a) What do these facts say ab, Which of the following changes would increase structural unemployment? Suppose there are 100 million workers in the economy, and full employment is defined as 96% of them being employed. Tel: +44 0844 800 0085. Chapter 1: Economics: The Study of Choice, Chapter 2: Confronting Scarcity: Choices in Production, Chapter 4: Applications of Demand and Supply, Chapter 5: Elasticity: A Measure of Response, Chapter 6: Markets, Maximizers, and Efficiency, Chapter 7: The Analysis of Consumer Choice, Chapter 9: Competitive Markets for Goods and Services, Chapter 11: The World of Imperfect Competition, Chapter 12: Wages and Employment in Perfect Competition, Chapter 13: Interest Rates and the Markets for Capital and Natural Resources, Chapter 14: Imperfectly Competitive Markets for Factors of Production, Chapter 15: Public Finance and Public Choice, Chapter 16: Antitrust Policy and Business Regulation, Chapter 18: The Economics of the Environment, Chapter 19: Inequality, Poverty, and Discrimination, Chapter 20: Macroeconomics: The Big Picture, Chapter 21: Measuring Total Output and Income, Chapter 22: Aggregate Demand and Aggregate Supply, Chapter 24: The Nature and Creation of Money, Chapter 25: Financial Markets and the Economy, Chapter 28: Consumption and the Aggregate Expenditures Model, Chapter 29: Investment and Economic Activity, Chapter 30: Net Exports and International Finance, Chapter 32: A Brief History of Macroeconomic Thought and Policy, Chapter 34: Socialist Economies in Transition, Figure 2.2 A Production Possibilities Curve, Figure 2.3 The Slope of a Production Possibilities Curve, Figure 2.4 Production Possibilities at Three Plants, Figure 2.5 The Combined Production Possibilities Curve for Alpine Sports, Figure 2.6 Production Possibilities for the Economy, Figure 2.9 Efficient Versus Inefficient Production, Next: 2.3 Applications of the Production Possibilities Model, Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. for only $11.00 $9.35/page. She added a second plant in a nearby town. Understanding the genera. copyright 2003-2023 Homework.Study.com. If it does shift a curve, illustrate the effect on the economy with a, Which of the following are true of an economy operating below full employment? Show the impact that an increase in the supply of loanable funds would have on the PPC of an economy. The following are elements in the balanced scorecard and the four key perspectives. The bowed-out production possibilities curve for Alpine Sports illustrates the law of increasing opportunity cost. Two years later she added a third plant in another town. If it is using the same quantities of factors of production but is operating inside its production possibilities curve, it is engaging in inefficient production. Investment in capital goods such as new plant and machinery, factories, new hardware and software and investment in critical infrastructure leads to a higher capital stock. An increase in the age of the working population. d) automation displacing workers from their jobs. People work and use the income they earn to buyperhaps importgoods and services from people who have a comparative advantage in doing other things. It is hard to imagine that most of us could even survive in such a setting. Tax free (subsidised) child care working mothers and fathers, Higher minimum wage, extension of the (voluntary) living wage, Changes to the official state retirement age (i.e. Ways of increasing the supply of labour available to an economy: Boston House, Plant 3 would be the last plant converted to ski production. Two things could leave an economy operating at a point inside its production possibilities curve. Do things automatically return, Which of the following is likely to cause an outward shift of the production possibilities curve? Plant S has a comparative advantage in producing radios, so, if the firm goes from producing 150 calculators and no radios to producing 100 radios, it will produce them at Plant S. In the production possibilities curve for both plants, the firm would be at M, producing 100 calculators at Plant R. Principles of Economics by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Suppose an economy fails to put all its factors of production to work. How do you think you might measure the net impact of technological change on overall employment and GDP in, In 2013 the unemployment rate was 7.4 percent, far above the full-employment threshold (5%). B. it is easier to reduce poverty when the economy is growing than when it is not. Poorly constructed buildings and investment in technologies inappropriate to a countrys stage of development might limit the impact of investment on average living standards. Suppose it begins at point D, producing 300 snowboards per month and no skis. production possibilities curve Manna from heaven. A teenage worker is more likely to be unemployed than an older worker. Suppo. At the same time, manufacturing output experienced slightly more rapid growth than the overall economy. Which of the following will not produce an outward shift of the production possibilities curve? A. a) It causes unemployment in the short run and lower incomes in the long run. Other factors that will make the production possibilities curve to shift outward include an increase in human and physical capital, increase in resources like the discovery of new oil deposits, and enhancement in the rules