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How microeconomic and macroeconomic issues may be represented using production possibility curves?
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What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
What are other names of production possibility frontier?
production possibility curve
What are two microeconomic and two macroeconomic problems?
Macroeconomic problems are problems that have a broad effect on the economy and appear in aggregate measures such as national income, the balances of trade and payments, the exchange rate, the price level, and the employment level. Examples include inflation, deflation, recession, speculative booms, unemployment, and national debt. Microeconomic problems are problems affecting the allocation of factors of production between different uses, and appear in the prices and levels of production and consumption of particular goods and services. Examples include monopoly, monopsony, external costs and benefits, non-price-excludibility, non-rivalry, information assymetries such as agent-and-principal problems, moral hazard, distorting taxes and subsidies, declining industries, and speculative bubbles (in particular markets as distinguished from general booms).
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What is the Importance of production possibility curve?
Importance of production possibility curve in allocation resources
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
What are the other names for production possibility curve?
other names for production possibility curve are: production possibility boundary production possibility frontier transformation curve.
What are other names of production possibility frontier?
production possibility curve
What are two microeconomic and two macroeconomic problems?
Macroeconomic problems are problems that have a broad effect on the economy and appear in aggregate measures such as national income, the balances of trade and payments, the exchange rate, the price level, and the employment level. Examples include inflation, deflation, recession, speculative booms, unemployment, and national debt. Microeconomic problems are problems affecting the allocation of factors of production between different uses, and appear in the prices and levels of production and consumption of particular goods and services. Examples include monopoly, monopsony, external costs and benefits, non-price-excludibility, non-rivalry, information assymetries such as agent-and-principal problems, moral hazard, distorting taxes and subsidies, declining industries, and speculative bubbles (in particular markets as distinguished from general booms).
What is the description of macroeconomic?
The study of economics from a broad perspective of the resources and factors of production in an economy
What is the Importance of production possibility curve?
Importance of production possibility curve in allocation resources
What is the effect of war on a production possibility frontier?
production possibility frontier shift leftward
What has the author Julia Darby written?
Julia Darby has written: 'Macroeconomic implications of a vintage production model'
How does the Production Possibility Frontier illustrate scarcity?
Scarcity, on a PPC (PPF) is implied by the bowed (concave-down) shape of the curve, since there is a restriction on how much can be produced and, to get more of something, one must give away something else.
What does the point outside a production possibility curve mean?
It is an unreachable possibility.
How can you reach beyond the production possibility frontier?
With the introduction of new technology and new resources will shift the production possibility frontier.
What effect would a decrease in production costs for all firms have on the aggregate supply curve?
the curve would shift to the right
