Econ Macro (book Only)
6th Edition
ISBN: 9781337408745
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 2, Problem 8P
To determine
Impact on PPF due to an increase in average length of annual vacations.
Concept Introduction:
It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.
b)
To determine
Impact on PPF due to an increase in immigration
c)
To determine
Impact on PPF due to a decrease in the average age of retirement.
d)
To determine
Impact on PPF due the migration of skilled workers to other countries.
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8. (Shifting Production Possibilities) Determine whether each of the following would cause the national economy’s PPF to shift inward, outward, or not at all: a. An increase in the average length of annual vacations b. An increase in immigration c. A decrease in average retirement-aged. The migration of skilled workers to other countries
09. If Portugal has a total of 90 man-hours of resources available for production, while England has only 30, what are the resource costs of wine and cloth ?
a) wine costs 2 man-hours/bottle and cloth costs 6 man-hours/yard in Portugal.
b) wine costs 1 man-hour/bottle and cloth costs 1 man-hour/yard in Portugal.
c) cloth costs 2 man-hours/yard and wine costs 1 man-hours/bottle in Portugal.
d) wine costs 1/2 yards/bottle and cloth costs 2 bottles/yard in Portugal.
4. Looking at the production possibility curve, it can be noticed that Zimbabwe's production of oil and wood both fall inside (inward) the PPC. What does this indicate?
a.
oil and wood production is fully maximized
b.
the production of oil is maximized, but production of oil is not
c.
the points that oil and wood production lie is impossible to achieve
d.
oil and wood production is not efficient
Chapter 2 Solutions
Econ Macro (book Only)
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