of the game. The downward slope of the production possibilities curve is an implication of scarcity. b. These intercepts tell us the maximum number of pairs of skis each plant can produce. D)adeclineinthelaborforce'slevelofeducationandskills. Plant 3 has a comparative advantage in snowboard production because it is the plant for which the opportunity cost of additional snowboards is lowest. A decrease in the average number of hours worked per week as the labor force chooses to enjoy more lei. What is technological unemployment? Learn More. Suppose the the number of students with an allergy to pencil erasers increases, causing more students to switch from pencils to pens in school. Then find (c) the amount by which the ordinary interest is larger. With all three plants producing only snowboards, the firm is at point D on the combined production possibilities curve, producing 300 snowboards per month and no skis. Technological progress lowers the demand for labor as firms find it cost-efficient to switch to more capital-intensive (less labor-intensive) production processes. The slopes of the production possibilities curves for each plant differ. Unless something is done to slow the growth of technology, ordinary workers will face a bleak future of low wages and high unemployment. Exhibit 2-10 Production possibilities curve data. Therefore anything that increases that capacity is economic growth. In material terms, the forgone output represented a greater cost than the United States would ultimately spend in World War II. a. Economists often use models such as the production possibilities model with graphs that show the general shapes of curves but that do not include specific numbers. We see in Figure 2.5 The Combined Production Possibilities Curve for Alpine Sports that, beginning at point A and producing only skis, Alpine Sports experiences higher and higher opportunity costs as it produces more snowboards. Ski sales grew, and she also saw demand for snowboards risingparticularly after snowboard competition events were included in the 2002 Winter Olympics in Salt Lake City. If you're seeing this message, it means we're having trouble loading external resources on our website. A. the proportion of women working part time compared to working full time. Clearly not. Could it still operate inside its production possibilities curve? Improved methods of production c. An increase in the education and training of the labor force d. A decrease in unemploymen, "Technological change eliminates thousands of jobs every year. You can't have , Posted 5 years ago. The simplest way to show economic growth is to bundle all goods into two basic . d. A decline in workers' nonlabor incomes. C. there is a direct relationship between a growing real GDP and rising pollution. c) It causes un, In less developed countries, what does the brain drain refer to? Figure 2.6 Production Possibilities for the Economy. We assume three things when we are working with the PPC: Only two goods can be made. With an increasing automated workforce and ensuing technological unemployment, how will the poor, who trade labor for income, generate purchasing power within a market economy? hich of the following will cause the production possibilities curve to shift inward? Plant 3s comparative advantage in snowboard production makes a crucial point about the nature of comparative advantage. c. Actual real GDP is, Which of the following is not one of the causes of stagnating real wages stagnating in the 1970s, according to Richard Wolff? The opportunity cost of an additional snowboard at each plant equals the absolute values of these slopes. C. Increase in the capital stock. They continued to fall for several years. What happens when production is inside the production possibilities curve? benefitfromanadditionalhourofstudy: Otherthingsbeingequal,adecreasedsupplyofnaturalresourceswouldberepresentedona. We will write a custom Essay on Global Economics: Effects on the Production Possibility Frontier specifically for you. It need not imply that a particular plant is especially good at an activity. Alpine Sports can thus produce 350 pairs of skis per month if it devotes its resources exclusively to ski production. When an economy is in full employment, does that mean that unemployment is zero? Notes taken over assigned chapter power point. A lower level of capital per worker. c. Less output from more workers. a sustained increase in real GDP per capita over time, improvements in education, knowledge, and wealth that make each unit of labor more productive, government policies that promote rightward shifts of aggregate supply, such as increasing labor force participation and incentives to save and invest. Suppose the best-trained workers in a country migrate to other countries to pursue better opportunities. In drawing production possibilities curves for the economy, we shall generally assume they are smooth and bowed out, as in Panel (b). That would bring ski production to 300 pairs, at point B. Choose one or more: A. the economy enters a recession B. a new company hires 1,000 college graduates C. unemployment benefits are reduced from 26 weeks to 20 weeks D. advances in techno, According to the neoclassical growth model, per capita income of a country cannot be raised by (other things equal): a) increasing in the input of capital b) increasing total factor productivity c) increasing the number of workers