3.) a. How will a decrease in technology from a natural disaster such as a hurri
ID: 1131260 • Letter: 3
Question
3.)
a.
How will a decrease in technology from a natural disaster such as a hurricane, ceteris paribus, affect an economy's production possibilities curve?
Result in a movement from inside the curve to a point on the curve.
Shift the curve inward.
Result in a movement along the curve.
Shift the curve outward.
b.
The United States has roughly how much of the world's population?
15 percent.
20 percent.
5 percent.
10 percent.
c.
According to economists, which of the following is NOT a factor of production?
Land.
Labor.
Entrepreneurship.
Money.
d.
Market failure leads to
An equitable distribution of goods and services.
Public goods being underproduced.
The absence of externalities.
Production possibilities.
e.
When the market mechanism is allowed to operate freely, prices will determine
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced.
Only for whom the output is produced and the mix of output to be produced.
Only the resources to be used in the production process and for whom the output is produced.
Only the mix of output to be produced and the resources to be used in the production process.
Explanation / Answer
Answer : 3) a) A decrease in technology from a natural disaster such as a hurricane, ceteris paribus, affect an economy's production possibilities curve will shift the curve inward .
b) The United States has roughly 5% of the world's population.
c) According to economists, money is NOT a factor of production. The factors of production are land, labour, capital and entrepreneurship.
d) Market failure leads to public goods being underproduced. Market failure means the inability to equally distribute goods and services among people.
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