Answered: What ways that a country could shift…

Business

Economics

What ways that a country could shift its production possibilities curve to the right through improved technology.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter28: International Trade

Section: Chapter Questions

Problem 2P

See similar textbooks

Related questions

Q: Describe how global aging and declining population affect economic growth, living standards, and the…

A: The world's population is getting older at an unprecedented rate. With a fast diminishing…

Q: Discuss whether a government should always pursue a policy of free trade

A: The capacity of countries to import and export goods without tariffs or other restrictions is…

Q: Accumulation of capital and change in technology bring economic growth, which means that the PPF…

A: The Production Possibility Frontier is the locus point of all the different combinations of the two…

Q: Which of the following statements is false? ○ If there are only two goods, guns and butter, it is…

A: Efficient Point of production in an economy is said to be that point which lies on the…

Q: Use a production-possibility curve to show how resource growth and improvement in technology can…

A: A Production Possibility Curve (PPC) is a graph that shows all the possible combinations of two…

Q: Question 11 (1 point) If the country whose production possibilities curve is illustrated below, is…

A: Q1) movement along PPC results due to increasing opportunity cost of goods Shifts in ppc is due to…

Q: In a world where the only goods are cell phones and cereal: Jennereelam can produce: 80m kilos of…

A: According to the question given, Jennereelam can produce 80 million kilos of cereal and 200…

Q: Use the table below to answer the question. Production Chart Lemons Limes Country A 55 66 Country B…

A: Opportunity cost of producing a good is a decrease in production of other good needed.

Q: Draw a production possibilities frontier for a country that produces two goods: capital goods and…

A: (PPF) Frontier of Production Possibilities The production possibility frontier is a graphical…

Q: Explain how each of the following situations would affect a nation’s production possibilities curve…

A: Covid-19 worse affect all business activity and economic activity worldwide. IT pulls back the world…

Q: Name four things about our current economic system that would like to change, and briefly explain…

A: Economic system: It refers to the system under which government will try to provide resources to all…

Q: Which is not a benefit from specialization and trade? Multiple Choice World output is increased. The…

A: In a market, specialization refers to the situation when a firm tries to improve itself and produces…

Q: Richland: Wheat f. In which product does Prosperity have a comparative advantage? Prosperity: Wine…

A: Production possibility: - production possibility shows the different combinations of output that can…

Q: What are the properties of the production possibility curve

A: The production possibility curve, also called PPC is a curve that depicts the allocation of two…

Q: Economic growth means an increase in the ability of an economy capable to produce goods and…

A: Economic growth and development are the major goals of every country.

Q: Mexico can cultivate either 120 bushels of Oranges per acre or 200 bushels of Bananas per acre. What…

A: Opportunity cost refers to the value of something that must be given up to get the other goods and…

Q: Draw a production possibilities curve that shows the production of possibilities of the US

A: PPC shows the combination of two goods which a country can produce given it's resources and…

Q: Suppose labor and capital are the only two factors of production. If Malaysia has 3% of the world’s…

A: Here, it is given that an economy has two factors of productions that are labor and capital. It is…

Q: B Y

A: Production possibilities curve shows the different combinations of goods and services that a nation…

Q: Explain how each of the following situations would affect a nation’s production possibilities curve…

A: The production of a country depends directly on the nation's supply of the electricity.

Q: According to the theory of comparative advantage, countries gain from trade because ___a. trade…

A: In the international market, a theory of comparative advantage has its significance to define the…

Q: Use the table to answer the question: Corn (lb) Scarves(#) U.S. 20 10 Mexico 25 5 What is the…

A: Opportunity costs represent the potential benefits a personal, investor, or business misses out on…

Q: The advantage enjoyed by one country over another, when it has a lower opportunity cost in producing…

A: If country A is able to produce more amount of good X than country B with the same level of…

Q: Assume our standard model. In any hour, Andreas can knit 5 scarves or 2 hats. In any hour, Katya can…

A: Answer: Introduction: Comparative advantage: if a person has the least opportunity cost of producing…

Q: How could a country shift its production possibilities curve to the right through improved…

A: Production possibility curve shows various combinations of two goods that can be efficiently…

Q: Positive economics is: a. An investigation or statement that attempts to examine or understand how…

A: Positive economics is a stream of economics focused on identifying, quantifying, and explaining…

Q: Accumulation of capital and change in technology bring economic growth, which means that the PPF…

A: The law of scarcity notes that economic resources are limited, but the people's wants are not…

Q: When does a country have a comparative advantage over producing a good? Explain with examples.

