Question

Explain why a technological improvement in the production of one good means that a country can...

Explain why a technological improvement in the production of one good means that a country can now produce more of other goods than it did previously. Draw a country’s production possibility frontier to help answer this question.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A(n) _____ means a country can produce more of a good than another country using the...
A(n) _____ means a country can produce more of a good than another country using the same amount of resources. Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices comparative advantage complete advantage comparable advantage absolute advantage
Consider a country, Home, populated by a labor force of 90 workers. The country can produce...
Consider a country, Home, populated by a labor force of 90 workers. The country can produce two goods, Apples and Bananas. Labor is the only factor of production and it can freely move across sectors. It takes 1/2 unit of labor to produce one Apple; similarly, and it takes 1/2 unit of labor to produce a Banana. Now consider another country, Foreign. Unit labor requirements are as follows: 1 4 unit of labor per Apple, 1 6 unit of labor...
In a two-good Ricardian economy, the Home country has 100 units of labor with labor productivity...
In a two-good Ricardian economy, the Home country has 100 units of labor with labor productivity equal to 2 (i.e., each worker can produce 2 units of each good) and the Foreign has 200 units of labor with labor productivity equal to 1 (i.e., each worker can produce 1 unit of each good). Which of the following statements is necessarily true? Home is labor-abundant. Foreign is labor-abundant. Home and Foreign have the same production possibility frontier (PPF). Home's PPF is...
Production possibility curves are upward sloping because increased production of one good implies reduced production of...
Production possibility curves are upward sloping because increased production of one good implies reduced production of other goods. Group of answer choices True False
All question about True or False. 1.A production possibilities frontier allows us to identify the opportunity...
All question about True or False. 1.A production possibilities frontier allows us to identify the opportunity cost of producing a particular good in an economy ( T/F) 2.In the circular flow model, people earn income and spend it on goods and services. The amount spent on the goods and services becomes profit for the firm. (T/F) 3.A production possibilities frontier identifies the relationship between the quantity of a good produced and the cost of producing that good. (T/F) 4.In Country...
True or False? 1) If Country A is absolutely better at producing everything than Country B,...
True or False? 1) If Country A is absolutely better at producing everything than Country B, then there is no incentive for Country A to engage in trade with Country B. 2) If Tom has a comparative advantage in producing corn then he must also have an absolute advantage in producing corn. 3) If Joe can produce a good at a lower opportunity cost than Fred, then Joe must have an absolute advantage in producing this good. 4) Consider the...
2.Which of the following would not shift the Production Possibilities Frontier outward? a Discovering new resources...
2.Which of the following would not shift the Production Possibilities Frontier outward? a Discovering new resources b Improving education and training of workers c Improving technology d Increasing the capital stock e Reducing unemployment and other resource misallocations 3.Productive efficiency tells us a that we should always produce outside our Production Possibilities Frontier. b the production choices available that fully use our resources. c which combinations of products are preferred by households. d the exact combination of products that a...
According to Ricardo’s analysis, a country exports any good whose production requires fewer labor hours per...
According to Ricardo’s analysis, a country exports any good whose production requires fewer labor hours per unit that the labor hours per unit needed to produce the good in the foreign country. That is, the country exports any good in which its labor productivity is higher than the labor productivity for this good in the foreign country. Do you agree or disagree? Why? AND Mercantilism recommends that a country should limit its exports, so that more of the otherwise-exportable products...
Assume the following production capabilities existed for each country using one week worth of labor: Cars                        &nbs
Assume the following production capabilities existed for each country using one week worth of labor: Cars                                     Computers                               USA                                      1,000                                   500                               China                                   2,000                                   4,000 Draw each production possibilities frontier. Does either country have absolute advantage? Explain. Does either country have comparative advantage? Explain. Show a trade that benefits both countries, if one exists. Explain. Explain, in your own words, the impact of changing our current federal tax code to a proportional tax for personal income from the current progressive...
1. Marriage is a _________ which means that marriage partners commit to one another and in...
1. Marriage is a _________ which means that marriage partners commit to one another and in doing so adopt a longer-term perspective. a. Rational Choice b. Intertemporal Commitment Device c. Institution d. Opportunity Cost d. Opportunity Cost 2. Consider a production possibilities frontier for a woman, where market goods are on the vertical axis and household goods are on the horizontal axis. The absolute value of the slope of the production possibilities frontier represents, a. Her opportunity cost of producing...