Answered: The nation passes a law requiring all…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The nation passes a law requiring all employers to give the employees 16 weeks of paid vacation each year. Prior to this law employer were not legally required to give employees any paid vacation time.

What happens to the PPF curve? Also, from the list provided, please choose an explanation as to why you chose your previous answer.

What happens to the PPF? Explain. Choose:

PPF shifts outwards
Produce inside PPF
Produce outside PPF
Increased production given resources
Increase in resources
PPF shifts inwards
Unused Resources

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“As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the results will be efficient.” Do you agree or disagree with this statement ? give reason

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