The Figure Given Below Represents the PPC in Two Nations

question 80

True/False

The figure given below represents the PPC in two nations - Germany and Korea, producing only two goods, cars and food.Figure 2.4

-If using the same resources, the U.S. workers can produce more of any good than Mexican workers, then the United States should produce every good.

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Definitions:

Labor Productivity

A gauge of economic productivity that contrasts the total output of goods and services with the labor hours invested in creating those outputs.

Human Capital

The collective skills, knowledge, and experience of an individual or workforce, considered an asset in terms of their value to an organization or economy.

Industrial Policy

The view that government—using taxes, subsidies, and regulations—should nurture the industries and technologies of the future, thereby giving these domestic industries an advantage over foreign competition.

Corporate Houses

Large companies or business organizations that operate in multiple areas or sectors.