We have worked with 2 distinct types of production possibilities curves; one depicted as a straight...

We have worked with 2 distinct types of production possibilities curves; one depicted as a straight line, the other curved away from the origin. What causes these 2 curves to have a different shape? What does the curved production possibilities curve allow us to explain that cannot be explained by the straight line version? (5 points)

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Rahul Sunny answered 1 year ago

Describe the adjustments in the production possibilities curves in each of the following situations for the...

Describe the adjustments in the production possibilities curves in each of the following situations for the Canadian economy. Explain thoroughly with words + graph in each of the below scenarios. (a) (1.5 points) the economy moves from full employment into a deep recession (b) (1.5 points) the economy makes great strides in eliminating discrimination (c) (1.5 points) the end of the Cold War leads to cuts in military spending (d) (1.5 points) the government significantly increases spending for health and...

Using a linear production possibilities frontier, demonstrate how we can “price” the production of one product...

Using a linear production possibilities frontier, demonstrate how we can “price” the production of one product in terms of another for a country. Compare the opportunity cost of the product in terms of another product. How can we compare the opportunity cost of production of a good from one country to another? Explain.

QUESTION 4: Use production possibilities curves to illustrate each of the following (putting goods on the...

QUESTION 4: Use production possibilities curves to illustrate each of the following (putting goods on the vertical axis and services on the horizontal axis) a) A shift in production from services towards goods b) An increase in the potential output of the economy due to a greater availability of factors of production. c) An increase in productivity in the services sector. d) A decrease in productivity in the goods sector.

16)As we move along a production possibilities curve and acquire larger and larger amounts of one...

16)As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g., guns), the sacrifices of the alternative good (e.g., butter) become larger and larger. This is an illustration of -the law of supply. -the law of demand. -increasing opportunity costs. -decreasing opportunity costs. 17)In the former Soviet Union distributing scarce consumer goods was accomplished by -making the consumer stand in a long line for hours if not days. -None of the choices are...

Suppose we have 6 distinct items and we want to place 4 in one bin and...

Suppose we have 6 distinct items and we want to place 4 in one bin and 2 in the other. How many ways can this be done if order does not matter? (answer is 15)

As we move to the right on a bowed outward production possibilities frontier, we see: a)...

As we move to the right on a bowed outward production possibilities frontier, we see: a) increasing labor productivity b) decreasing labor productivity c) increasing opportunity cost d) decreasing opportunity cost

The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic...

The production possibilities frontier curves show the concepts of scarcity, choice, opportunity cost, efficiency and economic growth. Discuss with examples.

Which of the following types of preferences and utility do NOT necessarily generate straight-line Engel curves?...

Which of the following types of preferences and utility do NOT necessarily generate straight-line Engel curves? Perfect substitutes Leontiev Cobb-Douglas Quasi-Linear A and C

Explain five ways we can move outside the current production possibilities frontier

Although a production possibilities frontier is usually drawn for a country, one could be drawn for...

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.

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