Explain How Each Event Affects Production Possibilities

question 43

Essay

Explain how each event affects production possibilities.(a) The population becomes more educated over time as the number of high school dropouts falls and the number of college graduates rises.(b) The unemployment rate declines from 8 to 6 percent of the labour force.(c) Businesses and government are unable to solve a major computer problem, thus reducing economic efficiency and national output.(d) Advances in telecommunications and new technology significantly contribute to economic growth over time.(e) The Federal government decides to allocate more resources to national defence.

Comprehend the concepts of colour vision theories including trichromatic and opponent-process theories.

Recognize the process of sensory adaptation and its implications on perception.

Identify and describe the role of various types of cells and layers within the eye in the process of vision.

Understand the process of visual and brightness adaptation.

---

Definitions:

Reversing Entry

An accounting entry that effectively cancels out a previous entry, typically used at the beginning of a new accounting period to simplify record-keeping.

Collection Of The Note

The process of receiving the payment due from the issuer as specified in the note payable.

Deposits In Transit

Funds that have been transferred or deposited by a company but not yet reflected in the bank's records.