Question

A nation's production possibilities curve is "bowed out" from the origin because
a. resources are not equally efficient in producing every good
c. resources are scarce
d. wants are virtually unlimited

. John has a paper route and spends all his weekly allowance on hamburgers and pop. The price of a hamburger is $2 and the price of a pop is $1. every week John buys 20 hamburgers and 10 pop. If the price of a hamburger rises to $4 (because of a ban on beef imports) and the price of a pop falls to 50 cents. Draw indifference curves to answer the following:

a)
How many hamburgers and pops will John buy now?

John will now buy 10 hamburgers and 20 pops.

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