There are increasing opportunity costs of production.
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15
If the PPC is a straight line, then the ________ ____ of switching resources between ______ and _____ goods is _______.
If the PPC is a straight line, then the marginal opportunity cost of switching resources between consumer and capital goods is constant.
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15
A production possibility curve (PPC) shows the _________ possible output combinations of two _____ or ______ an economy can achieve when all _____ are fully and _____ employed.
A production possibility curve (PPC) shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully
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thief
Give points!
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rocket
Go to first place!
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fairy
Take points!
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banana
Go to last place!
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monster
Reset all scores!
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seesaw
Swap points!
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shark
Other team loses 20 points!
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thief
Give points!
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eraser
Reset score!
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seesaw
Swap points!
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fairy
Take points!
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banana
Go to last place!
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15
What is the definition of opportunity cost?
Is the highest-valued foregone alternative when any choice is made.
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15
What can cause a shift like this?
Increase in quantity/quality and advance in technology.
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25
How would a PPC express an increase in technology that only affects good X?
shift to the right on good X while good Y remains the same
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15
The PPC shows the maximum level of ______ that can be reached with a given amount of productive ______ and technology.
output. resources
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10
What does the straight line represent in the PPC?
constant opportunity costs
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15
The PPC which indicates opportunity costs are the same no matter how far you move along the curve is:
Linear PPC
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15
What is an unattainable point in the PPC?
Point Green
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15
Because scarcity people are forced to make .............. about how they use their resources.
choices
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15
If a student has 10 hours to study for 2 subjects where he/she will be graded with a alphabetic system (A-B-C-D), what would be one inefficient use of the resources and which would be an unattainable combination?
Inefficient use of resources, studying 2 hours for both subjects and getting a D in both of them. Unattainable combination, an A in both subjects.
