Which of the following would most likely shift the production possibilities curve inward? technological 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

Which of the following would most likely shift the production possibilities curve inward? technological 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Production Possibility Analysis

The production possibility analysis comprises the production possibility frontier (PPF), or the production possibility curve (PPC) to evaluate a society or even an economy. The production possibility curve represents the cost that the society has to incur for choosing between two different commodities. It is assumed that an economy that operates at the highest production possibility curve is known to have a better standard of living which the society can achieve for producing the optimum level of output which it can produce given a specified number of factors of production or inputs or resources.

Question

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

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Any point on a country's production possibilities curve represents a combination of two goods that an economy will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.
The production possibilities curve can best be described as representing the economics principle of a) Scarcity b) Rational vs irrational behavior c) Supply and demand d) Law of unintended consequences
The following graph shows the production possibilities curve for an economy that produces Consumption goods and Capital goods. Use the graph to answer the following questions A) How do you describe what is happening as the economy moves from point P to point L? (discuss it in terms of economic efficiency) B) Which combination - K or M - can lead to faster economic growth in the future? How do you know? Explain your answer. C) If the economy is currently operation at point L, what is the opportunity cost of producing 10 more Capital goods (Moving from combination L to combination M)?
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Answer the following three questions based on the following graph for an economy. Wheat, tons ●C 0 B Tractors, number The choice of point B over point A as the optimal product mix for society would be based on: