Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economyhas experienced growth in both ice and fish production. Show this growth in relation to the production possibilities frontier(PPF) by moving each of the individual points accordingly, then answer the question.Bags of ice0 Bags oNumber of fishWhich of the following economic activities have led to an increase in the standard of living w ldwide over the lastcentury? Only the most complete answer will be correct.investments in education and infrastructureincreases in international tradeincreases in farm productivityO increases in technology

Production possibility curve (PPC) shows the combination of two goods that can be produced with the…

Which of the following economic activities have led to an increase in the standard of living worldwide over the last century? Only the most complete answer will be correct. investments in education and infrastructure increases in international trade increases in farm productivity increases in technology

Which of the following economic activities have led to an increase in the standard of living worldwide over the last century? Only the most complete answer will be correct. investments in education and infrastructure increases in international trade increases in farm productivity increases in technology

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 4P

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In che mid-1980s several of South Africa's maintrading partners imposed trade sanctions on SouthAfrica in an effort to bring an end to the then-prevailing policy of apartheid.South Africa mainly relied on the exports ofprimary commodities like gold, iron and other preciousmetals, while importing mainly capital goods.This almost instantly led to South Africa expe-riencing a shortage of capital goods, resulting insubdued economic growth. 31. In what did South Africa have a comparativeadvantage? 32.a.Draw a graph to illustrate production,consumption and trade in South Africabefore the imposition of trade sanctions.b.Was South Africa consuming inside, on oroutside its PPP? Explian your answer.c.Draw a graph to show the effects of tradesanctions on consumption and productionin South Africa.d. Did trade sanctrions change any opportunitycoSts in South Africa? If so, did theopportunity cost of everything increase?Did the opportunity cost of any itemsdecrease? Illustrate your answer…
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