Homework Answers
(1) Money is not an example of economic resource.
(2) The movement from K to L represent economic growth as implies that the economy moves to an outward PPF where it can produce more.
(3) The points J,N and K represent points of fully employed resources.
(4) Point J represents the point which would eventually lead to greatest level of economic growth because it has more capital goods which can be used later to produce other goods.
(5) A movement from point J to M represent an increase in capital goods but not consumer goods.
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Figure 1: PPF Production Possibilities Frontier 0 0 Pizza Multiple Choice 1. Refer to the Production...
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Please explain all questions. Thanks
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Please explain all questions. Thanks
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