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4. Shifts in production possibilities Suppose Germany produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for wheat, an agricultural good, and airplanes, a capital good. Drag the production possibilities frontier (PPF) on the graph to show the effects of a long drought that reduces the amount of water available for farmers to use for irrigation. Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther. 300 250 PPF E 200 150 100 ー 50 PPF 0 80 180 240 30 40480 WHEAT (Millions of bushels)Back to Assignment Attempts: Average: 8. Agreement and disagreement among economists Suppose that Alex, an economist from an AM talk radio program, and Becky, an economist from a university in Massachusetts, are arguing over government bailouts. The following dialogue shows an excerpt from their debate: Becky: Thanks to recent financial crises, the concept of bailouts is a hot topic for debate among everyone these days Alex: Indeed, its gotten crazy! A government bailout of severely distessed financial firms is unnecessary because free markets will properly price assets Becky: I dont know about that. Without a bailout of severely distressed financial firms, the economy will experience a deep recession. a- differences between perception versus reality b-differences in scientific judgments The disagreement between these economists is most likely due to Despite their differences, with which proposition are two economists chosen at random m ditferenresin values O Tariffs and import quotas generally reduce economic welfare. O Lawyers make up an excessive percentage of elected officials. Minimum wage laws do more to harm low-skilled workers than help them

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Solution 4:

Production possibility frontier PPF 80 160 240 320 400 480 Wheat (Million of bushels) Due to scarcity of water, less water will be available for agriculture. Hence the PPF will rotate inwards i.e. with the same inputs, wheat will be produced less and aeroplane production will remain same.

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