A: Comparative advantage refers to an economy's ability to produce a given good or service at a lower…

Q: The table from the image provided shows the ability of two countries to produce TVs and chairs in a…

A: Absolute advantage basically refers to a situation in which one nation can manufacture certain…

Q: if a country's production possibilities boundary is drawn as a straight (downward -sloping) line…

A: Answer - Production Possibilities Curve - The production possibilities curve (PPC) is a graph that…

Q: Graphically explain how each of the following events affects the location of a country's production…

A: A production possibility curve shows various combinations of two goods that can be produced with the…

Q: What items would you include to figure out the opportunity cost of a vacation to Goa?

A: An opportunity cost is the cost that is likely to have an important place in an economy. The…

Q: How have changes in technology contributed to the globalization of markets and production? Would the…

A: Globalization refers to the spread of goods and services, technology, capital, information, and jobs…

Q: Under What circumstances the PPF would shift outward?

A: In economics, PPF stands for production possibility curve that provide information about the…

Q: If nick and Jesse specialize according to comparative advantage and produce efficiently they can…

A: To Know the comparative advantage each have on products, the opportunity cost of each person for…

Q: If Bishan wants to capitalize on comparative advantage in his life, then he should: produce either…

A: Comparative advantage is when a trader is able to produce goods and services at a lower opportunity…

Q: What are the economies according to the stages of development

A: Professor Rostow, a specialist on economic development and an economic historian has divided the…

Q: Most of the world's goods and services are still sold in_______________. A) the countries where…

A: When the firm produces goods and services in a nation then its aim of generating maximum revenue is…

Q: What is the reason for increasing opportunity costs? Why do the production frontiers of different…

A: What is the reason for increasing opportunity costs? Answer: Opportunity cost is the value of the…

Q: A PPF bows outward because?

A: Answer - Production possibility curve represents the maximum amounts of a pair of goods that can…

Q: Is it possible to not have a comparative advantage at anything? Why or why not?

A: We define opportunity cost as the value of the next best alternative forgone. Comparative advantage…

Q: Other things equal, if Mexico devotes more resources to train its population than Spain, O A) Mexico…

A: Spain's diversified economy depends on textiles Tourism industry, pharmaceuticals, footwear,…

Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

Question

100%

What ways that a country could shift its production possibilities curve to the right through improved technology.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How could a country shift its production possibilities curve to the right through improved technology?
Draw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.
Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: The quality of education increases.
Accumulation of capital and change in technology bring economic growth, which means that the PPF keeps shifting outward: Production that was unattainable yesterday becomes attainable today; production that is unattainable today will become attainable tomorrow. Why doesn’t this process of economic growth mean that scarcity is being defeated and will one day be gone?
Explain how this situation would affect a nation’s production possibilities curve: The quality of education in the nation’s colleges and universities improves greatly.
if a country's production possibilities boundary is drawn as a straight (downward -sloping) line then it indicates ?
Explain how each of the following situations would affect a nation’s production possibilities curve (i) A technological innovation allows the nation to more efficiently covert solar energy to electricity What happens to PPF Explanation
Accumulation of capital and change in technology bring economic growth, which means that the PPF keeps shifting outward: Production that was unattainable yesterday becomes attainable today; production that is unattainable today will become attainable tomorrow. Why doesn’t this process of economic growth mean that scarcity is being defeated and will one day be gone? (Word count: 150 words max.)
Based on the PPC, If a country is producing 6 coconuts and 4 fish, and they want to increase coconut production to 8. What is the opportunity cost of doing so?
Positive economics is: a. An investigation or statement that attempts to examine or understand how the world actually operates or how the world is operating. b. An investigation or statement about the norms and culture of other countries. c. An investigation or statement that attempts to describe how the world should be or ought to be. d. An investigation or statement about the positive benefits of a given country.
What is the reason for increasing opportunity costs? Why do the production frontiers of different nations have different shapes ?
Explain how each of the following situations would affect a nation’s production possibilities curve (ii) COVID-19 increases the number of unemployed workers in a nation What happens to PPF Explanation