Exploring Economics
8th Edition
ISBN: 9781544336312
Author: Sexton
Publisher: Cengage
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Question
Chapter 20, Problem 9P
To determine
(a)
To explain:
Whether on-the-job experience would improve the productivity of labor and will lead to
To determine
(b)
To explain:
Whether vocational school would improve the productivity of labour and will lead to economic growth.
To determine
(c)
To explain:
Whether a decrease in the amount of capital per worker would improve the productivity of labour and will lead to economic growth.
To determine
(d)
To explain:
Whether improvement in the management of resources would improve the productivity of labour and will lead to economic growth.
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Students have asked these similar questions
1. Imagine a society that produces military goods
and consumer goods, which we'll call "guns"
and "butter."
a. Draw a production possibilities frontier for
guns and butter. Using the concept of
opportunity cost, explain why it most likely
has a bowed-out shape.
b. Show a point that is impossible for the
economy to achieve. Show a point that is
feasible but inefficient.
c. Imagine that the society has two political
parties, called the Hawks (who want a strong
military) and the Doves (who want a smaller
military). Show a point on your production
possibilities frontier that the Hawks might
choose and a point the Doves might choose.
d. Imagine that an aggressive neighboring
country reduces the size of its military. As a
result, both the Hawks and the Doves reduce
their desired production of guns by the same
amount. Which party would get the bigger
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butter production? Explain.
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