If PPC shifts to the left, it means:(a) Resource are destroyed(b) More unemployment(c) Use of outdated technology(d) All of the above

The tradeoffs being associated with the allocation of resources between the levels of production of…

Answered: If PPC shifts to the left, it means:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q1) Discuss the differences between the constant opportunity cost and the increasing opportunity cost in terms of Production Possibility Curve. ie.) the shapes of PPC and the main assumption behind these two.
Acme supply is analyzing a Production Possibilities Curve that compares the production of wrenches( x-axis) to the production of pliers (Y-axis). If the slope of the PPC is 2, the opportunity cost of producing pliers in terms of wrenches is
Explain what happens to the PPF when: Covid-19 increases the number of unemployed workers in a nation, A global pandemic results in 6 million cases and 400,000 deaths and a switch to online delivery, increases access to education in the nation's colleges and universities but might have a detrimental impact on the quality of education.
The diagram above shows two PPF curves. Answer the following questions. Which of the two points on the PPF-1 will allow this economy to grow more quickly to reach PPF-2? Explain. If the economy is operating at point A, what does this mean? (one sentence) ( Assume at this point in time the economy is operating at point D, what does this mean? Describe two major changes in the economy that will help the economy move to point B. What does it mean when the PPF is represented by a curve and not a straight line?
Homework (Ch 03) Attempts: Keep the Highest: 3/4 2. Gains from trade Consider two neighboring island countries called Contente and Felicidad. They each have 4 million labor hours available per week that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor. Rye Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 6. 12 Felicidad 16 Initially, suppose Contente uses 1 million hours of labor per week to produce rye and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce rye and 1 million hours per week to produce jeans. Consequently, Contente produces 6 million bushels of Is rye and 36 million pairs of jeans, and Felicidad produces 12 million bushels of rye and 16 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each…
Consider the following production possibilities curve (PPC) for an economy that produces two goods- cotton and bananas, both measured in tonnes produced per year. (0, 1500) A (100, 1440) B Tonnes of Cotton 1500 1000 500 0 100 100 tonnes of cotton 360 tonnes of cotton 300 tonnes of cotton. (200, 1280) 920 tonnes of cotton. 200 Tonnes of Bananas (300, 920) 300 Suppose the economy is currently producing at Point C. What is the opportunity cost of increasing production of bananas to 300 tonnes at Point D? E (360, 500) F (400,0) 400
Give a specific example of what would cause the PPF to shift outward. Give a specific example of what would cause an economy to move from a point inside the PPF to a point on the PPF.
Refer to the information provided in Figure 1 below. Which of the following causes the ppf to shift from ppf2 to ppf3? Group of answer choices Technological progress An increase in the labor force An increase in capital stock All of the above
Match the following Regional Trade Agreement examples to the Type of Regional Trade Agreement to which it corresponds. EU Treaty, Asia Pacific Trade Agreement (APTA), MERCOSUR, US-South Korea FTA, Central American Common Market, NAFTA, Economic European Area (EEA), Latin American Integration Association (LAIA), CARICOM-Venezuela Trade & Investment Agreement, CARICOM, APEC, European Free Trade Association (EFTA) Types of Regional Trade Agreements Customs Union Free Trade Agreement Partial Scope Agreement Economic Integration Agreement Free Trade Agreement & Economic Integration Agreement Partial Scope & Economic Integration Agreement Customs Union & Economic Integration Agreement
Because of conflict and instability in Country X, millions of its citizens emigrate to Country Y. Which of the following best explains what will happen to Country Y's production possibilities curve (PPC)? A C E It will move to a point on its PPC at which it produces only consumer goods B It's PPC will not change, but consumption of goods will decrease Its PPC will shift outward over time-- D It will move to a point inside its PPC, indicating slower growth Its PPC will shift inward over time
If an economy begins to use its resources more effeciently, it will move further away from it PPf
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If PPC shifts to the left, it means: (a) Resource are destroyed (b) More unemployment (c) Use of outdated technology (d) All of the above