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Question1WhatdoesthecurvedlineonthePPFmodelshow?
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Thecurvedlineonthemodelshowsthemaximumoutputcombinationspossiblewiththegivenamountofresources(factorendowments)andtechnologythataneconomymayhave.
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Question2AnypointinsidethePPF,likethatshownatpointAinthediagramshows...?
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Unemployment.Unemployedresources.Excesscapacity.
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Question3AshifttotherightofthePPFlikethatshowninthediagramcouldbecausedbychangesinwhat?
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Neworimprovedtechnology.Immigration-morepeoplecomingintothecountrysomorelabour/resources.Improvedproductivity-makingbetteruseoftheresourcesavailable.Newresourcesdiscovered.
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Question4ProducingonthePPFshowsthatacountryis……?
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Operatingatfullcapacity.Hasnounemployment.Isoperatingatfullemployment.
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Question5StartingatpointCongraph1.Whichpointwouldshowtheeffectofarecession?Whydoesitgotothispoint.
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ItwouldgotopointA,arecessionmeansthatthereareunemployedresources.Theeconomyhasarecessionarygapandsothereareunemployedresources.PointCshowstheeconomyproducingonthePPFandsotherearenounemployedresources/itisatfullcapacity.PointAshowstheeconomyproducinginsidethePPFandsothereareunemployedresources.
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Question6IngoingfrompointAtoBwhatdoesthediagramshow?
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Thediagramshowsanincreaseinemployment.IngoingfromAtoBtheeconomyisproducingatapointwhichisclosertothePPF-thepointoffullcapacityoroutput,andsoitisusingmoreofitsresourcesandthereislessunemployment.
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Question7UsethediagramsAandBtocompareandcontrasttheimpactofarecessionwithanincreaseinemigrationonemployment.
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Define-Arecessionistwoquartersofnegativegrowth,itiscyclicalunemployment.Emigrationispeopleorlabourleavingacountryandsothereisalossofresources.ArecessionwithmeanthattheeconomywillbeproducinginsidethePPF,thereareunemployedresources,buteventuallytheeconomymayrecoverandemploymentincrease.EmigrationwillcausetheeconomytoloseresourcesandsothePPFwillshiftinwards,meaningitisnownotabletoproduceasmuch.ThelossofpeoplewillcausealossofincomeandconsumptionandsoADwillfall,thiswillcauseunemploymenttorise.Emigrationwillhavealargernegativeimpactontheeconomythanarecession.
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Question8Producingatwhichpointinthediagram,AorB,willhavethegreatestfutureimpactongrowth?Fullyexplainyouranswer..
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Define:Consumergoodsaregoodsthatsatisfyhouseholdsneedsandwants.CapitalGoodsarehumanmadegoodsusedtoproduceothergoodsandservices.ProducingatpointAwillresultingreaterfutureeconomicgrowthbecauseitwillresultinmorecapitalgoodsbeingproducedwhichwillresultinagreaterincreaseineconomiccapacityasmoreresources(capitalresources)areproduced,resultinginashiftofthePPFtotheright.
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