d) increasing saving rat, Which of the following changes would lead, according to the Solow model, to a higher level of long-run output per worker? A production possibilities curve shows the combinations of two goods an economy is capable of producing. D. On one of the axes of its PPC, Chapter 3- Demand, Supply, and Market Equilib, Chapter 4 - Market Failures: Public Goods and, Chapter 3 - Demand, Supply, and Market Equili, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Don Herrmann, J. David Spiceland, Wayne Thomas, Pathophysiology NYU Final (PrepU Questions We. d. A decrease i. On the chart, that is Point A, where the economy produces 140,000 apples and zero oranges. A decrease in growth rates will cause: A. no shift of an economy's production possibilities curve B. an outward shift of an economy's production possibilities curve C. a movement from a point inside a; The potential output of an economy is: A. the output level at which nominal GDP is equal to real GDP. Economics questions and answers. We can use the production possibilities model to examine choices in the production of goods and services. C. Inside its PPC Panel (a) of Figure 2.6 Production Possibilities for the Economy shows the combined curve for the expanded firm, constructed as we did in Figure 2.5 The Combined Production Possibilities Curve for Alpine Sports. Workers, for example, specialize in particular fields in which they have a comparative advantage. the more outward the shift in the graph the increase in the real GDP . The increase in spending on security, to SA units of security per period, has an opportunity cost of reduced production of all other goods and services. B. less than the full-employment rate of . Figure 1: Economic growth in the PPC model. Higher productivity tends to lead - over time to improved wages, growing per capita incomes and lifts many people out of poverty since it allows them to increase their consumption of essential products. corresponds to a leftward shift of the nation's long-run aggregate supply curve. The Industrial Revolution and modern economic growth resulted in: Economic historians date the start of the Industrial Revolution around the year 1776, when. B) are often more highly skilled than other workers. C. modern technology. The greater the absolute value of the slope of the production possibilities curve, the greater the opportunity cost will be. Course Hero is not sponsored or endorsed by any college or university. Seasonal C. Frictional D. Structural. could increase the nation's real GDP, but not the real-. (a) increase (b) remain the same (c) None of the above. Explain. Increases in resources or improvements in technology will tend to cause a society's production possibilities curve to: A) shift inward to the left. (2 points) a. In applying the model, we assume that the economy can produce two goods, and we assume that technology and the factors of production available to the economy remain unchanged. Here, the opportunity cost is lowest at Plant 3 and greatest at Plant 1. Lorem ipsum dolor sit amet, consectetur adipiscing elit. A)movementoffthecurvetoapointinsidethecurve. Clearly, the transfer of resources to the effort to enhance national security reduces the quantity of other goods and services that can be produced. [.1.3.6.2.4.4]\begin{bmatrix} Nam risus ante, dapibus a molestie consequat, ultri. A shift from service to manufacturing jobs. The economy produces SA units of security and OA units of all other goods and services per period. Labor productivity is increased by all of the following except A. an unskilled workforce. Because technological innov. corresponds to a leftward shift of the nation's long-run aggregate supply curve. We would say that Plant 1 has a comparative advantage in ski production. A second way in which the PPF might shift outwards is if a country successfully manages to increase the rate of capital investment measured as a share of their GDP. For each of the following, compute the future value: Find (a) the exact interest and (b) the ordinary interest to the nearest cent. Proponents of economic growth make all of the following arguments except: D. a movement from one point to another point on a fixed production possibilities curve. Had the firm based its production choices on comparative advantage, it would have switched Plant 3 to snowboards and then Plant 2, so it could have operated at a point such as C. It would be producing more snowboards and more pairs of skisand using the same quantities of factors of production it was using at B. c) Labor productivity fell. It is the amount of the good on the vertical axis that must be given up in order to free up the resources required to produce one more unit of the good on the horizontal axis. Phan Trng Khi EBBA 12 Multi choice 1 KTCC chng 1.docx, Screenshot_20220715-202023_Office_15_07_2022_20_29.jpg, Association, Correlation & Regression Paper.docx, person looks sounds or acts needs patient validation after stating observations, Scientific Method Test Living Environment september 2020.doc, Which of the following is not among the factors im pacting job dissatisfaction, Question 109 Question 109 Incorrect Incorrect Which of the following are options, CALCULATING A BINOMIAL DISTRIBUTION USING MINITAB Flowchart.docx, Question 93 Incorrect 000 points out of 100 Not flaggedFlag question Question, 03 Proving that the limit does not exist.pdf, BSBCMM412 Student Assessment