Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 2, Problem 20CTQ
During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?
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During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?
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Under what circumstances in the Philippines can we operate outside the production possibilities curve? Explain your answer.
Chapter 2 Solutions
Principles of Economics 2e
Ch. 2 - Suppose Alphonsos town raised the price of bus...Ch. 2 - Return to the example in Figure 2.4. Suppose there...Ch. 2 - Could a nation be producing in a way that is...Ch. 2 - What are the similarities between a consumers...Ch. 2 - Individuals may not act in the rational,...Ch. 2 - Would an op-ed piece in a newspaper urging the...Ch. 2 - Would a research study on the effects of soft...Ch. 2 - Explain why scarcity leads to tradeoffs.Ch. 2 - Explain why individuals make Choices that are...Ch. 2 - What is comparative advantage?
Ch. 2 - What does a production possibilities frontier...Ch. 2 - Why is a production possibilities frontier...Ch. 2 - Explain why societies cannot make a choice above...Ch. 2 - What are diminishing marginal returns?Ch. 2 - What is productive efficiency? Allocative...Ch. 2 - What is the difference between a positive and a...Ch. 2 - Is the economic model of decision-making intended...Ch. 2 - What are four responses to the claim that people...Ch. 2 - Suppose Alphonsos town raises the price of bus...Ch. 2 - During the Second World War, Germanys factories...Ch. 2 - It is clear that productive inefficiency is a...Ch. 2 - What assumptions about the economy must he true...Ch. 2 - Do economists have any particular expertise at...Ch. 2 - If the price of a magazine is 4 each, what is the...Ch. 2 - If the price of a pie is 12, what is the maximum...Ch. 2 - Draw Maries budget constraint with pies on the...Ch. 2 - What is Maries opportunity cost of purchasing a...
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Similar questions
- The 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_forwardDuring the American Civil War, the South’s factories and farm land were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect the South’s production possibilities curve (draw the diagram)? How did the war affect the North’s production possibilities curve (draw the diagram and explain)?arrow_forwardShifts in production possibilities Suppose South Africa produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for barley, an agricultural good, and locomotives, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.arrow_forward
- Generally, opportunity costs increase and the production possibilities curve bows outward. Why?arrow_forwardSuppose the fictional country of Katmai produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for millet, an agricultural good, and microprocessors, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a breakout of avian flu that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. MICROPROCESSORS (Thousands) 180 150 120 90 60 30 30 o 70 770 140 PPF 210 280 350 420 MILLET (Millions of bushels) PPFarrow_forwardThe attainable production points on a production possibilities curve are?arrow_forward
- Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities frontier is provided in the table above. Suppose that a new technology affects Cheese production by making it possible to produce more cheese with a given amount of milk.How will this innovation in cheese industry affects the Production Possibilities Frontier. Explain your answer.arrow_forwardConsider the production possibilities frontier below. Assume that an economy is producing the mix of outputs represented by point A. What would have to happen in order for this economy to produce at point B? Output 2 Technological progress A recession Output 1 Giving up some output 1 to produce more output 2 A decrease in taxesarrow_forwardAn inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?arrow_forward
- how does discovery of a new source of oil affects the production possibilities curve?arrow_forwardSuppose Canada produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities curve (PPC) for wheat, an agricultural good, and industrial robots, a capital good. Drag the production possibilities curve (PPC) on the graph to show the effects of a breakout of a pandemic that sickens millions of workers. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. (?) INDUSTRIAL ROBOTS (Thousands) 420 350 280 210 140 70 0 40 PPC 80 120 160 WHEAT (Millions of bushels) 200 240 68 PPCarrow_forwardSuppose there is rovement in medical technology that enables more healthcare with the same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education?arrow_forward
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