PPC and Comparative Advantage

PPC and Comparative Advantage

University

10 Qs

quiz-placeholder

Similar activities

QUIZ 1 - RIZAL

QUIZ 1 - RIZAL

KG - Professional Development

10 Qs

Do You Really Know ME?

Do You Really Know ME?

5th Grade - University

13 Qs

EPP QUIZ

EPP QUIZ

University

10 Qs

all about eli part 2

all about eli part 2

1st Grade - University

10 Qs

Statistics for Psychology - Quiz 2

Statistics for Psychology - Quiz 2

University

10 Qs

HTE13767_QUIZ 15%

HTE13767_QUIZ 15%

University

15 Qs

Cloud Computing-quiz1

Cloud Computing-quiz1

University

10 Qs

Latest Technology in Modern Hotel

Latest Technology in Modern Hotel

University

10 Qs

PPC and Comparative Advantage

PPC and Comparative Advantage

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Juli James

Used 3+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

What does a shift outward of the PPC indicate?

Increase in unemployment rates

Increase in the economy's potential output

Stagnation in the economy

Decrease in the economy's potential output

2.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Explain the concept of economic growth in relation to the PPC.

Economic growth is represented by an outward shift of the PPC.

Economic growth is only applicable in a closed economy.

Economic growth is represented by a downward shift of the PPC.

Economic growth has no impact on the PPC.

3.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

How does a country achieve a point beyond its current PPC?

By isolating from international trade

By decreasing resources and technology

By ignoring education and training

By increasing resources, improving technology, investing in education and training, and engaging in trade.

4.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Discuss the impact of technological advancements on the PPC.

Technological advancements can positively impact the PPC by increasing production efficiency and capacity, leading to economic growth.

Technological advancements can only impact the PPC in the short term.

Technological advancements have no impact on the PPC.

Technological advancements can negatively impact the PPC by decreasing production efficiency and capacity, leading to economic decline.

5.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Define comparative advantage in the context of the PPC.

Ability of a country to produce a good or service at a lower opportunity cost than another country.

Ability of a country to produce a good or service at the same opportunity cost as another country.

Ability of a country to produce a good or service without considering opportunity cost.

Ability of a country to produce a good or service at a higher opportunity cost than another country.

6.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

How does specialization lead to gains in comparative advantage?

Specialization allows for the efficient allocation of resources and production of goods or services where there is a comparative advantage, leading to increased productivity and gains in trade.

Specialization results in decreased productivity and trade gains

Specialization does not impact comparative advantage

Specialization leads to losses in comparative advantage

7.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Explain the concept of opportunity cost in the PPC.

Opportunity cost in the PPC is the value of the alternative that must be sacrificed in order to produce more of another good on the production possibilities curve.

Opportunity cost is the same as sunk cost in the PPC.

Opportunity cost does not impact the production possibilities curve.

Opportunity cost only considers the monetary value of alternatives in the PPC.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?