PPC Videos Comprehension Questions

Front

Opportunity cost is best described as:

Back

The value of the next best option given up when making a decision.

Front

Why is this PPC bowed outward?

Back

Resources for scooters and ice cream are not interchangeable.

Front

Economic growth representation:

Back

Increase in both potential and actual output of goods/services over time.

Front

Opportunity costs of college include tuition, loan interest, textbooks, and foregone wages. EXCEPT:

Back

Money spent on food

Front

PPC shape implications for goods L & M

Back

Goods L and M require very different resources to produce.

Front

Economic growth in Xam's PPC:

Back

More resources/technology for fast cars, not smoothies.

Front

Concepts modeled by a PPC:

Back

When all resources are used, producing more of one good means less of another.

Front

PPC for ice cream and frozen yogurt is a straight line because resources for both are interchangeable.

Back

Resources needed for both goods are interchangeable.

Front

PPC shape indicates how opportunity cost changes with production.

Back

Increasing opportunity cost

Front

Economic growth movement:

Back

From Z to V