Macroeconomics: Principles, Problems, & Policies
20th Edition
ISBN: 9780077660772
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 1, Problem 6RQ
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Match the correct option.
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Explain how (if at all) each of the following events affects the location of a country’s production possibilities curve:a. The quality of education increases.b. The number of unemployed workers increases.c. A new technique improves the effifi ciency of extracting copper from ore.d. A devastating earthquake destroys numerous production facilities.
Graphically explain how each of the following events affects the location of a
country's production possibilities curve:
i. The quality of education increases.
ii. The number of unemployed workers increases.
iii. A new technique improves the efficiency of extracting copper from ore.
iv. A devastating earthquake destroys numerous production facilities.
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 pricing
Chapter 1 Solutions
Macroeconomics: Principles, Problems, & Policies
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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- Explain how (if at all) each of the following events affects the location of a country’sproduction possibilities curve.a.The quality of education increases.b.The number of unemployed workers increases.c.A new technique improves the efficiency of extracting copper from ore.d.A devastating earthquake destroys numerous production facilities.(a)The curve will shift out as the labor resource improves.(b)The curve will not shift, but the economy will produce further inside the curve.(c)The curve will shift out as a result of the technological improvement.(d)The curve will shift in as resources are destroyed.7arrow_forwardConsider the graph. What will happen if technological development raises the maximum amount of goods that can be produced by the economy? a. A movement along the production possibilities curve towards the horizontal axis. b. An outward rotation of the production possibilities curve at its intersection with the vertical axis. c. An outward rotation of the production possibilities curve at its intersection with the horizontal axis. d. An outward shift of the production possibilities curve.arrow_forwardHow would each of the following situations affect a nation's production possibilities curve? A law is passed that makes community college tuition free for all U.S. citizens. The PPC shifts and to the An unexpectedly mild spring results in a bumper crop of citrus fruit in both Florida and California, The PPC shifts and to the A change in immigration laws significantly increases the number of immigrant workers entering the country. The PPC shifts and to the The amount of time that unemployed workers can collect unemployment insurance is increased from 26 weeks to 96 weeks during a recession, resulting in workers remaining unemployed for a longer period of time. This the PPC. An innovation in desalinization technology allows for the more efficient conversion of salt water to fresh water. The PPC shifts A radiation leak at a nuclear power plant results in the long-term evacuation of a 10,000 square-mille area, which significantly reduces the nation's productive capacity The PPC shifts and…arrow_forward
- Answer the following questions: 1) What is the production possibilities frontier? 2) Why do economists use models? 3) How does a society benefit from the production of capital goods? 4) What is the opportunity cost to the society of investing in the capital? 5) Why do economists consider the bowed production possibilities curve to be more realistic? 6) How can societies achieve economic growth?arrow_forwardAny point on a country's production possibilities curve represents a combination of two goods that an economy will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.arrow_forwardExplain 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.arrow_forward
- When economic growth occurs, the production possibilities frontier shifts outward but no longer limits the amount that can be produced. economy moves along its production possibilities frontier. production possibilities frontier shifts outward. production possibilities frontier becomes steeper.arrow_forwardA certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Question 39Select one: a. the opportunity cost of shirts in terms of pants b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the tradeoff between production of pants and production of shirtsarrow_forwardA certain production possibilities frontier shows production possibilities for two goods: pants and shirts. Which of the following concepts can not be illustrated in this model? Select one: a. the tradeoff between production of pants and production of shirts b. the effect of economic growth on production possibilities involving pants and shirts c. the flow of dollars between (i) sellers of pants and shirts and (ii) buyers of pants and shirts d. the opportunity cost of shirts in terms of pantsarrow_forward
- What does a Production Possibilities Curve depict? What is the Law of Demand? What components will cause a Shift in the Demand curve?arrow_forwardWhich of the following may lead to an outward shift of the production possibilities curve? a. Better training of current workers. b. Decrease in government spending. c. Increase in consumer demand. d. None of the above.arrow_forwardWhat does a production possibilities graph show in economics? how many items can be produced in a specific amount of time possible production costs one's final choice one's top two choices when making a decisionarrow_forward
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