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Question: part i under what conditions is the production possibilities frontier...

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Part I. Under what conditions is the production possibilities frontier linear rather than bowed out Explain how absolute advantage and comparative advantage differ. Draw a production possibilities frontier for a society that produces food and clothing. Show an efficient point, an inefficient point, and an infeasible point. Show the effects of a drought. Define microeconomics and macroeconomics Which of the following questions is studied in microeconomics? a. Should I go to college or get a job after I graduate? b. What government policies should be adopted to promote employment in the 1. posiblities fonto 3. 4. 5. c. d. e. economy? How many people are employed in the economy this year? Has the overall level of prices in the economy increased or decreased this year? What determines the overall salary levels paid to workers in a given year?
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