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Chapter 2: Q 11 (page 46)

In response to Senator Creighton鈥檚 statement reported in Problem 2-10, Senator Long replies, 鈥淲e must remain at our current production combination if we want to be able to produce more consumption goods in the future.鈥� Of the labeled points on the diagram, which one could depict the future production combination Senator Long has in mind?

Short Answer

Expert verified

Point D is the future production combination Senator Long has in mind.

Step by step solution

01

Step 1. Given Information

The graph for the capital goods and the consumer goods is,

02

Step 2. Point.

Point D is the future production combination Senator Long has in mind because that is the unattainable point in the current situation.

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Most popular questions from this chapter

Senator Borman interjects the following comment after the statements by Senators Creighton and Long reported in Problems 2-10 and 2-11: 鈥淚n fact, both of my esteemed colleagues are wrong, because an unacceptably large portion of our nation鈥檚 resources is currently unemployed.鈥� Of the labeled points on the diagram, which one is consistent with Senator Borman鈥檚 position?

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Consider a change in the table in Problems 2-6. The student鈥檚 set of opportunities is now as follows: Does the PPC illustrate the law of increasing additional cost? What is the opportunity cost to this student for the additional amount of study time on economics required to move her grade from 60 to 70? From 90 to 100?

EconomicsBiology
10040
9050
8060
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40100

Suppose that in Fig 2-2, the nation currently is producing combination D in the table and on the graph of the production possibilities curve. What is the opportunity cost of producing 5 million more smartphones and moving to production combination C?
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