Factors of Production/Production Possibility Curves

Front

If a point lies inside the curve, what does that tell?

Back

They are being inefficient.

Front

What does point Y represent on the PPC?

Back

Unattainable / impossible

Front

What could have caused the change in the economy’s production possibility curve from XX to YY?

Back

a major earthquake

Front

How do you satisfy your unlimited wants in a world of limited resources? Options: by making more money, by making choices, by stealing, by setting a budget

Back

by making choices

Front

What is the production possibilities curve?

Back

a graph that shows how efficient an economy can produce a combination of 2 goods

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats

Front

Economic growth affects the PPC by...

Back

shifting outward

Front

Suppose that a new machine that speeds up automotive production is introduced into the auto industry. This would cause the PPC to

Back

shift outward

Front

If a point lies inside the curve, what does that tell?

Back

There is an idle, or unproductive, or use of resources

Front

Changes in technology do not usually affect production

Back

False