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3 years ago

A. Draw a production possibilities curve for a hypothetical economy producing capital and consumer goods.

Business

1 answer:

solniwko [45]3 years ago

8 0

Answer:

See the attached and the explanation below.

Explanation:

a. A production possibility curve (PPC) refers to a curve that displays different combinations of the maximum output of two goods that can be produced from a given or fixed amount of input and technology.

An example of PPC is figure (A) in the attached document.

b. When there is a major technical breakthrough in the capital goods industry and the new technology is widely adopted only in this industry, it will make the PPC to rotate outward at the capital good axis only, while consumer good axis will remain the same (see the curve and the arrow in Figure B in the attached). This implies that the break has enabled the economy to produce more of capital goods while consumer goods production level remains the same.

c. When there is a technological advance in consumer goods production, but not in capital goods production, it will make PPC to rotate outward at the consumer good axis only, while capital good axis will remain the same (see the curve and the arrow in Figure C in the attached). This implies that the break has enabled the economy to produce more of consumer good while capital good production level remains the same.

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6 months ago

An electronic card that is directly connected to a checking account is known as a ____.

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2 years ago

Read 2 more answers

if there is a major problem in a country that leads to the rapid withdrawal of foreign investment, this is known as

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Answer:

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Explanation:

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2 years ago

In response to a shortage caused by the imposition of a binding price ceiling on a market,

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In response to a shortage caused by the imposition of a binding price ceiling on a market,

a. price will no longer be the mechanism that rations scarce resources.

b. long lines of buyers may develop.

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