Economics (Book Only)
12th Edition
ISBN: 9781285738321
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 2, Problem 9QP
To determine
Effect of increase in population on material standard of living of people.
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True or false?
Consider two economies that spend different shares of their gross domestic product to R&D activities. Is it true that the economy with a larger share of R&D spending grows faster in the long-run?
Will an increase in average length of annual vacations cause the national economy's PPF to shift inward or outward?
How could a country shift its production possibilities curve to the right through improved technology?
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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- What are the components of economic growth? How does PPF is used to depict the economic growth of a country?arrow_forwardBillions of people in the world make two dollars a day or less. In fact, a billion people make less than one dollar a day. In such places, a loan of $100 or $200 makes a huge difference. That's where microloans from organizations such as Opportunity International come in. Opportunity International is an organization that grants microloans to people, mostly women, in developing countries so they can invest in a business. Those investments often lead to community growth and employment, and help the owners, themselves, to prosper on a moderate scale. The borrowers must pay back the money with interest—when they do, they can borrow more and keep growing. Opportunity International, unlike some other microlending organizations, also provides a banking function where entrepreneurs can safely put their money. They can also buy some insurance to protect themselves against loss. Opportunity International helps over a million people in over 28 countries, giving them the opportunity to change…arrow_forwardDraw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.arrow_forward
- Discuss how consumption affects poorer people nations.arrow_forwardAssuming the PPF is shifting from PPFo to PPFn, which of the following explains the cause or causes of the economic growth depicted in this Figure? a) This Figure represents growth due to an increase in resources and/or improvement in technology that are specific to the production of X. b) This Figure represents growth due to an increase in resources and/or improvement in technology that are specific to the production of Y. c) This Figure represents growth due to an increase in resources and/or improvement in technology that are not specific to either product. d) This Figure represents growth due to an increase in specialization.arrow_forwardDoes the absolute PPP imply the relative PPP? What about the other way around?arrow_forward
- choose an economical concept that is the most important for the domestic or global economy in your opinion? Explain why and how this will affect the economy in the short and long term.arrow_forwardExpanding resource supplies refers to A, the PPF shifts leftward B, An Increase in the quality and quality of resources C, Economic Development D, The Technology does not Increasearrow_forwardDo you believe the global village concept has been realized? If you do, why? If you don’t, given the nature of developments in the world today, do you have an idea of when we might see the fruition of the global village concept?arrow_forward
- What is a ppfarrow_forwardConstruct a production possibilities curve for a hypothetical country. Put public capital goods per year on the vertical axis and consumer goods per year on the horizontal axisarrow_forwardIn your opinion which economy is better. A closed economy or an open economy. Explain?arrow_forward
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