macroeconomics 1. Consider the graph below. Does the curve have a positive or ne

Question

macroeconomics

1. Consider the graph below. Does the curve have a positive or negative slope (circle one)? What are two yariables.which could be substituted for Y and X in the graph below (and make sense:0)? 2. Consider the picture representing a society's PPF as shown below (similar to the PPF on p. 46 of your text) with production of military products on the vertical axis and production of domestic consumer products on the horizontal axis. PPF 0 20 40 60 80 100 120 The current administration has proposed building a wall along the southern border of the US. If the US economy is at point B, how would this impact the PPF? Explain your response in a paragraph or two, be sure to include a discussion of opportunity costs

Explanation / Answer

(1)

Since the line representing the relationship between the two variables is upward rising, the curve has a positive slope.

Two possible variables are: Price along vertical axis and Quantity along horizontal axis. In this case, the curve will represent a supply curve which is upward rising following the law of supply (which states that quantity supplied is directly related to the good's price).

NOTE: As per Answering Policy, first question has been answered.

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