Which of the following would shift an economy's production possibilities curve to the left?Select one:O a. the country discovers a new energy sourceO b. dramatic increases in economic growthO c. a major increase in the number of people in the labour forceO d. an increase in the retirement ageO e. the country experiences a major natural disaster affecting its capital goods According to a recent study of Chilean bus drivers, drivers who are paid by the number ofpassengers they transport have higher productivity than drivers who are paid by the hour.Thisresult is an example of which principle of economics?Select one:O a. People respond to incentives.O b. Rational people think at the margin.Oc. The cost of something is what you give up to get it.O d. The law of diminishing returns.O e. People face tradeoffs.е.

The production possibility curve illustrates the combination of two goods that can be produced with…

Answered: Which of the following would shift an…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 7P

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Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O . Because shrinking population has reduced the number of productive workers in the economy O d. Because technological innovations have increased the productivity of labour and capital
Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O c. Because technological innovations have increased the productivity of labour and capital O d. Because shrinking population has reduced the number of productive workers in the economy Next page IMG_7969.jpeg
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Which of the following will NOTshift a country's production possibilities frontier outward? O A. An increase in the capital stock. O B. An increase in the labour force. O C. An advance in technology. O D. A reduction in unemployment.
The production possibility curve shows all the following except O a. Economic growth O b. The law of demand O c. The supply curve of 2 goods O d. The law of increasing opportunity cost O e. Inefficiency in production
Blast from the Past: Which would be likely to shift the production possibilities curve to the right? O A decline in the labor force O Shifting resources to the production of consumer goods O An increase in consumer wants O An increase in the general level of education of the labor force
QUESTION 9 Any point inside the production possibilities curve indicates. O A. the presence of technological change O B. that resources are imperfectly substitutable among alternative C. the presence of inflationary O D. that more output could be produced with the available uses. pressures resources
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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give 1 of the following statements that is NOT true regarding the production function and the production possibilities curve?a. Both the production fuunction and the production possibilities curve maximise the amount of output attainable.b. The production function describes the capacity of a single firm, whereas the production possibilities summarises theoutput capacity of the entire economy.c. A production function tells us the maximum amount of output attainable from the use of all resources.d. The production possibilities curve expresses the ability to produce various combinations of goods given the use of allresources
2. Which of the following is not an assumption that underlies an economy's production possibilities curve? A. fixed income B. fixed resources C. unchanged technology D. fully employed resources

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