AB 204 Unit 4 Assignment
resources for potato production , there are fewer resources available for catching fish .
Is it feasible for Atlantis to produce 500 pounds of fish and 800 pounds of potatoes ? Explain .
Calculate the opportunity cost of increasing the annual output of potatoes from 800 to 1000 pounds .
Calculate the opportunity cost of increasing the annual output of potatoes from 400 to 600 pounds .
What is the difference between the answers to parts b and c ?
What does the change in opportunity costs indicate about the slope of the production possibility frontier ?
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AB 204 Unit 4 Assignment
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1 ) U . S . real GDP is substantially higher today than it was 60 years ago . What does this tell us , and what does it not tell us , about the well-being of U . S . residents ? What are the limitations of the GDP as a measure of economic well-being ? Given the limitations , why is GDP usually regarded as the best single measure of a society ’ s economic well-being ?
2 ) What is an intermediate good ? How does an intermediate good differ from a final good ? Explain why it is the case that the value of intermediate goods produced and sold during the year is not included