Microeconomics
Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 1, Problem 1RQ
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1. Improvements in technology. 2. Increases in the supply (stock) of capital goods 3. Purchases of expanding output. 4. Obtaining the optimal combination of goods, each at least-cost production. 5. Increases in the quantity and quality of natural resources. 6. Increases in the quantity and quality of human resources. Multiple Choice Which set of items in the accompanying list would move an economy from a point inside its production possibilities curve to a point on its production possibilities curve? O 12.5, and 6 only Help 3 and 4 only Save & Exit
12 Mk Mc Graw Hill Connect 5. Refer to the following production possibilities table for con. sumer goods (automobiles) and capital goods (forklifts): LO1.6 a. Show these data graphically. Upon what specific assump- tions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increas- ing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve is producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technol- ogy allow production beyond the current production possi- bilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?!…
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