How would the following events be shown using a production possibilities curve for shelter and food? (draw the production possibilities curve for each) The economy is experiencing a 10% unemployment rate. Economic growth is increasing by more than 5 percent per year. Society decides it wants less shelter and more food.
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How would the following events be shown using a
- The economy is experiencing a 10%
unemployment rate. Economic growth is increasing by more than 5 percent per year.- Society decides it wants less shelter and more food.
- Society decides it wants less food and more shelter.
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- many countries produce a single good upon which much of their economy depends. That good might be coffee or wool or oil. How might a production possibilities curve help economists in such a country determine how to diversify their economyWhat does a Production Possibilities Curve depict? What is the Law of Demand? What components will cause a Shift in the Demand curve?One of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.
- During the American Civil War, the South’s factories and farm land were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect the South’s production possibilities curve (draw the diagram)? How did the war affect the North’s production possibilities curve (draw the diagram and explain)?Classify the following as microeconomics or macroeconomics and provide a justification for your choice. The optimal choice of output for a firm that produces electric heaters. A worker's decision about how many hours to work. The impact of new technology in the market for DVD recorders. The relationship between education and economic growth. The effect of government spending on the nation's unemployment rate. Choose... Choose... Choose... Choose... Choose... ◆ ◆Match each good with either "final good" or "intermediate good". Cowhide, purchased by a tanner, to be made into a belt for retail sale [Choose ] intermediate good final good A new guitar sold by a music store to a child learning to play [Choose ] intermediate good final good A ton of steel that will be used to make several new cars [Choose ] intermediate good final good A new car sold to a nice old lady who only drives it to church on Sundays [Choose ] intermediate good final good Flour used by a pizza restaurant to make a pizza [Choose ] intermediate good final good Cement purchased by a homeowner to repair a sidewalk [Choose ] intermediate good final good Cement purchased by a contractor to build a sidewalk for a new house [Choose ] intermediate good final good A pizza oven used by a restaurant to make pizza [Choose ] intermediate good final good
- Explain how (if at all) each of the following events affects the location of a country’sproduction possibilities curve.a.The quality of education increases.b.The number of unemployed workers increases.c.A new technique improves the efficiency of extracting copper from ore.d.A devastating earthquake destroys numerous production facilities.(a)The curve will shift out as the labor resource improves.(b)The curve will not shift, but the economy will produce further inside the curve.(c)The curve will shift out as a result of the technological improvement.(d)The curve will shift in as resources are destroyed.7Suppose that one summer the weather is very hot. How does this event affect the market for ice cream? And How a decrease in supply of ice cream affects the equilibrium price and quantity? Draw the graph according to the situations above. Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis?a. The inheritance tax should be repealed because it is unfair.b. Allowing Chile to join NAFTA would cause wine prices in the United States to drop.c. The first priorities of the new regime in the Democratic Republic of Congo (DRC, formerly Zaire) should be to rebuild schools and highways and to provide basic health care.Draw a production possibilities curve for food and clothing. If you are operating on the curve, what is the opportunity cost of producing more clothing? If you are on the curve, is it possible to increase production of one good without decreasing the production of the other?
- Classify the following topics as relating to microeconomics or macroeconomics. The family’s decision about how much income to spend on food. The effect of government regulations on auto emissions. The impact of higher public savings on economic growth. A monopolist’s decision about how many units to sell. The relationship between the inflation rate and the unemployment rate.Which of the following is NOT studied in microeconomics? The effects of government regulations on automobile demand. The relationship between household income and household savings. A family’s decision on how much income should save in a year. The relationship between the inflation rate and changes in the quantity of moneyClassify each of the following statements as positive or normative. Explain. Society faces a short-run trade-off between inflation and unemployment. A reduction in the rate of growth of money will reduce the rate of inflation. The Federal Reserve should reduce the rate of growth of money. Society ought to require welfare recipients to look for jobs. Lower tax rates encourage more work and more saving.