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Microeconomics help!(3-9)

  1. Oct 9, 2011 #1
    Microeconomics help!(3-5)

    1. The problem statement, all variables and given/known data

    question 5.png


    Refer to the above production possibilities curves. Curve (a) is the current curve for the economy. Other things being equal, society's current choice of point P on curve (a) will:
    Answer


    a)allow it to achieve more rapid economic growth than would the choice of point N.


    b)entail a slower rate of economic growth than would the choice of point N.


    c)entail the same rate of growth as would the choice of point N.


    d)be unobtainable because it exceeds the productive capacity of the economy.


    2. Relevant equations



    3. The attempt at a solution

    I went with b on this one just because I though I learned that when its the lower point it will entail a slower rate of growth but really I have no idea.
     
    Last edited: Oct 9, 2011
  2. jcsd
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