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A country's production possibilities curve (PPC) depends on its available resources, including labor, capital, land, and technology. The efficiency with which these resources are utilized also plays a crucial role, as does the level of innovation and investment in production methods. Additionally, the PPC reflects the opportunity cost of reallocating resources between different goods and services, highlighting the trade-offs a country faces in production decisions.
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A point that lies outside a country's production possibilities curve mean what?
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
What are the other names for production possibility boundary?
other names for production possibility boundary are: production possibility curve production possibility frontier transformation curve.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
What is the Importance of production possibility curve?
Importance of production possibility curve in allocation resources
A point that lies outside a country's production possibilities curve mean what?
A point that lies outside a country's production possibilities curve means that the country is not able to produce. The possibility curve shows how a country can efficiently produce.
If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
What If a country uses up a good portion of its available resources what happens to its production possibilities curve?
The curve moves inward
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 was the Production Budget for Trouble with the Curve?
The Production Budget for Trouble with the Curve was $60,000,000.
Explain the effect an increase in the retirement age would have on a country's ppf curve?
An inrease in the retirement age would effectively increase a country's labor supply, shifting the production possibilities curve right.
What is the Importance of production possibility curve?
Importance of production possibility curve in allocation resources
Why a country may choose to produce below its production possibility curve?
A country may not choose to produce below it's ppc but the situation in that country derive it to do so
How do you illustrate a production possibility frontier?
By using production possibility curve,country is producing both industrial and agricultural product using available resources, technology country operating inside production possibility curve shows the levels underdevelopment, which will be result under utilisation of resources ,poor technology. The country operating outside production possibility curve show the levels of development in economy, however, an economy can produce both industrial and agricultural using the resources available without effecting the production each . A shift from inside to outside it may be result of discovering of new resources, improved technology .
How would the quality of education increase affect the location of a country's production possibilities curve?
the quality of education that increases will improve the human capital which is one of the factors of production. therefore, the pp curve will shift outwards against potential growth.
Where on a production possibilities curve the economy working at its most efficient production levels?
Any point on the PPC curve
