PPC and Opportunity Cost

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?

• From T to S

• From V to T

• From S to V

• From S to R

• From S to U

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?

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

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

• Xam's resources or technology have not changed

• Xam now has more resources or technology available that can produce either fast cars or fruit smoothies

• Xam has fewer resources or technology to produce fruit smoothies and fast cars

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

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

Flour is an ingredient used to make kolaches, but is not used to make queso. Which of these graphs shows what happens when the availability of flour increases?

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• 
• 
• 
• 

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

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

• 0.4

• 0.25 of a T-Rex costume

• 4 velociraptor costumes

• 0.25 T-Rex costumes

• 10 velociraptor costumes

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?

• 2/3 of a plate of boxty

• 3 plates of boxty

• 2 plates of boxty

• 1 plate of boxty

• 1.5 plates of boxty

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

• 250 bales of wool

• 100 bales of wool

• 40 bales of wool

• 4,000 bales of wool

• 0.025 bales of wool