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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Quantity TR TC 0 $0.00 $10.00 1 $150.00 $30.00 2 $290.00 $50.00 3 $420.00 $80.00 4 $540.00 $120.00 5 $650.00 $170.00 6 $750.00 $230.00 7 $840.00 $300.00 8 $920.00 $
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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. Discover Q & A Leading Solution Library Avail More Than 1441706 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1944177 Asked 3,689 Active Tutors 1441706 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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