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![1. What is a production possibility curve and explain points of efficiency, inefficiency, and not attainable.
2. Explain the law of increasing opportunity cost in a production possibility curve. What is the reason for increasing opportunity cost?
3. How can a country experience economic growth?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdef86867-9af1-454c-b9f5-049ebb3b5e1a%2Ff44f3dcf-70cb-4dba-9e42-10b2166d523a%2F18yfz1r_processed.jpeg&w=3840&q=75)
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- Economic growth. Two key sources of economic growth have been due to increases in resources and increases in productivity. a. Please explain 5 factors that might contribute to falling U.S. GDP growth rates. b. Explain in detail, what we could do to avoid each of those 5 factors causing our GDP growth rates to fall. c. Please explain 5 factors that might contribute to rising U.S. GDP growth rates. d.Explain in detail, what we could do to cause each of the 5 factors to happen and cause our GDP growth rate to increase.Choose the correct statement about economic growth theories. A. Modern-day Malthusians point to global warming and climate change as reasons to believe that eventually real GDP per person will decrease. B. Classical growth theory tells us profit is the spur to technological change. C. According to new growth theory, growth occurs because knowledge and physical capital do not experience diminishing returns. D. New growth theory is sometimes called Malthusian theory.What is the likely effect of increasing public investment in higher education on a country's long-term economic growth? A. It will lead to a decrease in economic growth due to higher taxes. B. It will have no effect on economic growth. C. It will lead to higher long-term economic growth due to an improved labor force. D. It will initially boost economic growth but lead to a decline in the long run.
- Question 5 Sort the items below according to whether they promote economic growth, inhibit economic growth, or have no effect on economic growth A. The use of competitive markets to allocate goods and services A. Promote economic growth A. The creation of a price floor on sugar B. inhibit economic growth A. Laws preventing industrial espionage C. No effect on economic growth Clear laws regarding the transfer of property A corrupt government The development of regulations that make creating a small business difficult A. B. B. B. A nation's central bank declares it will print money to pay for government expenditures. A Moving to another question will save this response. O D 2: hp 51°FAnswer d only a. What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process? c. What is meant by economies of scale and what is the importance of this concept to economic growth? d. Suppose that society decided to reduce consumption and increase investment.i. How would this change affect economic growth? ii. What groups in society would benefit from this change? iii. What groups might be hurt?ANSWER B AND C ONLY! a. What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process? c. What is meant by economies of scale and what is the importance of this concept to economic growth?
- 2. Economic Growth a. What is economic growth in your own words? Increase in the production of economic goods and services. b. What are factors that affect economic growth? Physical, natural, human resources, and technologyEconomic growth is the expansion of production possibilities and is described as a leftward shift of the production possibilities frontier. a.False b.TrueEconomics 1. Explain the need for technological innovations as a driver for economic development. 2. Economic development is influenced by population. Population growth leads to increase in production (supply) and increase in consumption (demand). What effects could arise from these changes towards the resources the communities have and how can we address the effects?
- Using a simple model of the Production Possibilities Curve (PPC), label points that show inefficient, and efficient, unattainable production. What are the major assumptions of the underlying the model?b. Use a second model to illustrate the difference between economic expansion and economic growth.True or False 1. The end of economic development is the improvement of quality of life and capabilities so long as a substantial number of people benefits. 2. What a country has for its resources determines to a great extent its ability to influence the decision-making processes of another country. 3. As globalization disposes integration of national economies, countries must expand it into international markets. 4. Income levels, attrition rate in school enrollment, incidence of migration from rural to urban centers are among the non-economic variables in determining extent of economic development. 5. For economic development to become manifest, it must be a result of the interplay of economic and non-economic factors.1. Define production. 2. Give the production function. Name & explain each variable. 3. How does each variable in the production function reflect economic prosperity for a nation?
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