Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has experienced growth in both ice and fish production. Show this growth in relation to the production possibilities frontier (PPF) by moving each of the individual points accordingly, then answer the question. Bags of ice Number of fish PPF Which of the following economic activities have led to an increase in the standard of living worldwide over the last century? Only the most complete answer will be correct. investments in education and infrastructure increases in international trade increases in farm productivity increases in technology all of the above
Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has experienced growth in both ice and fish production. Show this growth in relation to the production possibilities frontier (PPF) by moving each of the individual points accordingly, then answer the question. Bags of ice Number of fish PPF Which of the following economic activities have led to an increase in the standard of living worldwide over the last century? Only the most complete answer will be correct. investments in education and infrastructure increases in international trade increases in farm productivity increases in technology all of the above
Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth
Section: Chapter Questions
Problem 8SQ
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Transcribed Image Text:Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has
experienced growth in both ice and fish production. Show this growth in relation to the production possibilities frontier (PPF) by
moving each of the individual points accordingly, then answer the question.
Bags of ice
Number of fish
PPF
Transcribed Image Text:Which of the following economic activities have led to an increase in the standard of living worldwide over the last
century? Only the most complete answer will be correct.
investments in education and infrastructure
increases in international trade
increases in farm productivity
increases in technology
all of the above
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