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resources for which the cost is greatest, not lowest. Describe this
country’s production possibilities curve.
11. The U.S. Constitution bans states from restricting imports of goods
and services from other states. Suppose this restriction did not exist
and that states were allowed to limit imports of goods and services
produced in other states. How do you think this would affect U.S.
output? Explain.
12. By 1993, nations in the European Union (EU) had eliminated all
barriers to the flow of goods, services, labor, and capital across their
borders. Even such things as consumer protection laws and the types
of plugs required to plug in appliances have been standardized to
ensure that there will be no barriers to trade. How do you think this
elimination of trade barriers affected EU output?
13. How did the technological changes described in the Case in Point
“Technology Cuts Costs, Boosts Productivity and Profits” affect the
production possibilities curve for the United States?
NUMERICAL PROBLEMS
1. Nathan can mow four lawns in a day or plant 20 trees in a day.
1. Draw Nathan’s production possibilities curve for mowing
lawns and planting trees. Assume the production possibilities
curve is linear and put the quantity of lawns mowed per day
on the horizontal axis and the quantity of trees planted per
day on the vertical axis.
2. What is Nathan’s opportunity cost of planting trees?
3. What is Nathan’s opportunity cost of mowing lawns?
2. David can mow four lawns in a day or plant four trees in a day.
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
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