Economic growth (shifting of the production possibilities frontier) can occur (pick all the correct answers) -...
Economic growth (shifting of the production possibilities frontier) can occur (pick all the correct answers)
- by improving the level of technology and skills in th economy
- by increasing prices in the economy
- by using resources efficiently
- increasing the amount of resources (ex labor) in the economy
Homework Answers
Economic growth (shifting of the PPF outwrad) occurs if there is an increase in economy productivity level or increase in the amount of resources an economy have.
These two things will increase the production potential of an economy and leads to a outward shift of the PPF i.e., economic growth.
So, the correct answers are,
(1) by improving the level of technology and skills in the economy so that productivity increase.
(2) increasing the amount of resources in the economy.
Add Answer to:
Economic growth (shifting of the production possibilities
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just need to check 1 and 3 4: Production Possibilities Schedule Combination Cars Bicycles 220 200...
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
questions 16 - 18 ECON 250 16. A production possibilities frontier can shift outward if there...
questions 16 - 18
ECON 250 16. A production possibilities frontier can shift outward if there is a technological improvement. In addition, a production possibilities frontier shifts outward when a. at least one of the basic principles of economics is violated. b. opportunity costs are lessened. c. the economy experiences economic growth. d. the desires of the economy's citizens change. 17. Which of the following areas of study does NOT address microeconomic issues? a. the effect on the economy of...
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If the economy is currently producing at a point inside its Production Possibilities Frontier O alternate products must be sacrificed in order for production to increase. O technology must improve in order for production to increase. O human capital must improve in order to production to increase. O more resources must be discovered in order for production to increase. O production can increase if resources are used more efficiently.
just need to check 1 and 3
4: Production Possibilities Schedule Combination Cars Bicycles 220 200 165 100 The opportunity cost of the second car is a. 20 bicycles. b. 30 С. 35 d. 55 The above production possibilities schedule illustrates: a. decreasing opportunity cost. b. increasing opportunity cost. c. constant opportunity cost. d. a direct relationship between the production of cars and bicycles. Producing a combination of 2 cars and 180 bicycles: a. indicates that this economy cannot experience...
questions 16 - 18
ECON 250 16. A production possibilities frontier can shift outward if there is a technological improvement. In addition, a production possibilities frontier shifts outward when a. at least one of the basic principles of economics is violated. b. opportunity costs are lessened. c. the economy experiences economic growth. d. the desires of the economy's citizens change. 17. Which of the following areas of study does NOT address microeconomic issues? a. the effect on the economy of...
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