EBK ECONOMICS
13th Edition
ISBN: 8220106799642
Author: PARKIN
Publisher: PEARSON
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Chapter 2, Problem 21APA
To determine
Identify the role of
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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?
Draw a graph of a production possibilities curve with consumption goods and capital goods that displays the law of increasing opportunity costs. What do points on, inside and outside the curve represent? What does a rightward shift of the curve represent? How is economic growth expressed in terms of the production possibilities model?
For each of the following scenarios, use the graphical depiction of the Malthusian model to illustrate what happens to a country’s population size and per-capita income in the short run and in the long run.
a. Scientists discover a new strain of wheat that can produce twice as much grain per acre.
b. A war kills half of the population.
c. A volcanic eruption kills half the people and
destroys half the land.
Chapter 2 Solutions
EBK ECONOMICS
Ch. 2.1 - Prob. 1RQCh. 2.1 - Prob. 2RQCh. 2.1 - Prob. 3RQCh. 2.1 - Prob. 4RQCh. 2.1 - Prob. 5RQCh. 2.1 - Prob. 6RQCh. 2.2 - Prob. 1RQCh. 2.2 - Prob. 2RQCh. 2.2 - Prob. 3RQCh. 2.2 - Prob. 4RQ
Ch. 2.2 - Prob. 5RQCh. 2.3 - Prob. 1RQCh. 2.3 - Prob. 2RQCh. 2.3 - Prob. 3RQCh. 2.3 - Prob. 4RQCh. 2.3 - Prob. 5RQCh. 2.3 - Prob. 6RQCh. 2.3 - Prob. 7RQCh. 2.4 - Prob. 1RQCh. 2.4 - Prob. 2RQCh. 2.4 - Prob. 3RQCh. 2.4 - Prob. 4RQCh. 2.4 - Prob. 5RQCh. 2.4 - Prob. 6RQCh. 2.4 - Prob. 7RQCh. 2.5 - Prob. 1RQCh. 2.5 - Prob. 2RQCh. 2.5 - Prob. 3RQCh. 2 - Prob. 1SPACh. 2 - Prob. 2SPACh. 2 - Prob. 3SPACh. 2 - Prob. 4SPACh. 2 - Prob. 5SPACh. 2 - Prob. 6SPACh. 2 - Prob. 7SPACh. 2 - Prob. 8SPACh. 2 - Prob. 9SPACh. 2 - Prob. 10SPACh. 2 - Prob. 11APACh. 2 - Prob. 12APACh. 2 - Prob. 13APACh. 2 - Prob. 14APACh. 2 - Prob. 15APACh. 2 - Prob. 16APACh. 2 - Prob. 17APACh. 2 - Prob. 18APACh. 2 - Prob. 19APACh. 2 - Prob. 20APACh. 2 - Prob. 21APACh. 2 - Prob. 22APACh. 2 - Prob. 23APACh. 2 - Prob. 24APACh. 2 - Prob. 25APA
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- Most economists believe the scarcity of resources will persist. Why?arrow_forwardThe United States is one of the world's wealthiest countries. Think of a recent case in which the decisions of the U.S. government were severely constrained by scarcity. Describe the trade-offs that were involved. What were the opportunity costs of the decisions that were actually made?arrow_forwardDraw a production possibilities frontier for a country that produces two goods: capital goods and consumption goods. Show a point of production that will allow a country to achieve the maximum amount of future growth while still producing a small amount of consumption goods.arrow_forward
- TRUE or FALSE 11. A high fertility rate reduces the per capita income, be it the Gross National Income per Capita or the Gross Domestic Product per capita. 12. The natural environment can bring about an increase or decrease in the population growth rate. 13. Rapid population growth does not necessarily reflect market failure. 14. Urbanization and localized economies lead to resource immobility 15. The most relevant advantage of locating a firm in an Industrial District is knowledge spillover. 16. The K -12 Program added years to basic education but Philippines student learning still lags behind many East Asian countries. 17. Investment in human capital is beneficial in the short run but investment in physical capital is beneficial in the long run. 18. Centralized urbanization leads to underdeveloped peripheral economies. 19. Improving hard infrastructures rather than soft infrastructures is absolutely a…arrow_forwardThe following graph shows the production possibilities curve for an economy that produces Consumption goods and Capital goods. Use the graph to answer the following questions A) How do you describe what is happening as the economy moves from point P to point L? (discuss it in terms of economic efficiency) B) Which combination - K or M - can lead to faster economic growth in the future? How do you know? Explain your answer. C) If the economy is currently operation at point L, what is the opportunity cost of producing 10 more Capital goods (Moving from combination L to combination M)?arrow_forwardThe following graph shows a production possibilities curve for a hypothetical country. Suppose that due to an increase in human capital, a country experiences economic growth. Adjust the following graph to show the effect of advances in human capital on the economy's production possibilities curve. Consumption goods PPC Capital goods 6 PPCarrow_forward
- true or false Technological developments are a fundamental driver of opportunity.arrow_forwardEvery society faces trade-offs because we live in a world of scarcity. Suppose a student-athlete has the opportunity to earn $200,000 next year playing for a minor league baseball team, $300,000 next year playing for a European professional football team, or $0 returning to college for another year. The opportunity cost of the student-athlete returning to college next year is $nothing ..................arrow_forwardWhich economic activity is a praxis through which people transform nature to meet their needs in the mean time they transform themselves : a) circulation b) production c) division of labour d) consumptionarrow_forward
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