Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 3, Problem 1QR
To determine
Linear production possibility frontier .
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If the production possibilities frontier curve is linear and downward-sloping instead of bowed out, that indicates
An outward shift of a nation's production possibilities frontier can occur due to
Which of the following would cause an outward shift of the production possibilities frontier?
Chapter 3 Solutions
Principles of Microeconomics
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- The slope of the production possibilities frontier is calledarrow_forwardBread В A • Steel The graph shows the production possibility frontier for a country that can use it's resources to make either bread or steel. According to the graph, the opportunity cost of shifting reasources from making bread to making steel is increasing constant decreasingarrow_forwardWhich 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_forward
- Does the slope of the production possibilities frontier become smoother as more and more producers are added to production?arrow_forwarddraw a production possibility frontier showing a combination of two goods that a country could produce and an area of inefficiency and another unattainablearrow_forwardA point inside the production possibilities frontier is___ while a point outside the frontier is ____.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_forwardWhat is a production possibility curve and explain points of efficiency, inefficiency, and not attainable.arrow_forwardHow is the success of economic policy measured?arrow_forward
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