Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 3, Problem 1QR
To determine
Linear
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Define and describe the production possibilities frontier model.
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Brief Principles of Macroeconomics (MindTap Course List)
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- Which of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the abovearrow_forwarddraw a production possibility frontier showing a combination of two goods that a country could produce and an area of inefficiency and another unattainablearrow_forwardwhat is industial policy.arrow_forward
- Ron can either workout or make sushi rolls. It takes him 40 minutes to finish 1 workout and 20 minutes to make 1 sushi roll. If he has 120 minutes to do these two activities, what is the equation of the production possibility frontier (PPF) that describes the tradeoff between these two activities? (Assume workouts are on the x axis and sushi rolls are on the y axis) A y=6-2x B y=3-0.5x C y=3-2x D y=6-0.5xarrow_forwardGive an example of how free trade does not always produce “winners.”arrow_forwardIncreasing opportunity costs result in a production possibilities frontier that is concave; C: linear; D: horizontal) to the origin. (A: convex; B:arrow_forward
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