performing administrative functions.

Which of the following would permit them to consume outside their respective production possibilities frontiers PPFs )?

Specialization and trade allow individuals to: consume outside their own production possibilities frontiers (PPFs).

Who has an absolute advantage in spreading mulch?

Zuckerberg can plant 20 trees or spread 30 mulch. Gates can plant 15 trees or spread 30 mulch. Who has the absolute advantage in spreading mulch? Neither has an absolute advantage in spreading mulch.

Which statement best describes the opportunity cost evident in the production possibilities frontier PPF for the corresponding figure?

Which statement best describes the opportunity cost evident in the production possibilities frontier (PPF) for the accompanying figure? The opportunity cost is constant because the PPF is a straight line. Economic growth is depicted on a production possibilities frontier (PPF) as an: outward shift of the PPF.

Can a country consume outside of its PPF?

The production possibilities frontier shows combinations of goods a country can produce. Without trade countries must consume at a point on their PPF's. With trade, a country can consume at a point outside of its PPF.

Can a country consume beyond its PPC?

A country can consume beyond its present production possibilities curve when it trades with other countries, thus taking advantage of different opportunity costs A production possibilities curve is bowed out, indicating increasing opportunity cost because of We can illustrate this problem with a PPC.

Which of the following would not lead to an outward shift of a future production?

Which of the following would NOT lead to an outward shift of a future production possibilities frontier (PPF)? Forgoing current consumption so that those resources can be used to produce new capital is called: investment.

What is Jim's opportunity cost of making 1 Stromboli What is Pam's opportunity cost of making 1 pizza?

What is Jim's opportunity cost of making 1 pizza? 2 stromboli. What is Pam's opportunity cost of making 1 stromboli? 1.5 pizzas.

How is opportunity cost Illustrated?

Opportunity cost can be illustrated by using production possibility frontiers (PPFs) which provide a simple, yet powerful tool to illustrate the effects of making an economic choice. A PPF shows all the possible combinations of two goods, or two options available at one point in time.Jan 13, 2020

What is Bo's opportunity cost of making 1 Stromboli?

Bo's opportunity cost of producing 1 unit of Stromboli is 25/50 = 0.5 units of pizza and Kenzi's opportunity cost of producing 1 unit of stromboli is 30/20 = 1.5 units of pizza.

What is a decrease in demand?

A decrease in demand is represented by a: shift of the demand curve to the left. The law of supply states that, all other things being equal, the quantity supplied falls when the price falls, and the quantity supplied rises when the price rises.

When did the Cash for Clunkers program start?

In 2009, the federal government created a program called Cash for Clunkers whereby consumers could trade in a less efficient car for a more efficient car and receive a higher value than they would have otherwise.

What is economics?

Economics is the study of: how to allocate resources to satisfy wants and needs. Suppose Jim is a brilliant attorney who can draft especially persuasive legal briefs. He also happens to possess some excellent administrative skills such as typing, filing, assembling binders and notes, and making reservations.