EBK PRINCIPLES OF MICROECONOMICS
12th Edition
ISBN: 9780134069180
Author: Oster
Publisher: YUZU
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Question
Chapter 2, Problem 1.14P
Subpart (a)
To determine
The changes in the production possibilities frontier.
Subpart (b)
To determine
The changes in production possibilities frontier.
Subpart (c)
To determine
The changes in production possibilities frontier.
Subpart (d)
To determine
The changes in production possibilities frontier.
Subpart (e)
To determine
The changes in production possibilities frontier.
Subpart (f)
To determine
The changes in production possibilities frontier.
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Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve:a. The quality of education increases.b. The number of unemployed workers increases.c. A new technique improves the effifi ciency of extracting copper from ore.d. A devastating earthquake destroys numerous production facilities.
Graphically explain how each of the following events affects the location of a
country's production possibilities curve:
i. The quality of education increases.
ii. The number of unemployed workers increases.
iii. A new technique improves the efficiency of extracting copper from ore.
iv. A devastating earthquake destroys numerous production facilities.
Answer the following questions:
1) What is the production possibilities frontier?
2) Why do economists use models?
3) How does a society benefit from the production of capital goods?
4) What is the opportunity cost to the society of investing in the capital?
5) Why do economists consider the bowed production possibilities curve to be more realistic?
6) How can societies achieve economic growth?
Chapter 2 Solutions
EBK PRINCIPLES OF MICROECONOMICS
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Similar questions
- Which of the following statements about the production possibilities curve is the most accurate? OIt is a curve that shows the quantity of output that will be offered for sale at various prices. It is a graph that shows the various combinations of output it is possible for an economy to produce given its available resources and technology. It is a graph that shows the combinations of output that are most profitable to produce. It is a graph that shows the various combinations of resources that can be used to produce a given level of output.arrow_forwardConsider the graph. What will happen if technological development raises the maximum amount of goods that can be produced by the economy? a. A movement along the production possibilities curve towards the horizontal axis. b. An outward rotation of the production possibilities curve at its intersection with the vertical axis. c. An outward rotation of the production possibilities curve at its intersection with the horizontal axis. d. An outward shift of the production possibilities curve.arrow_forwardDuring 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)?arrow_forward
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