“economic growth” is generally associated with economic improvements over a longer period of time. 7) I believe that this is accurate. It is much easier to model past economic happenings than to forecast future ones. In order to model past economic happenings, you would simply have to gather data and represent it usings graphs and other models. In order to model future events,
you would have to create algorithms that would infer data, and this inferred data would have a high inaccuracy rate. 8) a) (graph) b) No, because factors such as opportunity cost and production rates would not allow this. Relative to the PPC, this point would lie outside of the curve. c) 200 pounds d) 50 pounds e) The answers to c and d are not the same because the opportunity cost varies which results in a curved graph. 9) a) (538,000)+(2,000*286) 538,000+572,000 1,110,000 hotel stays b) 538,000/2,000 =269 269+286= 555 metric tons of fish c) (graph) 10) a) (graph) b) in spaghetti production, Frivoli has the comparative advantage, whereas in Tivoli has the comparative advantage in meatball production c) (graph) d) After the innovation- comparative advantage in spaghetti- Frivoli comparative advantage in meatballs- Tivoli
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