Explain how the following situation would affect a nation's production possibilities curve. The quality of education in the nation's colleges and universities improve greatly. What happens to PPF Explanation Choose... Choose... ♦ + PPF shifts inwards Produce inside PPF Unused resources Produce outside PPF Reduction in resources Increase in resources PPF shifts outwards Increased production given resources SP

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter3: Scarcity, Trade-offs, And Production Possibilities
Section: Chapter Questions
Problem 7P
icon
Related questions
Question

Answer both questions in each using options from the drop box.

*Please note that the explanation for each should be from the options

Explain how the following situation would affect a nation's production possibilities curve.
The quality of education in the nation's colleges and universities improve greatly.
What happens to PPF
Explanation
Choose...
Choose...
PPF shifts inwards
Produce inside PPF
Unused resources
Produce outside PPF
Reduction in resources
Increase in resources
PPF shifts outwards
Increased production given resources
FI
L
Transcribed Image Text:Explain how the following situation would affect a nation's production possibilities curve. The quality of education in the nation's colleges and universities improve greatly. What happens to PPF Explanation Choose... Choose... PPF shifts inwards Produce inside PPF Unused resources Produce outside PPF Reduction in resources Increase in resources PPF shifts outwards Increased production given resources FI L
Explain how the following situation would affect a nation's production possibilities curve.
A country produces cars and computers. A new technology that saves time in the car production process is discovered and implemented.
What happens to PPF
Explanation
Choose...
Choose...
Pivot outwards along the car axis.
PPF shifts inwards
Increased production given resources
Increase in resources
PPF shifts outwards
Reduction in resources
Unused resources
Produce inside PPF
Pivot outwards along the computer axis.
Produce outside PPF
Transcribed Image Text:Explain how the following situation would affect a nation's production possibilities curve. A country produces cars and computers. A new technology that saves time in the car production process is discovered and implemented. What happens to PPF Explanation Choose... Choose... Pivot outwards along the car axis. PPF shifts inwards Increased production given resources Increase in resources PPF shifts outwards Reduction in resources Unused resources Produce inside PPF Pivot outwards along the computer axis. Produce outside PPF
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

What options from the drop box can be chosen as explanation for both questions?

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Opportunity Cost
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.
Recommended textbooks for you
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Survey Of Economics
Survey Of Economics
Economics
ISBN:
9781337111522
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
MACROECONOMICS FOR TODAY
MACROECONOMICS FOR TODAY
Economics
ISBN:
9781337613057
Author:
Tucker
Publisher:
CENGAGE L
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co