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

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

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.

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

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 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.

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

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

Get two consumer perishables!

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

Draw two consumer durables

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.

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.