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What is a production possibility curve and explain points of efficiency, inefficiency, and not attainable.
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- production possibility curve shows the possible combination of two goods with utilization of resources do you agree?When the quantity of resources for production increases, the production possibility curve Select One: a) Becomes short b) Becomes straight c) Remains same d) Expands away origin e) Contracts to words originUsing the concept of production possibility curve, explain how it can be used to show the relationship between scarcity, choice, opportunity cost and efficiency .
- If the production possibilities frontier curve is linear and downward-sloping instead of bowed out, that indicatesWhich of the following results in an outward shift in the Production Possibility Frontier? * Diversity in consumer preferences Reduction in prices Improvements in technology All of the aboveWhy is the production possibility curve also called as the opportunity cost curve
- A point inside the production possibilities frontier isa. efficient but not feasible.b. feasible but not efficient.c. both efficient and feasible.d. neither efficient nor feasibleCalifornia has been greatly affected by the forest fires of 2020. The most likely economic impact is: A) a decrease in prices of most goods because scarcity has increased B) an outward shift of its production possibility curve C) a movement from inside its production possibility curve to the boundary D) an inward shift of its production possibility curvedefine a production possibility curve and use such a curve to illustrate scarcity,choice and opportunity cost
- draw a production possibility frontier showing a combination of two goods that a country could produce and an area of inefficiency and another unattainableWhich of the following can expand a nation's production possibilities boundary (curve)? [select all that apply] expanding the quantity of resources realizing technological progress enacting trade barriers decreasing the price of productsDefine and describe the production possibilities frontier model.
