Question: Students are to complete assignments in Word (or some other compatible word processor; no PDF or Excel file) and apply economic concepts learned in

Students are to complete assignments in Word (or some other compatible word processor; no PDF or Excel file) and apply economic concepts learned in this course to the answers submitted for evaluation. Do not submit more than ONE document for your assignment. Show all calculations for numeric questions. Consumer goods A B PPF-1 X PPF-2 Capital goods 1. The diagram above shows two PPF curves. Answer the following questions. (20 points) a. Which of the two points on the PPF-1 will allow this economy to grow more quickly to reach PPF-2? Explain. (5pt) b. If the economy is operating at point A, what does this mean? (one sentence) (5pt) c. Assume at this point in time the economy is operating at point D, what does this mean? Describe two major changes in the economy that will help the economy move to point B. (5pt) d. What does it mean when the PPF is represented by a curve and not a straight line? (5pt)

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