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.

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

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

When the PPF is bowed outwards, the opportunity cost ofproducing more of one goodA cannot be determined.B increases in terms of the amount foregone of the other good.C remains constant.D decreases in terms of the other good

Draw two consumer durables

A PPF does NOT illustrateA attainable and unattainable points.B exchange of one good or service for another.C the limits on production imposed by our limited resources and technology.D opportunity cost

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

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

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

If a society is operating at a point inside its PPF, then itsA) resources are being inefficiently utilized.B) resources are being used in the most efficient manner.C) PPF will shift rightD) economy will grow too fast.

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