The first principle of economics is that people face trade-offs. Use a Production Possibility Frontier to illustrate society's tradeoff between a clean environment and quantity of industrial output. What determines the shape of the PPF?

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1. The tradeoff between economic output and the environment can be analyzed with the help of a:

a. demand curve

b. production possibility frontier(PPF)

c. budget line

d. Opportunity cost curve

The production possibilities frontier provides an illustration of the principle that

a. trade can make everyone better off.

b. governments can sometimes improve market outcomes.

c. people face trade-offs.

d. people respond to incentives.

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Define and draw the utility possibility frontier. In your picture explain what is meant by pareto efficient. Social welfare functions can be used to pick out a point on the utility possibility frontier. Show that there are trade-offs between fairness and efficiency and demonstrate that some efficient points need not be as good, given the social welfare function, as some inefficient points.

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The first principle of economics is that people face trade-offs. Use a Production Possibility Frontier to illustrate society's tradeoff between a clean environment and quantity of industrial output. What determines the shape of the PPF?

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