Foundations of Economics, Student Value Edition (8th Edition)
8th Edition
ISBN: 9780134489230
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 6SPPA
To determine
Impact on
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
How can an economy increase the production of one good without reducing the production of another? Identify at least three factors that contribute to this increase and explain how they contribute to the increase.
Graphically explain how each of the following events affects the location of a
country's production possibilities curve:
i. The quality of education increases.
ii. The number of unemployed workers increases.
iii. A new technique improves the efficiency of extracting copper from ore.
iv. A devastating earthquake destroys numerous production facilities.
Draw a production possibilities curve
and show the impact of high
unemployment and low worker
participation.
Chapter 3 Solutions
Foundations of Economics, Student Value Edition (8th Edition)
Knowledge Booster
Similar questions
- The answer to, "What goods are to be produced?" deals with: who gets the goods. how tastes and preferences are determined. how resources are combined to produce goods and services. the kinds and quantities of goods and services produced.arrow_forward22.How would the Great Recession of 2007–2009 be pictured in a typical production possibilities curve?arrow_forwardDuring the American Civil War, the South’s factories and farm land were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect the South’s production possibilities curve (draw the diagram)? How did the war affect the North’s production possibilities curve (draw the diagram and explain)?arrow_forward
- Comment on the following statement. Analyze from an economic standpoint. Do you agree or disagree?a) Rising productivity means that it takes fewer workers to produce a given level of output. Productivity increases are therefore a source of unemployment“.b) It is impossible that you are worse off with a wage increase than you were before it“.arrow_forwardConsider a simple economy whose only industry is fishing. In this industry, productivity-the amount of goods and services a worker can produce per hour-is measured by the number of fish one fisherman catches per hour. In the following table, match each example to the productivity determinant it represents. Natural Resources Technological Knowledge Human Capital Physical Capital Examples per Worker per Worker per Worker A route fishing boats can follow to maximize their catch at different points in the day The skills workers develop through training before working on and piloting boats The boats in the fishing fleet The fertile waters in which the fish feed and breedarrow_forwardQUESTION 20 Which of the following is not an illustration of the notion of opportunity cost A. The production of more military goods means fewer resources are available for civilian goods. B. The land a Kansas farmer plants in wheat is not available for corn production. C. If I buy a pizza, I will not be able to afford a movie. D. A growing economy can produce more consumer goods and more capital goods at the same time.arrow_forward
- assume county is in recession . assume the county only produces food and clothing draw a correctly labeled a production possibilities curve for the county show a point that could represent the current output combination label aarrow_forwardAnswer the following questions: 1) What is the production possibilities frontier? 2) Why do economists use models? 3) How does a society benefit from the production of capital goods? 4) What is the opportunity cost to the society of investing in the capital? 5) Why do economists consider the bowed production possibilities curve to be more realistic? 6) How can societies achieve economic growth?arrow_forwardBased off of these choices, which of the following are facts about the U.S. economy? Select all that apply. A. Chinese imports account for less than 20% of all imports into the United States. B. The standard of living in the United States (as measured by real GDP per person) is higher now than it was 50 years ago. C. Most of the goods Americans buy are made in China. D. Federal government jobs have grown rapidly over the past few decades.arrow_forward
- Suppose the Hong Kong economy is under recession. How does it affect the opportunity cost of going to university? Explain your answer.arrow_forwardCalifornia' s modern economy, which has positioned it as among the most productive economies in the world, is increasingly based on which of the following: Group of answer choices *abundant natural resources *expanding manufacturing capabilities *knowledge-based services *tourismarrow_forwardYou are trying to decide whether to take vacation. Most of the cost of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs? You win $ 100 in a basketball pool. You have a choice between spending the money now and putting it away for a year in a bank that pays 5 percent interest. What is the opportunity cost of spending the $100 now? In what way was your standard of living different from that of your parents or grandparents when they were your age? Why have these changes occurred?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Microeconomics: Principles & PolicyEconomicsISBN:9781337794992Author:William J. Baumol, Alan S. Blinder, John L. SolowPublisher:Cengage Learning
Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co