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Because we face scarcity, every choice involvesA) the question "what." B) moneyC) giving up something for nothing. D) an opportunity cost
D) an opportunity cost
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.
D some resources are more specialised than others.
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
B an improvement in technology.
One of the opportunity costs of economic growth isA) the gain in future consumption. B) reduced current consumption.C) capital accumulation. D) technological change.
B) reduced current consumption.
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.
B) when it trades with other nations.
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
A) decreases
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
A PPF shifts outward.
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
B increases in terms of the amount foregone of the other good.
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
D) can produce more of one good only by producing less of the other
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.
D) a straight line.
Draw two consumer durables
Students need to draw
Get two consumer perishables!
Any two perishable items
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.
A) resources are being inefficiently utilized.
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
B exchange of one good or service for another.
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
A the maximum levels of production that is possible.
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
D produced & those that cannot be produced
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