PPC and Opportunity Cost

Front

A company can use its current resources to produce hats and boots as shown in this production possibilities curve. Which of the following represents a movement from inefficiency to efficiency in this PPC? Options: From T to S, From V to T, From S to V, From S to R, From S to U

Back

From T to S

Front

The graph represents a change in the production possibilities of the nation of Xam. Which of the following statements about the economic growth in the PPC is true?

Back

Xam now has more resources or technology available to produce more fast cars, but not fruit smoothies.

Front

Which of the following concepts can be modeled using a PPC?
Societies have preferences about what should be produced,
Governments, rather than markets, are more efficient allocators of resources,
Prices that the goods will sell for will be determined in a market,
A society can produce more of any good just by reallocating its resources more efficiently,
When all resources are being used, making more of one good means making less of the other good

Back

When all resources are being used, making more of one good means making less of the other good

Front

The figure illustrates the production possibilities curve for a restaurants making kolaches and bowls of queso. Given the PPC shown, which of the following represents a movement from efficiency to inefficiency? From G to H, From H to F, From G to F, From G to I, From J to G

Back

From G to H

Front

What happens when the availability of flour increases in relation to making kolaches and queso?

Back

Front

Kitt's production possibilities curve is shown in this graph. Which of the following is true based on the PPC shown? Kitt's opportunity cost of designing a new logo in terms of writing another article decreases as more logos are designed, Kitt’s opportunity cost of writing another article in terms of designing a new logo decreases as more articles are written, Kitt’s opportunity cost of writing another article in terms of designing a new logo increases as more articles are written, Kitt’s opportunity cost of designing a new logo in terms of writing another article increases as more logos are designed, The opportunity cost of writing an article or designing a logo remains constant as the production of the other good increases.

Back

The opportunity cost of writing an article or designing a logo remains constant as the production of the other good increases.

Front

Based on the production possibilities curve shown here, what is the opportunity cost of a T-Rex costume?

Back

4 velociraptor costumes

Front

Based on the production possibilities curve shown here, what is the opportunity cost of a bowl of colcannon when a producer increases colcannon production from 9 bowls to 11 bowls?

Back

1.5 plates of boxty

Front

What is the opportunity cost of one ton of apples in Country X?

Back

40 bales of wool