Homework Answers
A. Shifts curve AB TO CD
As there in an increase in Human capital, meaning there is an increase in productivity.As a result it will lead to economic growth as a whole. For Eg:- when an employee or worker is given training on a particular skill /knowledge which is essential for improving productivity, by acquiring that knowledge and skill set the worker/ employee will be able to produce more units of output using less units of input /or same. As a result productivity improves, which will increase economic growth as a whole.
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B D Consumer Goods Refer to the graph. An increase in the economy's human capital would...
Capital Goods BD Consumer Goods Refer to the graph. Growth of production capacity is shown by...
Capital Goods BD Consumer Goods Refer to the graph. Growth of production capacity is shown by the Refer to the graph. Growth of production capacity is shown by the Multiple Choice movement away from point A and toward point B. movement away from point B and toward point A shift from AB to CD shift from CD to AB
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve...
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
An economy's production possibilities curve could shift outward as a result of a(n) a) increase in...
An economy's production possibilities curve could shift outward as a result of a(n) a) increase in labor and capital b) reduction in the quantity of capital goods c) decrease in the production of goods or d) decrease in the amount of available resources?
Multiple Choice Questions 1. Each of the following is an example of an economic resource except...
Multiple Choice Questions 1. Each of the following is an example of an economic resource except A. land. B. money C. capital. D. labor. Consumer goods Refer to the above graph. Which movement between two points represents an increase in econ growth? A. J to K B. K to L C. L to M D. N to N 2. 3. Refer to the above graph Points J, N and K on the inner production possibilities frontier repre A an inefficient...
QUESTION 4 Refer to the diagram. Other things equal, this economy will shift its production possibilities...
QUESTION 4 Refer to the diagram. Other things equal, this economy will shift its production possibilities curve outward the most if: 8 Consumer Goods it chooses point B. the ratio of capital to consumer goods is minimized. c, chooses point A. 0 d. it chooses point C
The table below contains production possibilties data for capital goods and consumer goods in the economy...
The table below contains production possibilties data for capital goods and consumer goods in the economy of New Harmony 18 16 14 20 Consumer goods 40 36 a. Draw the production possibilities curve (PPC) for New Harmony.Plot eech point in the graph below using the tool PP1 for part (o) and PP2 for part PPlot 5 points in the graph below for part (a) and anothier 5 points for part . Fill in the table below assuming that, 10 years...
1. Part A) 1. Part B) Refer to the accompanying figure. What is the price elasticity...
1. Part A)
1. Part B)
Refer to the accompanying figure. What is the price elasticity of supply at point A? 8 7 6 5 4 2 A 1 0 2 4 6 8 10 12 14 16 Quantity Price (S) Multiple Choice 1 1/2 2 4 An increase in an economy's productive resources will lead the production possibilities curve to: Multiple Choice shift inward. shift outward stay the same. become flatter.
In the Ricardian model with a continuum of goods (Dornbusch et al), an increase in the relative s...
In the Ricardian model with a continuum of goods (Dornbusch et al), an increase in the relative size of the foreign country's labor force will: a. raise the foreign wage and reduce the range of goods produced in Foreign. b. raise the home relative wage and expand the range of goods produced in Foreign c. have no effect on the pattern of trade d. expand the range of goods produced at home In the 2-factor (labor and capital), 2 good...
The graph below depicts an economy where an increase in aggregate demand has caused inflation. The...
The graph below depicts an economy where an increase in aggregate demand has caused inflation. The economy's current level of real GDP (Y) is above its long-run equilibrium. This is illustrated by the long-run aggregate supply curve (LRAS) and a price level 2) above the equilibrium value of Pe Fiscal Policy Price Level Real GDP Which of the following is an example of an automatic stabilizer that would help this economy move toward full employment again A reduced need for...
1. Suppose natural resources increase, which curve(s) in an AD-AS graph shift(s) to which direction? 2....
1. Suppose natural resources increase, which curve(s) in an AD-AS graph shift(s) to which direction? 2. Steve owns a bike shop. He increases the size of his shop. This action is related to which factor of economic growth? ((1) natural resources; (2) physical capital; (3) human capital; (4) technology; or (5) institutions ) 3. When price level increases by 10 percent, how much does the quantity of long-run aggregate supply increase? Refer to the following figure to answer question 4...
Capital Goods BD Consumer Goods Refer to the graph. Growth of production capacity is shown by the Refer to the graph. Growth of production capacity is shown by the Multiple Choice movement away from point A and toward point B. movement away from point B and toward point A shift from AB to CD shift from CD to AB
An economy produces two goods: capital goods and consumer goods. Points on the production possibilities curve appear below: 2. roduction alternatives Capital ds per period Consumer goods per period 2018 14 8 A. If the economy is producing at alternative X, the opportunity cost of producing at Y instead of X is period a. 0 C. The production of 14 units of consumer goo and 1 unit of capital goods per period would a. result in full employment b. result...
Multiple Choice Questions 1. Each of the following is an example of an economic resource except A. land. B. money C. capital. D. labor. Consumer goods Refer to the above graph. Which movement between two points represents an increase in econ growth? A. J to K B. K to L C. L to M D. N to N 2. 3. Refer to the above graph Points J, N and K on the inner production possibilities frontier repre A an inefficient...
QUESTION 4 Refer to the diagram. Other things equal, this economy will shift its production possibilities curve outward the most if: 8 Consumer Goods it chooses point B. the ratio of capital to consumer goods is minimized. c, chooses point A. 0 d. it chooses point C
The table below contains production possibilties data for capital goods and consumer goods in the economy of New Harmony 18 16 14 20 Consumer goods 40 36 a. Draw the production possibilities curve (PPC) for New Harmony.Plot eech point in the graph below using the tool PP1 for part (o) and PP2 for part PPlot 5 points in the graph below for part (a) and anothier 5 points for part . Fill in the table below assuming that, 10 years...
1. Part A)
1. Part B)
Refer to the accompanying figure. What is the price elasticity of supply at point A? 8 7 6 5 4 2 A 1 0 2 4 6 8 10 12 14 16 Quantity Price (S) Multiple Choice 1 1/2 2 4 An increase in an economy's productive resources will lead the production possibilities curve to: Multiple Choice shift inward. shift outward stay the same. become flatter.
In the Ricardian model with a continuum of goods (Dornbusch et al), an increase in the relative size of the foreign country's labor force will: a. raise the foreign wage and reduce the range of goods produced in Foreign. b. raise the home relative wage and expand the range of goods produced in Foreign c. have no effect on the pattern of trade d. expand the range of goods produced at home In the 2-factor (labor and capital), 2 good...
The graph below depicts an economy where an increase in aggregate demand has caused inflation. The economy's current level of real GDP (Y) is above its long-run equilibrium. This is illustrated by the long-run aggregate supply curve (LRAS) and a price level 2) above the equilibrium value of Pe Fiscal Policy Price Level Real GDP Which of the following is an example of an automatic stabilizer that would help this economy move toward full employment again A reduced need for...
1. Suppose natural resources increase, which curve(s) in an AD-AS graph shift(s) to which direction? 2. Steve owns a bike shop. He increases the size of his shop. This action is related to which factor of economic growth? ((1) natural resources; (2) physical capital; (3) human capital; (4) technology; or (5) institutions ) 3. When price level increases by 10 percent, how much does the quantity of long-run aggregate supply increase? Refer to the following figure to answer question 4...
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