ECON MACRO
5th Edition
ISBN: 9781337000529
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 8, Problem 1.2P
Sub-Part
A
To determine
Production possibilities frontier to demonstrate
- The effect of
PPF in next period upon the combination of goods selected in present period.
Sub-Part
B
To determine
Production possibilities frontier to demonstrate economic growth for:
b. More or less growth on choosing different point on PPF.
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2
The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
Capital per hour worked (labor) grew rapidly from 1950 to 1980, but technological change occurred very slowly.
Capital per hour worked (labor) grew slowly, but technological change grew very rapidly.
Increasing implementation of new technologies eventually suffered diminishing marginal returns.
The centrally planned economy invested too heavily in technological change.
Consumption goods eventually took priority.
Question 9.9. Which is not one of the five fundamental questions that an economy must deal with?
How will the goods and services be produced?
Why should the goods and services be produced?
Who is to receive the goods and services produced in the economy?
In what ways will progress be promoted?
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1. Explain the need for technological innovations as a driver for economic development.
2. Economic development is influenced by population. Population growth leads to increase in production (supply) and increase in consumption (demand). What effects could arise from these changes towards the resources the communities have and how can we address the effects?
Chapter 8 Solutions
ECON MACRO
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