Explain how this situation would affect a nation’s production possibilities curve: The quality of education in the nation’s colleges and universities improves greatly.
Q: What is production possibilities curve
A: In economics, scarcity refers to the shortage of resources which give rise to choices. There are…
Q: Explain why the slope of the production possibilities curve becomes steeper as we move along the…
A: The production possibility curve (PPC) refers to a graphical representation of various combinations…
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Q: Sketch a production possibilities curve on which you illustrate a shift to the right.
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following is not an illustration of the notion of opportunity cost A. The…
A: Opportunity cost is the lost of next best available option. Taking each option one by one.
Q: Generally, opportunity costs increase and the production possibilities curve bows outward. Why?
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Q: Under what circumstances in the Philippines can we operate outside the production possibilities…
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Q: The nation passes a law requiring all employers to give the employees 16 weeks paid vacation each…
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Q: An improvement in a country's legal system that enhanced the ability of citizens to protect their…
A: An improvement in a country's legal system that enhanced the ability of citizens to protect their…
Q: 2. Explain how each of the following situations would affect a nation's production possibilities…
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A: Hi, thank you for the question. As per the guidelines, we can only answer 1 question at a time.…
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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
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Q: three factor that might cause the production possibilities curve to shift to the right or outward
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Explain how this situation would affect a nation’s
- The quality of education in the nation’s colleges and universities improves greatly.
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- Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: The quality of education increases.Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve: A devastating earthquake destroys numerous production facilities.Under what circumstances in the Philippines can we operate outside the production possibilities curve? Explain your answer.
- Which of the following are made constant when applying the production possibilities curve theory? Select one: a. Trading rate between goods b. Total exports and imports c. Total number of factors of productions d. International pricingWhy does a production possibilities frontier have to be downward sloping and have a bowed out shape? The present choice between investing in capital goods and producing consumer goods now affects the ability of an economy to produce in the future. Explain.The attainable production points on a production possibilities curve are?
- How would this situation affect a nation's production possibility curve? The nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each year. How would this situation affect a nation's production possibility curve? A shift to online delivery increases access to education in the nation's colleges and universities but might have a detrimental impact on the quality of education. Timothy quits his job which pays $65 900 a year to enrol in a 2-year graduate program. His annual school expenses are $62 600 for tuition, $8400 for books and $3500 for food. What is the opportunity cost of attending the graduate program?Explain why the slope of the production possibilities curve becomes steeper as we move along the horizontal axis.Explain the following two statements: “Education increases human capital and expands production possibilities”, and “The opportunity cost of a university degree is forgone consumption”.
- Which of the following are the assumptions of the production possibility curve? a. Two goods are produced by the economy b. Technology and skills available are constant c. All of the options d. Resources available are constant in the economyIf an unattainable point outside a production possibilities curve can become an attainable and even an efficient point, can an inefficient point become an efficient point in the production possibilities curve model? Explain with a graph.Using the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency .
