In the example of Ireland described in the text, the country's production set shifted outward over time because:
a. of technological advancements which improved its potato cultivation and overall agricultural production.
b. it gained new resources over time which enabled it to specialize and gain comparative advantage in software trade with the U.S. and Europe.
c. of new resources which allowed it to gain absolute advantage over many of its trading partners.
d. of reduction in trade barriers with the European Union.
Question 2
The long run is referred to as a planning horizon because:
a. the firm has committed to a fixed quantity of at least one resource and the other resources are variable.
b. the manager has selected the size of the firm that appears to be the least profitable and does not have the option of selecting any other plant size.
c. the firm has not committed to a fixed quantity of any resource and has all options available to it.
d. the manager has selected a scale of production.
e. the firm is operating along a specific average-cost curve.
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