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?
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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.
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The cornerstone of typical economic theory derived through the work of Jeremy Bentham was the perception of (i) the wages fund. (ii) natural checks on population. (iii) increasing cost. (iv) utility. (v) surplus value. Q : Equal share criterion of distribution According to the equivalent share criterion of the distribution, individuals must: (1) Share income according to personal requirement. (b) All make equivalent shares of output. (3) Each consists of incomes equivalent to their productive output. (4) Re
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