Affects the location of the production possibilities curve
Explain how, if at all, each of the following affects the location of the production possibilities curve?
Expert
a. Standardized examination scores of high school and college students decline.
b. The unemployment rate falls from 9 to 6 percent of the labor force.
c. Defense spending is reduced to allow government to spend more on health care.
d. A new technique improves the efficiency of extracting copper from ore.
(a) Assuming scores indicate lower skills, then productivity should fall and this would move the curve inward.
(b) Should not affect location of curve. Production moves from inside the curve toward frontier.
(c) Should not affect location of curve. Resources are allocated away from one type of government spending toward another (health care).
(d) The curve should shift outward as more production is possible with existing resources.
Describe briefly high financial leverage, low operating leverage?
Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.
What are the merits of speciality in the use of human and material resources?
Describe four important areas to emphasize Expenditures?
numbers of sellers in pure competition?
The initial systematic and popular description of capitalism was explained in: (1) Sir Thomas Mun’s England’s Treasure by Foreign Trade. (2) Joseph A. Schumpeter’s Capitalism, Socialism, and Democracy. (3) John Maynard Keynes’
Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Market Economy Define the term Market Define the term Market Economy and also state its advantages and disadvantages?
Define the term Market Economy and also state its advantages and disadvantages?
An employer that exaggerates the safety of a position or the prospects for advancement to job applicants makes inefficiencies as well as arguable inequities due to: (1) signaling. (2) credentialism. (3) screening. (4) adverse selection. (5) a moral hazard.
Explain: “Exchange is the necessary consequence of specialization.”
18,76,764
1924313 Asked
3,689
Active Tutors
1415620
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!