Date: Topic: Production Possibilities & Opportunity Cost 1. The slope of the production possibility frontier shows A. the technically efficient combinations of the two goods B. how factor inputs must be changed to keep them fully employed C. the opportunity cost of one good in terms of the other D. how consumers are willing to trade one good for another 2. A. OM B. OH C. YF D. MH 3. Which of the following will not shift a country’s production possibilities frontier outward?
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S-Curve Insight into the Electric Automobile Industry Introduction Many technological improvements have been made to vehicles to reduce their environmental impact. Some of these advances have been imposed by environmental legislation‚ others have been incentivized by commercial pressure to improve energy efficiency and limit our dependence on fossil fuel. Greening the transportation sector is thus important for meeting global emissions reduction targets. One innovative technology to achieve a green
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Examine the salient features of the Phillips`s Curves. How might elementary textbooks be criticised for writing ‘inflation’ on the vertical axis? Introduction Philips curve‚ named after A.W. Philips‚ has caused many fierce debates in the area of macroeconomics since the World War II. Based on the data of wages and employment in UK from 1861to 1957‚ Phillips concluded that there had been an inverse relationship between the percentage rate of unemployment and the percentage rate of change in
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Assignment 2 Limitations of the S-Curve 1. Companies use the technology S-curve analysis as a tool in planning a technology strategy for the organization. It has been observed that technology develops in an S-curve pattern. In the beginning progress for any new technology is slow. As an expertise in the technology builds up‚ progress moves at a rapid pace. After a while‚ however‚ the technology matures and progress slows (Shane‚ 2009). S-curve analysis is not only used to plot the development
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an unlimited supply. 2. An economy is efficient if it is: A) possible to produce more of all goods and services. B) possible to produce more of one good without producing less of another. C) not possible to produce more of one good without producing less of another good. D) producing a combination of goods. Use the following to answer question 3: 3. (Table: Coffee and Salmon Production Possibilities) Look at the table Coffee and Salmon Production Possibilities. The table shows the maximum
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Inter-temporal Production Possibilities and Trade Instead of trading one good for another at a point in time‚ we exchange goods today in return for some goods in the future. This kind of trade is known as inter-temporal trade. Even in the absence of international capital movements‚ any economy faces a trade-off between consumption now and consumption in the future. Economies usually do not consume all of their current output; some of their output takes the form of investment in machines‚ buildings
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Affect of unemployment in economy Unemployment (or joblessness) occurs when people are without work and actively seeking work. The unemployment rate is a measure of the prevalence of unemployment and it is calculated as a percentage by dividing the number of unemployed individuals by all individuals currently in the labor force. During periods of recession‚ an economy usually experiences a relatively high unemployment rate.[2] According to International Labour Organization report‚ more than
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Nigerian economy‚ Nigeria being an agrarian nation can’t de-emphasize the importance of agriculture not only to her economy but also to general well being of the populace. The basic importance of agriculture in Nigeria include but not restricted to provision of food for all‚ provides employment for about 70% of the populace‚ source of family and national income‚ generate savings both external and internal revenue among others. Agriculture which was the livewire of Nigerian economy has suffered
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Impact of Technology on Production and Short-run Curves Technology is the knowledge of using tools and machines to do tasks more efficiently. We use technology to control the world we live in. Since the art of making fire and creating handcrafted tools‚ our civilization has come a long way. Technology today has a great importance on production. Every advancement on technology makes the production easier‚ quicker and at a low cost. Technology has a great impact on short-run curves by when technology
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I do not believe that Walmart opening in this city will be helpful for our economy. There has been a lot of controversy surrounding Walmart‚ many people believe that Walmart helps the economy but many other believe it hinders it‚ in certain cases one is true‚ but in other cases the ladder is true. Walmart causes job loss in almost every city it enters into (Blasio‚ 2011)‚ has a negative impact on “Mom and Pop” stores that are already existing within the community (Haltiwanger‚ Jarmin‚ & Krizan‚ 2009)
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