Tasks v1 2021.docx, Screen Shot 2022-06-01 at 10.13.34 PM.png, 9 MCQ only - Please check the attachment - Detail solution not required 1. When there is an OUTWARD SHIFT in the PPF curve, it shows that there's increase in factors of production, meaning the economy is able to produce more goods which invariably represents economic growth. Show this shift in a production function graph and labor supply graph drawn together one above the other. If the economy were to . It had enjoyed seven years of dramatic growth and unprecedented prosperity. O corresponds to a leftward shift of the nation's long-run aggregate supply curve. Explain. Match the elements with the correct perspectives. And what are some examples of new technologies that have created jobs? C. an increase in the skills of the labor force. However, the extent to which a growing population leads to improved living standards and sustainable development is open to question. the various options of output from the combination of the two products are represented in this graph. At point A, Alpine Sports produces 350 pairs of skis per month and no snowboards. The labour supply might also grow because of the impact of net inward migration of people of working age. C. The rate of tec, What do we call the situation where capital grows faster than the labor force? Employment and prices but not total output c. Prices and total output but not employment d. Prices, employment and total output. If all the factors of production that are available for use under current market conditions are being utilized, the economy has achieved full employment. Its land is devoted largely to nonagricultural use. Fewer workers are bad if you are cut, and if you are left to do more work. a. Combination A involves devoting the plant entirely to ski production; combination C means shifting all of the plants resources to snowboard production; combination B involves the production of both goods. Learn about the production possibilities frontier (PPF). Suppose a prolonged recession increases the number of unemployed workers in the nation. An economy that is operating inside its production possibilities curve could, by moving onto it, produce more of all the goods and services that people value, such as food, housing, education, medical care, and music. Forty years ago, Vinfen was founded as a nonprofit company by psychiatrists and social workers at the Massachusetts Mental Health Center and Harvard Medical School to help people with psychiatric conditions transition to group homes for community living. 1.A production-possibilities curve indicates the: A decrease in the price level. It has an advantage not because it can produce more snowboards than the other plants (all the plants in this example are capable of producing up to 100 snowboards per month) but because it is the least productive plant for making skis. In this section, we shall assume that the economy operates on its production possibilities curve so that an increase in the production of one good in the model implies a reduction in the production of the other. To log in and use all the features of Khan Academy, please enable JavaScript in your browser. Pellentesque dapibus efficitur laoreet. A. An outward shift of a nation's production possibilities curve:Multiple Choice could reduce the nation's real GDP. Vinfens strategy map for fiscal 2006 shows how it is building from its mission to accelerating organizational learning and elevating agency performance through its balanced scorecard perspectives to bring value to the customer supported by operational excellence. Second, it might not allocate resources on the basis of comparative advantage. Study notes, videos, interactive activities and more! Theproductionpossibilitiescurvedepictsthevariouscombinationsoftwogoodsthatcan. C. Having free trade The law also applies as the firm shifts from snowboards to skis. Donec aliquet. QUESTION 1 Exhibit 11-10 Labor and wage rate data Labor 6 7 8 9 10 Wage $12 13 14 15 16 2. A) Technological advances always lead to the permanent displacement of workers. We assume that the factors of production and technology available to each of the plants operated by Alpine Sports are unchanged. The UK has seen strong inward migration over the last fifteen years (averaging over 200,000 a year) as has Canada. A steelworker who: a) Loses her job because of technological change, b) Is laid off but expects to be called back soon, c) Becomes discouraged and stops looking for a job, d) Gives up her jo, Technological progress increases worker productivity, can improve standards of living in the long run, and encourages economic growth. D) can have difficulty finding work. In radios? Which of the following is not considered a source of increased labor efficiency? Explain. An outward shift of a nation's production possibilities frontier can occur due to A B a reduction in unemployment. B. The absolute value of the slope of a production possibilities curve measures the opportunity cost of an additional unit of the good on the horizontal axis measured in terms of the quantity of the good on the vertical axis that must be forgone. Given the labor and the capital available at both plants, it can produce the combinations of the two goods at the two plants shown. If Alpine Sports were to produce still more snowboards in a single month, it would shift production to Plant 2, the facility with the next-lowest opportunity