Brief Principles of Macroeconomics...
Brief Principles of Macroeconomics...
An economy produces hot dogs and hamburgers. If a discovery of the remarkable health benefits of hot dogs were to change consumers’ preferences, it would
a. expand the production possibilities frontier.
b. contract the production possibilities frontier.
c. move the economy along the production possibilities frontier.
d. move the economy inside the production possibilities frontier.
Change in preference and production possibility frontier.
Option (c)
Change in preferences will move the economy along the production possibility frontier, since hotdogs is more preferred in these days, resources will be more utilized in its production than hamburgers. So with the given resources and technology, there will be a trade-off between hamburgers and hot dogs, in which more hamburgers will be traded off for production of hotdogs. Thus, option ‘c’ is correct.
Option (a)
Only advancement in technology or expansion in resources expands the production possibility frontier...
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