Question 8 The discovery of new natural resources will cause O the economy to move closer to the production possibilities curve. O the production possibilities curve to shift up and to the right. an upward movement along the curve. O the curve to shift back and to the left.
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- A tropical creates a shortage in the item needed in the production of goos B. Explain how this would affect the production possibilities curve. select one ppf shifts inwards PPF shifts outwards Move to a point inside the PPF Move outwards on good A axis only Move inwards on good B axis only Move inward on Good A axis only Move outwards on Good Baxis onlyIf an economy is producing inside its production possibility curve, it reflects ____________________________________. Question 5 options: 1) an efficient use of scarce resources 2) the concept of scarcity 3) an underutilisation of resources 4) increasing opportunity costSuppose an economy produces two goods: food and machines. this economy always operates on its productions possibilities frontier. last year it produced 50 units of food and 30 machines. This year and experience a Technological advance and it’s machine making industry. As a result of this year the society wants to produce 55 units of food and 30 machines which of the following statements is true? A) The technological advance reduced the amount of resources needed to produce 30 machines. These resources could be used to produce more food. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. I need help with understanding this. 
- An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?The following is a production possibilities table for war goods and civilian goods: Production alternatives A B C D E Automobiles 0 2 4 6 8 (in millions) Guided missiles 30 27 21 12 0 (in thousands) •Show these production possibilities data graphically. •What does points on the curve indicate? •If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles? •Suppose improvement occurs in the technology of producing guided missiles but not in the production of automobiles. Draw the new production possibilities curveDuring 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)?
- An economy. produces 2 goods, computers and cell phones. Show graphically and explain how an increase in the technology used to produce computers affects this economy's production possibilities frontier. Given that the technology is only applicable to computer production will the economy be able to produce more cell phones? Why or why not?Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.Question Evidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.
- Refer to the following production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specific assumptions is this production possibilities curve based? b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Which characteristic of the production possibilities curve reflects the law of increasing opportunity costs: its shape or its length? c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 forklifts, what could you conclude about its use of its available resources? d. Is production at a point outside the production possibilities curve currently possible? Could a future advance in technology allow production beyond the current production possibilities curve? Could international trade allow a country to consume beyond its current production possibilities curve?During the Second World War, Germany’s factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germany’s production possibilities curve?vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.