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. Explain two causes of a shift in a PPC.
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- What information additional information (besides what is shown in the PPC) would be needed for the government to make the right decision about how to spend its money? Explain. C. wwollat ob lobo 1erw wonkWhat two things must change or be improved to move a PPC out?Consider two neighboring island countries called Contente and Euphoria. They each have 4 million labor hours available per month that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. ols Corn Jeans Country (Bushels per hour of labor) (Pairs per hour of labor) Contente 16 A-Z Euphoria 20 Initially, suppose Contente uses 1 million hours of labor per month to produce corn and 3 million hours per month to produce jeans, while Euphoria uses 3 million hours of labor per month to produce corn and 1 million hours per month to produce jeans. Consequently, Contente produces million bushels of corn and 48 million pairs of jeans, and Euphoria produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of corn and jeans it produces. ▼…
- Give only typing answer with explanation and conclusion PPC is concave to the point of origin because as we move along the curve, slope of PPC keep on decreasing. True or false?. Why does the shape of a PPC for individuals differ from that of the economy as a whole?A В C E F G Trucks 20 28 35 40 43 45 Cars 54 52 49 43 35 25 How could the PPC shift to the left?
- Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign county as a third agent. Draw a rough sketch of the flows of imports, exports, and the payment for each on your diagram.4. Specialization and trade When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods. The following graphs show the production possibilities frontiers (PPFS) for Shenandoah and Rainier. Both countries produce almonds and pistachios, each initially (l.e., before specialization and trade) producing 18 million pounds of almonds and 9 million pounds of pistachios, as indicated by the grey stars marked with the letter A. PISTACHIOS (Millions of pounds) 48 42 36 30 24 18 12 6 0 PPF Shenandoah A 0 6 12 18 24 30 36 ALMONDS (Millions of pounds) 42 48 ? PISTACHIOS (Millions of pounds) 48 42 36 30 24 18 12 6 0 0 PPF 6 Rainier A 18 12 24 30 36 ALMONDS (Millions of pounds) 42 48 ?Output of Consumer Goods (units per year) D O с E G B Output of Military Goods (units per year) Iceland has no military. a. So, at what point in the figure is Iceland producing? point (Click to select) ✓ b. If Iceland decided to produce the quantity OE of military goods, how much consumer output would it have to give up? Give up quantity (Click to select)
- What is ppc?Explanation of four factors which can shiftthe world demand foroil, indicating clearly the direction of the shifto Explanation of four factors which can shiftthe world supply of oil, indicating clearly the direction of the shift.why countries trade goods and services, and why such trade can increasewelfare.
