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.
Illustrate and clarify the economizing problem?
‘Mama’ Jean consists of one employee bake crumbly, graham cracker crusts at Mama’s Home-Pies, whereas the other stirs gooey, hot, apple filling. Her staff is organized in accord with a/an: (1) Task management system. (2) Division of labor. (3) Compar
Is transfer income involved in national income? Explain Why? Answer: No, since transfer income does not effect in the production of services and goods.
Over the long-run the speculators activities are tend to: (1) decrease the volatility of prices. (2) attract legal attention and result in imprisonment. (3) increase the level and volatility of prices both. (4) yield tremendous profits and raise costs
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
Growth is a significant economic goal. Explain?
Illustrate the Public Sector Government’s Role of providing the legal structure?
In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Describe the Promoting stability Describe the Promoting stability?
Describe the Promoting stability?
18,76,764
1945567 Asked
3,689
Active Tutors
1444358
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!