Time leIf in a previously fully employed economy, some workers were to become unemployed, how would you show thischange on the production possibility frontier?Select one:O a. The PPF would shift outward.O b. The PPF would shift inward.O c. The PPF would pivot inwardsO d. The PPF would pivot outwardsO e.The point representing output on the PPF would shift inside the line.Next

Production possibility frontier shows combinations of goods that can be produced using all the…

Answered: If in a previously fully employed…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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As the economy recovers from a recession, a decrease in the cyclical unemployment rate A. shifts the PPF outward. OB. moves the economy from a point inside the PPF to a point closer to or on the PPF. OC. shifts the PPF inward. O D. moves the economy from a point on the PPF to a point inside the PPF. OE. moves the economy's point of production along the PPF. ***
A TO d b C BO Q2. Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If the price of good A increases, the new equilibrium is most likely to be O a. point h. O b. point d. O c. pointe. O d. point b. O e. point f.
If Korea is currently producing at efficiency, and it proceeds to increase the production of missiles, then, as long as nothing else changes, its: O A. Production-possibilities curve will shift outward. O B. Production-possibilities curve will shift inward. O c. Production of non-military goods will increase. O D. Production of non-military goods (civilian goods) will decrease.
Table 2 Production possibilities for one week for Simran and Preet Simran Preet Good X Good Y Good X Good Y 40 160 30 10 120 20 20 20 80 40 10 30 40 60 0. 40 80 Refer to Table 2. What is true about this economy? Check all options that you think are correct. More than one option may be correct. O A. Both Simran and Preet will gain from trade if Simran sells 20 units of Y and Preet sells 80 units of X. O B. Both Simran and Preet will gain from trade if Simran sells 20 units of X and Preet sells 80 units of Y. OC. Preet has an absolute advantage in production of both goods, therefore, Preet cannot gain from trade with Simran. O D. This economy does not have a trade combination that would benefit both Simran and Preet. O E Both Simran and Preet will gain from trade if Simran sells 30 units of Y and Preet sells 60 units of X. O F. Both Simran and Preet will gain from trade if they trade a half of the quantity of the good each of them makes when they specialize according to their comparative…
The figure shows an economy's production possibilities frontier and identifies some production points. We can produce all combinations O A. inside the PPF and on the PPF O B. on the PPF and outside the PPF O C. on the PPF but not inside or outside the PPF D. inside the PPF, on the PPF, and outside the PPF O E. inside the PPF but not on the PPF or outside the PPE
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Wine (thousands of bottles per year) The figure shows the production possibility frontier for a country. Suppose the country is producing at point E. What would be the opportunity cost to increase the production of wine to 9 thousand bottles? B 15 12 O A. 12 tons of rice B. 3 tons of rice D 9 O C. 15 thousand bottles of wine 6. D. Nothing, it is a free lunch 3 E. 9 thousand bottles of wine 12 15 Rice (tons per year) 3 6
In the production possibilities frontier depicted in the figure above, what is the opportunity cost of increasing the production of bananas from two million pounds to three million pounds? Use a production possibilities frontier to analyze opportunity costs and trade-offs. Hats (millions per year) 5 4 3 2 1 0 1 2 3 4 5 6 Bananas (millions of pounds per year) O 1/2 million hats 1 million hats O 2 million hats O 3 million hats
Suppose that United States is currently producing two goods: tanks and cars using its current resources. As the country is preparing for a war, it intends to produce more tanks and to do so, it starts coverting its car factories into tank factories. Which of the following is true? O The production possibilities curve will show the increasing opportunity costs as more tank is produced. The production possibilities curve for cars and tanks will shift outward. O The production possibilities curve will show decreased opprotunity costs as more tank is produced. O The production possibilities curve will shift inward.
Which of the following is correct about the production possibilities curve? An economy can produce only on the production possibilities frontier line given its current available resources and technology. O An economy can produce at any point inside or outside the production possibilities frontier given its current available resources and technology. O An economy can produce at any point inside the production possibilities frontier, but not on the frontier without discovery of new resources or technology or real economic growth. O An economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier without discovery of new resources or technology or real economic growth. O An economy can produce at any point on or inside the production possibilities frontier, but government price controls are needed for economy to produce beyond the frontier line.
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14. Which of the following is correct? a. The PPF must be concave. b. The PPF must be a straight line. c. The PPF must be downward sloping. d. The PPF must be upward sloping 15. Which of the following(s) is/are the reason(s) causing the change of PPF in Figure 3? Figure 3: Change of PPF Quantity 25 of 20 Bananas New PPF with economic growth 15 10 Original frontier 10 20 30 40 50 60 Quantity of Fish a. There is an increase in workers producing bananas. b. There is an increase in ships for fish hunting. c. There is an advance in agricultural technology. d. All of the above.

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