3:58 al 3- The production possibilities curve below show the hypothetical relationship between the production of food an

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3 58 Al 3 The Production Possibilities Curve Below Show The Hypothetical Relationship Between The Production Of Food An 1 (34.29 KiB) Viewed 20 times

3:58 al 3- The production possibilities curve below show the hypothetical relationship between the production of food and clothing in an economy. (a) What is the opportunity cost of producing the second unit of clothing? (b) What is the total opportunity cost of producing the second unit of clothing? (c) What is the opportunity cost of producing the third unit of clothing? (d) What is the total opportunity cost of producing the third unit of clothing? 4. Explain how each event affects production possibilities. (a) The population becomes more educated over time as the number of high school dropouts falls and the number of college graduates rises. (b) The unemployment rate declines from 7.3 to 4.5 percent of the labor force (c) Businesses and government are unable to solve a major computer problem, thus reducing economic efficiency and national output. (d) Advances in telecommunications and new technology significantly contribute to economic growth over time. (e) The Congress and the President decide to allocate more resources to national defense. (1) A nation participates in increased international trade with other nations of the world. Britaj birzeit.edu