Economic growth is represented on a production possibilities frontier model by the production possibilities frontier shifting outward. shifting inward. becoming steeper. becoming flatter.
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- Compare and contrast the different economic systems: Free Market; Command & Control; Hybrid. - The Production Possibilities Frontier/Curve (PPF/PPC) Computing opportunity cost Identify feasible and infeasible production Know the model assumptions How economic growth in the model Identify economic growth in the PPF/PPCEconomic growth is the process of Group of answer choices All of the above producing more agricultural products and more industrial products. increasing real output. expanding the production possibilities frontier.Long-run growth occurs when an economy:(a) makes use of existing but underutilized productive capacity.(b) expands its productive capacity by acquiring new resources or making better use of existing resources.(c) moves from one point to another on its production possibility frontier.(d) moves from a point inside its production possibility frontier to a point on the frontier
- On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward. True FalseUnder the assumption of the PPF, exonomic growth can be represented by which of the following: A. An i ward shift of the production possibility frontier B. A movement along the production possibility frontier C. An outward shift of the production possibility frontier D. A decission by the government to produce inside the production possibility frontierFinancial development, social capital, favourable business regulation, trade openness are different aspects of ‘social capability’ influencing innovation processes and, therefore, economic development. Make a ranking of these factors according to their observed degree of importance for economic development.Explain why ‘inclusiveness’ and ‘equality in opportunities’ can strengthen the innovation capability of an economy?
- Economic growth is the expansion of production possibilities and is described as a leftward shift of the production possibilities frontier. a.False b.TrueEconomic growth in a PPF is shown as a movement down/right along the frontier. a. True b. FalseList and discuss the two (2) main factors of economic growth according to the production possibility frontier model.
- This is associated with the Knowledge Economy:A) The beginning of the settlement of people in townsB) The beginning of the widespread use of computersC) The beginning of the factory systemD) None of the aboveFinancial development, social capital, favourable business regulation, trade openness are different aspects of ‘social capability’ influencing innovation processes and, therefore, economic development. Make a ranking of these factors according to their observed degree of importance for economic development. Explain why ‘inclusiveness’ and ‘equality in opportunities’ can strengthen the innovation capability of an economy.Which of the following does not exemplify the globalization of education? A. Countries are striving to develop “world-class universities” for a global knowledge economy B. Cooperation among universities to advance knowledge frontiers and promote social and cultural similarity C. Higher educational institutions become agents of globalization D. Shift to K to12 basic education in the Philippines