A large number of technical training institutions have been started by the government. State its economic value in the context of production possibilities frontier.
Assuming that no resource is equally efficient in production of all goods, name the curve which shows production potential of the economy. Explain, giving reasons, its properties.
Production in an economy is below its potential due to unemployment. Government starts employment generation schemes. Explain its effect using production possibilities curve.
Giving reason comment on the shape of production possibilities curve based on the following schedule:
|Good X (units)||Good Y (units)|