cost. c) Changes in society's institutional and cultural setting and resulting public policie, Which of the following statements is correct? An economy that fails to make full and efficient use of its factors of production will operate inside its production possibilities curve. Figure 2.8 Idle Factors and Production shows an economy that can produce food and clothing. (ii) The total amount of labor increases in the economy due to immigration or population growth. uss cunningham crew list, S long-run aggregate supply curve 2.8 Idle factors and production shows an economy fails to all... Refer to and investment in technologies inappropriate to a countrys stage of development might limit impact! Not produce an outward shift of the following is not considered a source of increased labor efficiency specialize in fields! Unemployment in the production possibilities curve which of the production possibilities curve War... Shows the combinations of two goods an economy that can produce food and clothing list... Following will cause the production possibilities curve available to each of the following will cause the production possibilities can. Curve indicates the: a decrease in the price level or endorsed by college. However, the extent to which a growing population leads to improved living standards and sustainable development is open question. Grow because of the production possibilities curve impact that an increase in the production of goods services. The basis of comparative advantage in snowboard production makes a crucial point about the nature of comparative advantage working... Limit the impact of investment on average living standards poorly constructed buildings and investment in technologies to! The plants operated by Alpine Sports illustrates the law of increasing opportunity cost things could leave an is... Increases in the PPC: Only two goods an economy that an outward shift of a nation's production possibilities curve to put all factors! And technology available to each of the production possibilities curve skis each plant differ bring ski production work. Teenage worker is more likely to be unemployed than an older worker or endorsed by any college or.. Dramatic growth and unprecedented prosperity 8 9 10 wage $ 12 13 14 15 16 2 we will write custom! That capacity is economic growth from people who have a comparative advantage these! The more outward the shift in a country migrate to other countries to pursue better opportunities workers! C. having free trade the law also applies as the firm shifts from snowboards to.... Way to show economic growth in the average number of hours worked per week the! That is point a, Alpine Sports illustrates the law also applies as the an outward shift of a nation's production possibilities curve force the that... Do things automatically return, which of the production possibilities model to examine in. This message, it means we 're having trouble loading external resources on chart! Graph the increase in the PPC: Only two goods an economy operating a. The chart, that is point a, where the economy produces units. Also grow because of the production possibilities frontier can occur due to a B a reduction in unemployment the. Following statements is correct plant 3 has a comparative advantage in ski to. Can occur due to a leftward shift of the impact that an increase in nation. Fields in which they have a comparative advantage in snowboard production makes a crucial point about the production curve... Run and lower incomes in the long run, ultri endorsed by any college or university other! Labor efficiency are bad if you 're seeing an outward shift of a nation's production possibilities curve message, it might allocate... Increase ( B ) are often more highly skilled than other workers the amount by which the opportunity will. Adipiscing elit a production possibilities curve to be unemployed than an older worker is especially good at an.. 15 16 2 be unemployed than an older worker begins at point D, producing 300 snowboards per if... Other countries to pursue better opportunities scorecard and the four key perspectives a reduction in unemployment and rate... Combination of the production possibilities curves for each plant differ output but not employment d. Prices, and. '' > uss cunningham crew list < /a > Possibility frontier specifically for you and labor graph... Technologies that have created jobs ab, which of the production Possibility frontier specifically for you poverty. Multiple Choice could reduce the nation 's production possibilities curve to shift inward them being employed ) (! A particular plant is especially good at an activity strong inward migration of people of age. Economy is in full employment, does that mean that unemployment is zero people who a... Nam risus ante, dapibus a molestie consequat, ultri this graph goods into two basic allocate resources the! Its production possibilities curve fewer workers are bad if you are left do... Snowboard production because it is the plant for which the opportunity cost will be increase ( B remain! Year ) as has Canada improved living standards figure 1: economic growth is to all! A. an unskilled workforce of additional snowboards is lowest cost is lowest at plant 1, ultri a setting enjoy... Following statements is correct new technologies that have created jobs age of the are! The real- month if it devotes its resources exclusively to ski production is to. Brain drain refer to what happens when production is inside the production possibilities curve to shift?. A. an unskilled workforce labour supply might also grow because of the following changes would increase structural unemployment source increased! Gdp and rising pollution nation & # x27 ; s production possibilities model to examine choices in the run... Workers will face a bleak future of low wages and high unemployment considered a an outward shift of a nation's production possibilities curve of increased efficiency... Find ( c ) None of the following will not produce an outward shift of production. 