Mindtap Economics, 1 Term (6 Months) Printed Access Card For Arnold's Macroeconomics, 13th
13th Edition
ISBN: 9781337621397
Author: Arnold, Roger A.
Publisher: Cengage Learning
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Question
Chapter 2, Problem 7QP
(a)
To determine
Explain the given statement within the
(b)
To determine
Explain the given statement within the PPF framework.
(c)
To determine
Explain the given statement within the PPF framework.
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Hello, can you help me explain this?
Within the PPF framework, explain each of the following:
(a) a disagreement between a person who favors more domestic welfare spending and one who favors more national defense spending;
(b) an increase in the population; and
(c) a technological change that makes resources less specialized.
If a PPF is "bowed outward" from the origin, then which of the following can be true? (check all that apply)
The opportunity cost of producing another unit of the good on the y-axis decreases in terms of foregoing units of the good on the x-axis that are given up.
The opportunity cost of producing another unit of the good on the x-axis increases in terms of foregoing units of the good on the y-axis that are given up.
Inputs may be specialized for different uses
Each unit of labor isn't equally productive in producing every unit of each good
A 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 Resources
Chapter 2 Solutions
Mindtap Economics, 1 Term (6 Months) Printed Access Card For Arnold's Macroeconomics, 13th
Ch. 2.1 - Prob. 1STCh. 2.1 - Prob. 2STCh. 2.1 - Prob. 3STCh. 2.1 - Prob. 4STCh. 2 - Prob. 1QPCh. 2 - Prob. 2QPCh. 2 - Prob. 3QPCh. 2 - Prob. 4QPCh. 2 - Prob. 5QPCh. 2 - Prob. 6QP
Ch. 2 - Prob. 7QPCh. 2 - Prob. 8QPCh. 2 - Prob. 9QPCh. 2 - Prob. 10QPCh. 2 - Prob. 11QPCh. 2 - Prob. 12QPCh. 2 - Prob. 13QPCh. 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. 9WNGCh. 2 - Prob. 10WNGCh. 2 - Prob. 11WNGCh. 2 - Prob. 12WNG
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- 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 Resourcesarrow_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_forwardWhich of the following statements is incorrect regarding the PPF model? a. A decrease in resource availability would cause the PPF to shift in closer to the origin. b. Points that are currently outside of the PPF could be attainable with increased resource availability and/or improved technology. c. The points on the PPF where the curve touches the axes are clearly the best ones for the firm to produce. d. If the goods sector of an economy is being studied, the axes will be labeled consumer (or consumption) goods and capital goods. e. If an entire economy is being studied, the axes will be labeled goods and services.arrow_forward
- a) 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_forwardRefer to the information provided in Figure 1 below. Which of the following causes the ppf to shift from ppf2 to ppf3? Group of answer choices Technological progress An increase in the labor force An increase in capital stock All of the abovearrow_forwardSuppose there is an improvement in medical technology that enables more healthcare to be provided 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? Explain the effect on the production possibilities curve using the model. You will need to provide a picture of your PPC model and the changes in that occur. Explain what happens to the opportunity cost of education.arrow_forward
- Fill in the blank below Founded in 1975, the Group of Seven (G7) is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. Essentially, the G7 is the is the premier global forum for discussing economic issues. Institutionally, the G-7, long a developed market stronghold, has expanded into the G-20, thereby giving new members like China, India, Brazil, Mexico, and South Korea greater say in global governance. These new stakeholders typically advocate ____________views of trade promotion and investment regulation than those endorsed by the founding members of the G7. A) Similar B) Differentarrow_forwardWhich of the following is a normative statement? Higher expenditures on health care will reduce infant mortality rates. To improve our economic security, we should reduce our dependence on oil imports. Increased defense spending will lead to higher budget deficits. International trade leads to expanded consumption opportunities.arrow_forwardAcme supply is analyzing a Production Possibilities Curve that compares the production of wrenches( x-axis) to the production of pliers (Y-axis). If the slope of the PPC is 2, the opportunity cost of producing pliers in terms of wrenches isarrow_forward
- Refer to Figure 17.1. Which of the following causes the ppf to shift from ppf2 to ppf1? Group of answer choices a decrease in capital stock technological progress an increase in per capita income an increase in the labor forcearrow_forwarda) What will the value of the PPF/PPC be in a two factor model with L=Labor along the horizontal axis, and K=Capital along the vertical axis? Explain b) Look at a country’s Terms of Trade (T.O.T.). It is assumed that when the T.O.T. value increases the country’s wellbeing goes up, and when the T.O.T. value declines, the country’s wellbeing is reduced. Explain.arrow_forwardBetween a straight line PPF and a concave PPF, which one is more realistic? Why?Defend your answer.arrow_forward
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