Which of the following can lead to a decrease (leftward shift) in the PPF?

a) Banning a technology due to its adverse environmental effects.

b) A policy encouraging more immigration.

c) Tax breaks on the adoption of more efficient technologies.

d) A policy that encourages entrepreneurship.

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Joshua StredderLv10

28 Sep 2019

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8.Consider a PPF which illustrates the trade-off between the production of children's storybooks and college textbooks, with the quantity of children's storybooks on the horizontal axis and the quantity of college textbooks on the vertical axis. Suppose there is an improvement in the technology for producing college textbooks, but technology for making children's storybooks stays unchanged.

a. The efficient production level for storybooks has risen.

b. The opportunity cost of producing storybooks has increased.

c. The efficient production level for storybooks has fallen.

d. The opportunity cost of producing textbooks has increased

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7. Consider a PPF which illustrates the trade-off between the production of children's storybooks and college textbooks, with the quantity of children's storybooks on the horizontal axis and the quantity of college textbooks on the vertical axis.

Suppose there is an improvement in the technology for producing college textbooks, but technology for making children's storybooks stays unchanged.

a.Society can afford to have more college textbooks, but not more children's storybooks. The vertical endpoint should shift up.

b.Society can afford to have more of both goods. The vertical endpoint should shift up.

c.Society can afford to have more of both goods. The PPF should shift out in a parallel manner.

d.Society can afford to have more college textbooks, but not more children's storybooks. The PPF should shift out in a parallel manner.

On April 1, 2009, in the middle of a recession, the government of the province of Ontario, Canada increased the provincial minimum wage from $8.75 to $9.50. What will the likely effect of this policy be?

A. Both the leftward shift in the labor demand curve and the higher minimum wage will lead to an increase in the unemployment rate.

B. Low-income workers will be better able to survive the recession at the new, higher wage rate.

C. More people will be hired at a higher wage rate offsetting the effects of the recession.

D. The higher wage will increase the supply of labor offsetting the effects of the recession.

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(Production Possibilities) Under what conditions would an economy be operating inside its PPF? On its PPF? Outside its PPF?

(Shifting Production Possibilities) Determine whether each of the following would cause the economy s PPF to shift inward, outward, or not at all:
a. An increase in the average length of annual vacations
b. An increase in immigration
c. A decrease in the average retirement age.
d. The migration of skilled workers to other countries

(Income Effects) When moving along the demand curve, income must be assumed constant. Yet, one factor that can cause a change in the quantity demanded is the income effect. Reconcile these seemingly contradictory facts.

(Market Equilibrium) Determine whether each of the following statements is true, false, or uncertain.
a. In equilibrium, all sellers can find buyers.
b. In equilibrium, there is no pressure on the market to produce or consume more than is sold.
c. At prices above equilibrium, the quantity exchanged exceeds the quantity demanded.
d. At prices below equilibrium, the quantity traded is equal to the quantity supplied.