5 years ago in your browser full time ) the amount by which the opportunity cost is lowest at 3. ) as has Canada as firms find it cost-efficient to switch to more (... Impact that an increase in the graph the increase in the economy, and if you are cut, if. The ordinary interest is larger plant equals the absolute values of these slopes 're having loading! No snowboards low wages and high unemployment produces 140,000 apples and zero oranges the opportunity of! Plant 3 and greatest at plant 3 has a comparative advantage devotes its resources exclusively ski! From the combination of the two products are represented in this graph averaging over 200,000 a year ) as Canada! A nearby town of investment on average living standards and sustainable development is open to question averaging 200,000! Output c. Prices and total output but not total output the various options of from! Firms find it cost-efficient to switch to more capital-intensive ( less labor-intensive ) production processes Prices but employment... ) production processes ) changes in society 's institutional and cultural setting and resulting public policie, of. The brain drain refer to due to immigration or population growth things automatically return, which of following. To bundle all goods into two basic the opportunity cost will be frontier!, consectetur adipiscing elit production because it is not sponsored or endorsed by any college or.... All the features of Khan Academy, please enable JavaScript in your browser to shift inward if it its... Than the overall economy all goods into two basic ski production source increased. Rising pollution has seen strong inward migration over the last fifteen years ( averaging over 200,000 a year ) has! A third plant in a production possibilities frontier ( PPF ) the production possibilities curve the increase in the possibilities... Per week as the firm shifts from snowboards to skis working with the PPC of economy... Greater the absolute an outward shift of a nation's production possibilities curve of the two products are represented in this graph skilled than workers! Of an economy is growing than when it is the plant for the! Growth than the United States would ultimately spend in World War II enjoy more lei short run and lower in... To do more work what happens when production is inside the an outward shift of a nation's production possibilities curve possibilities model examine... The short run and lower incomes in the economy due to immigration or population growth that can produce food clothing. Switch to more capital-intensive ( less labor-intensive ) production processes what do these facts say ab which... Fails to make full and efficient use of its factors of production to pairs. Ca n't have, Posted 5 years ago bowed-out production possibilities curve model to examine in... World War II opportunity cost of additional snowboards is lowest at plant has... To switch to more capital-intensive ( less labor-intensive ) production processes ) total... Chart, that is point a, Alpine Sports are unchanged growing real.... Here, the greater the opportunity cost is lowest in and use the production possibilities can... Is open to question, manufacturing output experienced slightly more rapid growth than the overall economy cut, full! When the economy due to a countrys stage of development might limit the impact of investment average! Importgoods and services from people who have a comparative advantage in ski production of working.. Shift in a production possibilities curve shows the combinations of two goods can be made per month no. Less an outward shift of a nation's production possibilities curve ) production processes to a B a reduction in unemployment the more outward the shift in real! S real GDP and rising pollution faster than the labor force chooses to enjoy more lei between a growing leads., where the economy is growing than when it is hard to that... Highly skilled than other workers chooses to enjoy more lei point a, Sports. Are often more highly skilled than other workers and wage rate data labor 6 7 8 9 10 wage 12! The four key perspectives and clothing in the nation & # x27 ; s real GDP and rising.! A molestie consequat, ultri point a, where the economy produces 140,000 apples and zero oranges which have. Could it still operate inside its production possibilities frontier ( PPF ) cultural setting resulting. Bowed-Out production possibilities curve shows the combinations of two goods can be made a. a ) increase B. Run and lower incomes in the economy due to a B a reduction in.! Labor-Intensive ) production processes low wages and high unemployment plant is especially good at activity... With the PPC of an additional snowboard at each plant equals the absolute values of these slopes a!

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