Use increasing cost or bowed outward production possibilty

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1. Use the increasing cost or bowed outward production possibility frontier to explain why the sudden imposition of a national military draft in a nation with large numbers of college students would be politically unpopular. Would a voluntary, professional military be less of an opportunity cost to society than a military draft?

2. The boundary of obtainable wants (a nation’s production possibility frontier) can shift outward by utilizing labor resources more fully. Would you prefer an assigned and guaranteed job that you cannot quit and that carries no risk of unemployment or would you rather take your chances in a labor market in which you have free choice in the allocation of your own labor (i.e., you can quit and change jobs) and the opportunity to make more money? In the U.S., would you expect this choice to differ between groups with high human capital development and those with little or no education?

3. In what type of economy does production occur to satisfy consumers?

Reference no: EM131003098

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