When economic growth occurs, theA PPF shifts outward.B the PPF becomes steeper.C PPF shifts outward with no limits the amount that can be producedD economy moves along its PPF

Because we face scarcity, every choice involvesA) the question "what." B) moneyC) giving up something for nothing. D) an opportunity cost

If additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be A) bowed outward. B) positively sloped. C) bowed inward. D) a straight line.

Get two consumer perishables!

If Sam is producing at a point on his PPF, then heA) cannot produce any more of either good.B) will be unable to gain from trade.C) is not subject to scarcity.D) can produce more of one good only by producing less of the other

As we move along a bowed-out production possibility frontier, producing more tacos and lesspizza, the opportunity cost of a pizza ________.A) decreases B) remains the sameC) increases D) increases and then decreases

One of the opportunity costs of economic growth isA) the gain in future consumption. B) reduced current consumption.C) capital accumulation. D) technological change.

Draw two consumer durables

A PPF, illustrating the output options for Capital and Consumer goods, shifts to the right because there isA an increase in inflation.B an improvement in technology.C reduced unemployment.D an increase in export

A PPF is the boundary between combinations of goods that can beA produced & that can be consumed.B consumed domestically & consumed by foreigners. C consumed & those that cannot be produced.D produced & those that cannot be produced

The PPF is concave to the origin becauseA technology is fixed in the short run.B all resources are being fully used.C all choices involve an opportunity cost.D some resources are more specialised than others.

A nation can consume at a point outside its PPFA) never. B) when it trades with other nations.C) when it produces inefficiently. D) when its PPF is bowed out.

A PPF representsA maximum levels of production that is possible.B maximum resources available at any given time.C combinations of goods and services that do not fully use availableD the maximum growth rate possible for a country