EBK EXPLORING MACROECONOMICS
7th Edition
ISBN: 9780100546400
Author: Sexton
Publisher: YUZU
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Question
Chapter 3, Problem 8P
To determine
(a)
The economy facing double-digit
To determine
(b)
To determine
(c)
Society decides it wants less shelter and more food.
To determine
(d)
Society decides it wants more shelter and less food.
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Q. How would the following events be shown using production possibilities curve [ please draw diagram] for shelter and food?
a. The economy is experiencing double digit unemployment? b. Economic growth is increasing at over 5 percent per year. c. Society decides it wants less shelter and more food. d. Society wants more shelter and less food.
How would the following events be shown using a production possibilities curve for shelter and food? (draw the production possibilities curve for each)
The economy is experiencing a 10% unemployment rate.
Economic growth is increasing by more than 5 percent per year.
Society decides it wants less shelter and more food.
Society decides it wants less food and more shelter.
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Similar questions
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- Explain how (if at all) each of the following events affects the location of a country’sproduction possibilities curve.a.The quality of education increases.b.The number of unemployed workers increases.c.A new technique improves the efficiency of extracting copper from ore.d.A devastating earthquake destroys numerous production facilities.(a)The curve will shift out as the labor resource improves.(b)The curve will not shift, but the economy will produce further inside the curve.(c)The curve will shift out as a result of the technological improvement.(d)The curve will shift in as resources are destroyed.7arrow_forwardmany countries produce a single good upon which much of their economy depends. That good might be coffee or wool or oil. How might a production possibilities curve help economists in such a country determine how to diversify their economyarrow_forwardEconomics is a social science which deals with human behavior as a relationship between ________. a. unlimited buyers and limited sellers b. consumption and production c. unlimited wants and scarce resources d. unending wants and limited peoplearrow_forward
- George Bernard Shaw stated, "Economy is the art of making the most of life." Which of the following is the most accurate paraphrase of this quotation? Select one: а. Economy is about making enough relaxation time. b. Economy is about earning enough money. С. Economy is about making the best choices. d. Economy is about living for today.arrow_forwarda) Draw a diagram to illustrate the economy's production possibilities curve. b) Use values from the table or the diagram to explain the concept of opportunity cost. c) On your diagram, add a point "F" that is inside the curve. Describe how the economy is using its resources at point F. d] On your diagram, add a point "G" that is beyond the curve. Explain why this point is currently not attainable. e) Explain what would have to happen for the economy to reach point G. 2. Using a (new) PPC diagram, explain what would happen if an economy experienced a devastating natural disaster. Be sure to explain your reasoningarrow_forwardWhich of the following is Microeconomics concerned with? A. The size of national output B. The level of employment c. Changes in general level of prices D. None of the abovearrow_forward
- What does a production possibilities graph show in economics? how many items can be produced in a specific amount of time possible production costs one's final choice one's top two choices when making a decisionarrow_forwardProduction Possibilities Curve Food 100 B 75 50 100 E F 150 200 Clothes Explain the above production possibility model. Be sure to include, opportunity cost, factors of production, efficiency, and what happens at each point on the model.arrow_forwardEconomics is about the production of goods and services, which requires the allocation of: a. benefits b. consumption c. resources d. utilityarrow_forward
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