Question 3 - Part 5 Explain how each of the following situations would affect a nation's production possibilities curve. (v) The nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time. What happens to PPF Choose. Explanation Choose.

Question 3 - Part 5 Explain how each of the following situations would affect a nation's production possibilities curve. (v) The nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each year. Prior to this law employers were not legally required to give employees any paid vacation time. What happens to PPF Choose. Explanation Choose.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 21AA

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Question 2 How would each of the following situations affect a nation's production possibilities curve? The amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workers remaining unemployed for a longer period of time. This a) does not shifts b) shifts the PPC.
What are the two major ways in which an economy can grow and push out its production possibilities curve?a. Better weather and nicer cars.b. Higher taxes and lower spending.c. Increases in resource supplies and advances in technology.d. Decreases in scarcity and advances in auditing.
Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality In what ways does the production possibilities curve reflect scarcity, choice and opportunity cost?
The nation of Routarou is able to produce turnips and potatoes in combinations represented by the data in the following table. Each number represents thousands of bushels. Potatoes Turnips 0 100 10 90 20 70 30 40 40 0 Plot this data on a production possibilities graph and explain why the data shows that Routarou experiences increasing opportunity costs. Would the curve shift inward or outward? Why? Please explain further.
If an economy is producing inside the production possibilities curve, then A) There is full employment of resources. B) It is operating efficiently. C) It has idle resources. D) There are not enough resources available to produce more output.
Explain how each of the following situations would affect a nation’s production possibilities curve (i) The nation passes a law requiring all employers to give the employees 16 weeks paid vacation each year. Prior to these law employers were not legally required to give employees any paid vacation time What happens to PPF Explanation
Movement along a production possibilities curve shows which of the following? a. The trade-offs society faces b. The total amount of available resources c. The combination of inputs required for a given output d. The relationship between the price of an input and the quantity demanded e. The decrease in efficiency
An outward shift of a production possibilities curve can be caused by a. planting a more profitable farm crop b. improving technology c. using idle resources d. changing consumer preferences e. increasing the minimum wage
Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. In what way would the production possibilities curve reflect scarcity, choice and opportunity cost?
Explain how each of the following situations would affect a nation's production possibilities curve. The nation passes a law requiring all employers to give employees 16 weeks of paid vacation each year. Prior to this lawemployers were not legally required to give employees any paid vacation time What happens to the PPF and give a brief explanation.