Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971509
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 3, Problem 1QR
To determine
Linear production possibility frontier .
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Principles of Macroeconomics (MindTap Course List)
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- A shift outward of the production possibilities frontier line indicates what?arrow_forwardBread В A • Steel The graph shows the production possibility frontier for a country that can use it's resources to make either bread or steel. According to the graph, the opportunity cost of shifting reasources from making bread to making steel is increasing constant decreasingarrow_forwardExplain Production possibility frontier with an example and give explanation on why it is represented as a curved diagram(concave)arrow_forward
- Which of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the abovearrow_forwardDoes the slope of the production possibilities frontier become smoother as more and more producers are added to production?arrow_forwarddraw a production possibility frontier showing a combination of two goods that a country could produce and an area of inefficiency and another unattainablearrow_forward
- Evaluation for Production Possibilities Frontierarrow_forwardWhat is meant by varieties of capitalism?arrow_forwardDuring the second world war, Germany's factories were decimated. It also suffered many human casulaities, both soldiers and civilians. How did the war affect Germany's production possibility curve?arrow_forward
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