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Discussion Session :1: First Name: Last Name: 01: Pivot In Budget Line: As shown in the diagram, Tom's budget line has pivoted from \"Old Budget Line\" to \"New Budget Line\". Which two statements below are consistent with this pivot? and? A. Price of X is halved, while price of Y and Tom's income remain the same. B. Price of Y is halved, while price of X and Tom's income remain the same. C. Price of Y and Tom's income are doubled, while price of 1!! remains the same. D. Price of x and Tom's income are doubled, while price of Y remains the same. a.\" 1 Quantity Answer: C12: Shift or Pivot In PPC? Luigi producestwo goods, X and Y. Given the available 0-, resources (sav, time] and given his productivity in producing x and Y, Luigi's PPC is shown in the diagram below. Suppose Luigi decides to go to a trade school to hone in his production skill in X. Draw a theoretical plausible PPC for Luigi that reects his subsequent improved productivity in X. C15: C15: 07: Points on PPC: Which three statements below about the production possibilities curve {PPC} of an economy or a nation are TRUE? A. 5'9.\" A PPC shows possible production bundles that an economy can produce. In a PPC diagram, an attainable point must be an efcient point. In a PPC diagram, an efcient point must be an attainable point. In a PPC diagram, unattainable points are points lying on and outside of the PPC curve. In a PPC diagram. attainable points are points lying on and inside the PPC curve. Answer: Shifts In PPC: Which three statements below about the production possibilities curve (PPC) of an economy or a nation are TRUE? A. FPO Economic growth can be thought of as an outward shift in a nation's PPC, rendering previously unattainable points attainable. A reduction in personal income taxes will cause an outward shift in a nation's PPC. An increase in a nation's production factors will cause an outward shift in its PPC. An improvement in production technology will cause an outward shift in a nation's PPC. A decrease in the number of unemployed workers will cause an comard shift in a nation's PPC. Slope and Curvature of PPC: Which three statements below about the production possibilities curve (PPC) of an economy or a nation are TRUE? A. The slope of a PPC measures the units of the vertical good (Good Y) that an economy has to give up in order to produce one more unit of the horizontal good (Good X}. The increasing opportunity cost principle dictates that a PPC is downward sloping. The increasing opportunity cost principle dictates that a PPC is concave in shape. The scarcity principle dictates that a PPC is downward sloping. The scarcity principle dictates that a PPC is concave in shape