Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383



Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Although a production possibilities frontier is usually drawn for a country, one could be drawn for the world. Picture the world’s production possibilities frontier. Is the world positioned at a point on the PPF or below it? Give a reason for your answer.

To determine

The position of world’s production possibility frontier.


Most probably, the world’s position in the production possibility frontier is below the frontier. This is because there is a decrease in world’s production and consumption due to the trade restrictive measures adopted by the nations, such as quota and tariff. The nations produce and consume more if there are no restrictions. This is because they would not get any benefit with trade restrictive measures.


Production possibilities frontier: PPF refers to the different combinations of goods and services that can be produced efficiently with the given resources by a firm.

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

Describe the role of prices in market economics.

Principles of Economics (MindTap Course List)

How are inflation and unemployment related in the short run?

Essentials of Economics (MindTap Course List)

REQUIRED RATE OF RETURN Assume that the risk-free rate is 6% and the required return on the market is 13%. What...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What are the three steps to follow in preparing a check?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Find all the answers to your study problems with bartleby.
Textbook solutions plus Q&A. Get As ASAP arrow_forward