Distinguish between Micro and Macroeconomics The production possibility frontier indicates the various combinations of output that an economy can produce given the available factors of production and technology;Explain any five assumptions of the production possibility frontier Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency Explain any five factors that may cause change in the shift of the production possibility curve

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Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 6SQP

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Distinguish between Micro and Macroeconomics
The production possibility frontier indicates the various combinations of output that an economy can produce given the available factors of production and technology;
Explain any five assumptions of the production possibility frontier
Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency
Explain any five factors that may cause change in the shift of the production possibility curve

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