EBK ECONOMICS TODAY
18th Edition
ISBN: 9780100663268
Author: Miller
Publisher: YUZU
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Question
Chapter 10, Problem 1CTQ
To determine
The pace at which the U.S. production possibilities curve shifts outward over time as more highway and rail bridges become deficient.
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Students have asked these similar questions
"If Mexico is currently operating at a point beyond its production possibilities frontier, then there are unemployed or misallocated resources in Mexico." Is this statement true or false?
California has been greatly affected by the forest fires of 2020. The most likely economic impact is:
A) a decrease in prices of most goods because scarcity has increased
B) an outward shift of its production possibility curve
C) a movement from inside its production possibility curve to the boundary
D) an inward shift of its production possibility curve
Which situation would most likely cause a nation's production possibilities curve to shift inward?
The construction of more capital goods
An increase in discrimination based on race
An increase in the number of skilled immigrant workers
The destruction from bombing and warfare in a losing military conflict
Chapter 10 Solutions
EBK ECONOMICS TODAY
Ch. 10 - Prob. 10.1LOCh. 10 - Prob. 10.2LOCh. 10 - Prob. 10.3LOCh. 10 - Prob. 10.4LOCh. 10 - Prob. aFCTCh. 10 - Prob. bFCTCh. 10 - Prob. cFCTCh. 10 - Prob. 1CTQCh. 10 - Prob. 2CTQCh. 10 - Prob. 1FCT
Ch. 10 - Prob. 2FCTCh. 10 - Prob. 1PCh. 10 - Prob. 2PCh. 10 - Prob. 3PCh. 10 - Prob. 4PCh. 10 - Prob. 5PCh. 10 - Prob. 6PCh. 10 - Prob. 7PCh. 10 - Prob. 8PCh. 10 - Prob. 9PCh. 10 - Prob. 10PCh. 10 - Prob. 11PCh. 10 - Prob. 12PCh. 10 - Prob. 13PCh. 10 - Prob. 14PCh. 10 - Prob. 15PCh. 10 - Prob. 16PCh. 10 - Prob. 17P
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Similar questions
- Under what circumstances in the Philippines can we operate outside the production possibilities curve? Explain your answer.arrow_forwardIf an unattainable point outside a production possibilities curve can become an attainable and even an efficient point, can an inefficient point become an efficient point in the production possibilities curve model? Explain with a graph.arrow_forwardWhat is a production possibility curve and explain points of efficiency, inefficiency, and not attainable.arrow_forward
- How can an economy increase the production of one good without reducing the production of another? Identify at least three factors that contribute to this increase and explain how they contribute to the increase.arrow_forwardResource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising because of technological improvements that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?arrow_forwardWhich of the following is a use of the production possibility curve (PPC) in macroeconomics? a. The company decides the price of the product using PPC b. The economy finds solution to basic economic problems c. Private income of a company is calculated on the basis of PPC d. The company decides to produce product A or Barrow_forward
- Why does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.arrow_forward04. Which of the following statements about point C is TRUE? a) production of both X and Y can increase, without more resources or improvement in technology. b) to produce more of product Y, some of product X has to be sacrificed. c) the economy cannot reach this point without an increase in resources or improvement in technology. d) the economy is producing efficiently. e) both (a) and (d) are correct.arrow_forwardWhich of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the abovearrow_forward
- Resource consumption per person in the United States is either flat or falling, depending on the resource. Yet living standards are rising due to improvements in technology that allow more output to be produced for every unit of input used in production. What does this say about the likelihood of our running out of resources? Could we possibly maintain or improve our living standards even if the population were expected to rise in the future rather than fall?arrow_forwardAssuming Line BB is our original Curve, suppose a new government comes into power and imposes a signification tax on the use of automated machinery and modern production techniques in all industries. Which curve in the diagram would represent the new production possibilities curve?arrow_forward20 Which of the following is a use of the production possibility curve (PPC) in macroeconomics? a. Private income of a company is calculated on the basis of PPC b. The company decides to produce product A or B c. The economy finds solution to basic economic problems d. The company decides the price of the product using PPCarrow_forward
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