Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 2.3, Problem 6RQ
To determine
Identify the role of specialization and gains in economy’s
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“In what way does an understanding of the shifts in the PPC help businesses/countries make production decisions?”
Rubric: ensure the importance of absolute and comparative advantage is made clear.
Describe how each of the following would affect Bangladesh PPF using relevant graph: a) more job opportunities in Dhaka, b) workers’ efficiency increasing training, c) introduction of solar energy as an important resource
Give a definition of an advance in technology. Suppose that you are drawing a PPF for civilian goods and military goods, describe the effect on the PPF of an advance in technology in both civilian goods and military goods. How would the impact on the PPF be different if the technological improvement only helped in the production of military goods, but not civilian goods?
Chapter 2 Solutions
Macroeconomics
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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- How can a person who is “better” or more efficient (having an absolute advantage in the production of various goods on the PPF) at producing several things be made even better off by specialization and trade?arrow_forwardQ3. Under What circumstances the PPF would shift outward?arrow_forwardWhy we have concave production possibility curve (PPC). Explain the factors that can shift PPC.arrow_forward
- The economy is operating under the PPF of a particular country. What does that mean?arrow_forwardHow does trade intensity, trade complementary index, and revealed comparative advantage assist countries in making trade decisions?arrow_forwardThe solid line represent current PPF while the dashed line represents a country's desired PPF. Choose which of the four points (W,X, Y or Z) will result in getting to the dashed line (desired PPF) in the future. Explainarrow_forward
- Based on the PPC, If a country is producing 6 coconuts and 4 fish, and they want to increase coconut production to 8. What is the opportunity cost of doing so?arrow_forwardExplain how each of the following situations would affect the nations possibility curve. (iv) A switch to online delivery increase access to education in the nation’s colleges and universities but might have a detrimental impact on the quality of education. What happen to PPF and why?arrow_forwardHours of Labor Required to produce Cheese and Wine USA FRANCE Cheese 20 30 Wine 8 20 If the US is endowed with 1600 units hours of labor and France 3000 labor hours, how many cheese and wine will they produce after trade begins and why? Draw the PPF for both countries and show the post-trade production points. Explain.arrow_forward
- The solid line represent current PPF while the dashed line represents a country's desired PPF. Choose which of the four points will result in getting to the dashed line (desired PPF) in the future. Explainarrow_forwardIllustrate your trade advice by showing the free trade production levels of each country on its PPF. Label this point b.arrow_forwardIn Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. In what product should Japan specialize? In what product should Malaysia specialize? If Malaysia wishes to trade 10 tons of rubber with Japan in exchange for radios, what is the lowest number of radios it should ask for in order to benefit from trade? What is the largest number of radios Japan can offer in order to benefit from trade?arrow_forward
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