Explain the effect of each of these on the shape and position of the countrys production-possibility curve:

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Explain the effect of each of these on the shape and position of the country’s production-possibility curve:

a. A proportionate increase in the total supplies (endowments) of all factors of production.

b. New management practices that can be used in all industries to improve productivity by about the same amount in all industries.

c. New production technology that improves productivity in the wheat industry, with no effect on productivity in the cloth industry.

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International Economics

ISBN: 9780078021770

16th Edition

Authors: Thomas Pugel

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Question Posted: Mar 23, 2024 10:01 AM

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Explain the effect of each of these on the shape and position of the countrys production-possibility curve:

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a This is balanced growth through increases in factor endowments ...View the full answer

International Economics

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