Graphically explain how each of the following events affects the location of acountry's production possibilities curve:i. The quality of education increases.ii. The number of unemployed workers increases.iii. A new technique improves the efficiency of extracting copper from ore.iv. A devastating earthquake destroys numerous production facilities.

A production possibility curve shows various combinations of two goods that can be produced with the…

Answered: Graphically explain how each of the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is not correct? Multiple Choice An increase in a nation's labor supply will cause its potential output to increase. Economic growth can be illustrated by an expansion of a nation's production possibilities curve. An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of resources will not. New technologies or new ways of producing output can cause a nation's production possibilities curve to shift outward.
mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and Donovan can produce 75 capital or 60 consumables. What is the opportunity cost for capital?
When economic growth occurs, the production possibilities frontier shifts outward but no longer limits the amount that can be produced. economy moves along its production possibilities frontier. production possibilities frontier shifts outward. production possibilities frontier becomes steeper.
assume county is in recession . assume the county only produces food and clothing draw a correctly labeled a production possibilities curve for the county show a point that could represent the current output combination label a
Which of the following would most likely shift the production possibilities curve inward? Otechnological progress an increase in the production of capital goods an increase in the number of hours factories are in use a decrease in the average number of hours worked per week
Farm-A and Farm-B grow the following amounts of potatoes and cabbage in their famrs: Farm-A takes one week to produce 101 units of potatoes and 207 units of cabbages Farm-B takes one week to produce 127 units of potatoes and 169 units of cabbages a) What is the opportunity cost of Farm-A to produce 20 units if cabbages Give your answer in 2 decimal places b) What is the opportunity cost of Farm-B to produce 12 units of potatoes Give your answer in 2 decimal places
More than 200 years ago, Adam Smith argued that the wealth of nations depends upon gains from (a) specialization and trade, (b) expanding the size of the market, and (c) discovering better (more productive) ways of doing things. Explain why you either agree or disagree with Smith's view.
Draw a marker diagram showing how the equilibrium point changes if the production technology improves all else equal
© Macmillan Learning Production, Economic Growth, and Trade. - End of Chapter Problem Ice cubes are an enjoyable product that many take for granted since they are easily produced in a freezer. But prior to the invention of refrigeration in the late 19th century, obtaining ice in warm climates required it to be imported from cold environments, making it an expensive luxury item. The new technology of refrigeration increased allocative efficiency neither production nor allocative efficiency production efficiency both production and allocative efficiency in the economy.
The attainable production points on a production possibilities curve are?
1. Explain the Malthusian trap using graphs. 2. Is technological progress enough to free an economy from the Malthusian trap? Use graphs to answer the question.

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