NEED WITH WORDS EXPLANATION Given the current economic status of the United States, how would our...
NEED WITH WORDS EXPLANATION
Given the current economic status of the United States, how would our current production levels be shown on a PPF for the U.S. economy? please refer to the PPF curve, the shape, and what represents the points on the curve, and what represents the points below, or above the curve.
Homework Answers
- PPF shows the different combinations of two goods that can be produced with available resources. one good can be produced more but by reducing production of another good.
- US economy is operating at natural rate of unemployment or at full potential level.
- Thus, there is optimal utilization of resources in US economy:
Following is shape of diagram:
In above diagram PPF shows the optimal utilization of resources but point below the PPF shows the under utilization of resources. While points above the PPF shows the unattainable points.
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