1. Use the model of the production possibility frontier below to answer the following questions. QWheat D B E C Q Cars a. Identify two sources that can cause economic growth. 1. ii. b. Illustrate economic growth on the model above.
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- Economic growth is the expansion of production possibilities and is described as a leftward shift of the production possibilities frontier. a.False b.TrueUsing a simple model of the Production Possibilities Curve (PPC), label points that show inefficient, and efficient, unattainable production. What are the major assumptions of the underlying the model?b. Use a second model to illustrate the difference between economic expansion and economic growth.Which of the following are capital goods? Explain why. A. A school teacher because she helps her students increase their productive resources B. A pack of bubble gum because it can be purchased now and consumed in a future period OC. An interstate highway and a stealth bomber because governments buy and use them in the current period OD. A strawberry field because it is used to produce strawberries E. An interstate highway and a stealth bomber because governments buy these to increase productive resources to use during future periods to produce other goods and services Which of the following are capital goods? OA. A movie because it can be viewed now and in the future OB. A movie because all factors of production that are not labor are capital goods OC. An airplane, a garbage truck, and an ATM because businesses use these to produce other goods and services in the future D. An airplane, a garbage truck, and an ATM because all factors of production that are not labor are capital goods…
- What is relationship between social welfrare and economic growth ?estion 1 Refer to the imformation provided in figure below to answer the question. yet wered ked out of ppf2 Flag question pf! Consumer goods Refer to Figure Economic growth is represented by a Select one: a. shift from ppf2 to ppf1 b. movement along ppf2 c. movement along ppf1 d. shift from ppf1 to ppf2 spoob pade)India is expected to be the world's fastest-growing economy this year, 2023. If current trends continue, discuss the possible implications of such a development for 3. the business strategy of today’s global corporations
- E 4 B 3.9 Relative Rate of Cha X + v A https://bconline.broward.edu/d2l/le/content/408160/vi Knewton - Login i-Ready h access.heropowered. Somerset Academy - W Grades BROWARD CCOLLEGE MAC2233 CALC BUS-SOC-LIF.. Tools v More Assessments v Course Home Content Grades Communication v 3.9 Relative Rate of Change and Elasticity of Demand MILEI pret EldsuliLy UI UefidiIO Question A t-shirt seller currently sells one type for $20 per shirt. The price p and the demand for shirts are related by D(p) = 1000 – 24p. If the current price is increased, will revenue increase or decrease? Select the correct answer below: Revenue will increase because demand is inelastic. Revenue will decrease because demand is inelastic. Revenue will increase because demand is elastic. Revenue will decrease because demand is elastic. 10 FEEDBACK SI Content attribution Kavier Taylor Type here to searchQUESTION 93 Use the figure below to answer the next question. c+ TA N ܐ܂ Capital Goods x B D Consumer Goods Economic growth is best represented by a a. b. move from Z to X along AB. move from X on AB to Y on CD. C. shift of the production possibilities frontier from CD to AB. d. move from X to Z along AB. e. None of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers.QUESTION 18 C 0. B D Consumer Goods Refer to the diagram. Realized economic growth is best represented by Oa move from Xon AB to Y on CD Ob.shift in the production possibilities curve from CD to AB. Oc move from Xto Z along AB Od. move from Z to X along AB Capital Goods
- Answer d only a. What are the ways in which a government policymaker can try to raise the growth in living standards in a society? b. What is the relevance of productive and allocative efficiency to the growth process? c. What is meant by economies of scale and what is the importance of this concept to economic growth? d. Suppose that society decided to reduce consumption and increase investment.i. How would this change affect economic growth? ii. What groups in society would benefit from this change? iii. What groups might be hurt?Why economic growth is one of the goals of macroeconomics?1. What is a production possibility curve and explain points of efficiency, inefficiency, and not attainable. 2. Explain the law of increasing opportunity cost in a production possibility curve. What is the reason for increasing opportunity cost? 3. How can a country experience economic growth?
