Points inside (or below) the PPF are____________.
b. attainable and efficient
c. attainable but inefficient
d. attainable and neither efficient nor inefficient
I say it is c, am I correct?
An increase in resources_____________.
a. shifts the PPF inward
b. shifts the PPF outward
c. moves the economy up a given PPF
d. moves the economy down a given PPF
I say it is b am I correct?
Which of the following is an illustration of the law of increasing opportunity costs?
a. As more cars are produced, the opportunity cost of each additional car is greater than for the preceding unit.
b. As more cars are produced, the opportunity cost of each additional car is less than for the preceding unit.
c. As more cars are produced, the opportunity cost of each additional car is the same as for the preceding unit.
d. People pay higher prices for cars the higher the costs of cars.
I say it is A, is that correct?
An economy exhibits efficiency if it produces ____________.
a. more than enough food to feed everyone
b. more goods and services in each successive year
c. maximum output with given resources and technology
ed. nough output so that no one lives in poverty
I say it is c is that correct?