Economics (Book Only)
12th Edition
ISBN: 9781285738321
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 2, Problem 1QP
(a)
To determine
Changes in U.S
(b)
To determine
Changes in U.S PPF when new oil is discovered.
(c)
To determine
Changes in U.S PPF when
(d)
To determine
Changes in U.S PPF.
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Students have asked these similar questions
In a production possibilities frontier graph, the cost of producing more units of a
good is measured by the
A) dollar value of the resources used to produce the good.
B) amount of the other good or service that must be forgone.
dollar value of the additional output.
area in the arc between the PPF and a straight line drawn between the
starting point and the ending point.
E) None of these answers is correct.
Use the diagram below uploaded to answer the questions that follow.
(a) What change could cause the PPF to shift from the original curve (HJ) to the new curve (MN)?
(b) Under what conditions might an economy be operating at point Z?
(c) Why might a government implement a policy to move the economy from Point V to Point W?
A global pandemic results in 6 million confirmed cases and the death of over 400,000 individuals.
What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer.
What happens to the PPF? Explain. Choose:
PPF shifts outwards
Produce inside PPF
Produce outside PPF
Increased production given resources
Increase in resources
PPF shifts inwards
Unused Resources
Chapter 2 Solutions
Economics (Book Only)
Ch. 2.1 - Prob. 1STCh. 2.1 - Prob. 2STCh. 2.1 - Prob. 3STCh. 2.1 - Prob. 4STCh. 2 - Prob. 1VQPCh. 2 - Prob. 2VQPCh. 2 - Prob. 3VQPCh. 2 - Prob. 4VQPCh. 2 - Prob. 5VQPCh. 2 - Prob. 1QP
Ch. 2 - Prob. 2QPCh. 2 - Prob. 3QPCh. 2 - Prob. 4QPCh. 2 - Prob. 5QPCh. 2 - Prob. 6QPCh. 2 - Prob. 7QPCh. 2 - Prob. 8QPCh. 2 - Prob. 9QPCh. 2 - Prob. 10QPCh. 2 - Prob. 11QPCh. 2 - Prob. 12QPCh. 2 - Prob. 1WNGCh. 2 - Prob. 2WNGCh. 2 - Prob. 3WNGCh. 2 - Prob. 4WNGCh. 2 - Prob. 5WNGCh. 2 - Prob. 6WNGCh. 2 - Prob. 7WNGCh. 2 - Prob. 8WNGCh. 2 - Prob. 9WNG
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- The nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each year. Prior to this law employer were not legally required to give employees any paid vacation time. What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer. What happens to the PPF? Explain. Choose: PPF shifts outwards Produce inside PPF Produce outside PPF Increased production given resources Increase in resources PPF shifts inwards Unused Resourcesarrow_forwarda) Why is the PPF curve bowed outward. Is it due to increasing opportunity cost or decreasing opportunity cost or constant opportunity cost Type and answer using only one of the underlined words above b) What happens to the PPF curve during a recession? Will it shift inward or outward or remains constant Type and answer using only one of the underlined words above c) Suppose a technology is banned due to its adverse environmental impacts. Would the production possibilty curve shift inward or outward or remain constant due to this Type and answer using only one of the underlined words above d) How will a policy encouraging more immigration would shift the production possibility forntier. It will shift inward or outward or remain constant Type and answer using only one of the underlined words abovearrow_forward(a) If PPF₂ in the graph that follows is the relevant PPF, then which points are unattainable? Explain your answer. (b) If PPF₁ in the preceding figure is the relevant PPF, then which point(s) represent productive efficiency? Explain your answer.arrow_forward
- Use the diagram attached to answer the questions that follow. (a) What change could cause the PPF to shift from the original curve (HJ) to the new curve (MN)? (b) Under what conditions might an economy be operating at point Z? (c) Why might a government implement a policy to move the economy from Point V to Point W?arrow_forwardor each of the following separate parts, you are required to draw one or two graphs. Make sure that you label both axes correctly. (a) Consider the demand for gasoline. Suppose more substitutes for gasoline are available. Draw a graph to show how the price of elasticity of demand for gasoline changes. (b) Country A produces two goods: chicken wings and pizzas. If unemployment rate increases, draw how the PPF of country A will change. Assume that opportunity costs are increasing. (c) Consider the market for new houses. Suppose the prices of the materials for building houses increase. Draw a graph to show how the equilibrium of market for new houses changes.arrow_forwardConsider farms in Ontario that produce corn or wheat on their land. Small farms have land that is varied in its suitability for growing corn and wheat. Large industrial farms have economies of scale--the more corn (wheat) they produce, the lower their costs. Draw a representative PPF for a small farm and an industrial farm. Explain the shape of your PPFS.arrow_forward
- Alice and Bob are both capable of producing goods X and Y. In one hour, Alice can produce one unit of each good. In the same amount of time, Bob can produce two units of each good. If Alice and Bob have access to the same amount of time, calculate the difference between the slope of Alice's PPF and the slope of Bob's PPF. (round to two decimal places if necessary)arrow_forwardThe production possibilities frontier (PPF) is a simplified economic model that illustrates the different combinations of two products that an economy can produce given the resources it has available. Assume the country of Turkey can produce only apples or oranges and answer each of the following questions A if a flood destroyed 20% of the farmland used to grow apples and oranges, which direction will Turkey's PPF shift /your answer should be "outwards" or "inwards") and why? B. Turkey decides to begin increasing, the production of oranges. Explain the implications of this using the term "opportunity cost" C An advancement in organic pesticide has allowed for less fruit to be damaged by pests. Explain how this change would alter the PPF.arrow_forwardUsing a production possibilities frontier (PPF) diagram, determine how does the PPF change in response to the events describe below. a) A relaxation of policies allowing more foreign direct investment into the country. b) Increasing the minimum wage level. c) A decrease in expenditure on research and development. d) An increase in the retirement age. e) Government policies supporting the provision of services, without affecting manufacturing.arrow_forward
- Help! The question is to Explain how the following situation would affect a nation's production possibilities curve. A category 5 hurricane destroys over 40% of the nation's productivity. The two questions are What happens to PPF and an explanation. The options for both are in the drop down.arrow_forwarda) The bowed outward PPF shows trade -off in production and cost of the good. b) If an economy discovers a new natural resource, its PPF would shift c) All the points inside the PPF indicate productively d) Bowed outward PPF shows that there is opportunity in the skill level of the worker. e) Before a country engages in international trade, it specializes in a good where it has advantage.arrow_forwardA switch to online delivery, increases access to education in the nation's colledges and universities, but might have a detrimental impact on the quality of education. What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer. What happens to the PPF? Explain. Choose: PPF shifts outwards Produce inside PPF Produce outside PPF Increased production given resources Increase in resources PPF shifts inwards Unused Resourcesarrow_forward
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