Business, 29.01.2021 16:20 Ashley2466

Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological advances, its economy has experienced growth in both ice and fish production. Show this growth in relation to the production possibilities frontier (PPF). Which of the following economic activities have led to an increase in the standard of living worldwide over the last century?

a. investments in education and infrastructure
b. increases in international trade
c. increases in farm productivity
d. increases in technology

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Answer from: pizzaboy62

The PPF would shift from PPF1 to PPF2 due to technological advancement.

All the given factors have greatly led to an increase in the standard of living worldwide over the last century.

What is the production possibility frontier?

PPF is used to graphically present the resources used by the economy for the production of two goods with the technology present in the nation.

Hence, with an increase in technology for both goods, PPF would shift rightwards demonstrating the improvement in production techniques in the economy.

What factors are contributing to increased living standards?

The economies globally have widely contributed to education and infrastructure, which increased employment and higher pay opportunities to people for improving their living standards.

The enhancement in technology also provided various options for international trade and agricultural productivity, which again added to a higher standard of living.

Learn more about economic activities here:

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Penguin Island produces two goods: ice and genetically engineered fish. Due to recent technological

Answer from: lindalu

1. Point on x-axis will increase and so will the point on the y-axis

2. All of the above

Explanation:

1. The Production Possibilities Frontier shows the amount of resources needed to produce different quantities of two goods. It therefore allows one to see the trade-off in resources for producing more of one good vs the other.

When a factor of production leads to more efficiency in the production of a good, the frontier will increase. In this scenario, there has been a growth in technology which means that more of both goods can be produced. This will increase the PPF on both axis. (Refer to attached file).

2. All of the listed options have led to increases in the standard of living in the last century. More education means people can get better jobs and build more infrastructure. International trade has increased market access and increased wealth. Farm productivity is better so more people can be fed and improvement in technology is the main driver for growth.

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Some disadvantages to leasing a car is that you are counting on someone to give you money every week or month depending on what you decided and if they don't have all of it well what if you needed that money now you as well have to pay not in full. a disadvantages to purchasing a new vehicle is if it is used then not all the time will absolutely everything work. its almost like a trail and era. although if it is a new car they will try to though all these specials and deals at you in your lease and it can be very overwhelming if you are not use to it.

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