Ppf Study guides, Revision notes & Summaries
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Microeconomics AS WJEC Questions and answers Scored A+ 2023
- Exam (elaborations) • 28 pages • 2023
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Microeconomics AS WJEC Questions and answers Scored A+ 2023 
What are the four factors of production? 
- Land 
- Labour 
- Capital 
- Entrepreneurship 
 
 
 
What is the 'basic economic problem'? 
- Finite resources, infinite wants 
 
 
 
What is an opportunity cost? 
- The benefit forgone of the next best alternative 
 
 
 
What is meant by free goods and economic goods? 
- Free goods are those of infinite supply (no opportunity cost) 
- Economic goods are those in finite supply (opportunity ...
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BSNS113 Latest 2023 Rated A+
- Exam (elaborations) • 36 pages • 2023
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BSNS113 Latest 2023 Rated A+ economics study of how resources are managed in society 
scarcity limited means but unlimited wants 
three economic questions What to produce? How to produce? For whom to produce? 
incentives people react to changes in their economic environment. Changes in price or incomes cause people to act differently 
economic costs opportunity cost. The total net value of the next best alternative forgone when making a decision. 
Opportunity cost formula OC of activity A = tota...
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TAMU Econ 203 Exam 1 questions with correct answers
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Production Possibility CORRECT ANSWER a countries production capabilities modeled by the PPF 
 
PPF (Production Possibilities Frontier) CORRECT ANSWER -Line or curve that shows all possible combos of 2 outputs 
 
Points on PPF CORRECT ANSWER -points outside line are unattainable 
-points within are attainable but inefficient 
-points on line are attainable and efficient 
 
Opportunity Cost CORRECT ANSWER tradeoff between producing more of a good, or less of a good 
 
Opportunity Cost Formula COR...
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History OPPF Part 1 & 2 (Answered 100% Correctly) Latest 2024-2025
- Exam (elaborations) • 6 pages • 2024
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History OPPF Part 1 & 2 (Answered 100% Correctly) Latest 
What fraternity is the 1st AFRICAN AMERICAN fraternity to be founded on the 
campus of Howard University? 
Omega Psi Phi Fraternity Incorporated 
The birthplace of the Alpha Chapter is located at ___? 
Howard University 
The Alpha Chapter is also known as the ___. 
Mother Pearl 
Who wrote The History of OPPF : A Brotherhood of Negro College 
Men? 
Big Brother Dr. Herman Dreer 
Who wrote The History of OPPF : The Men Who Made History: A...
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Test bank for Macroeconomics 3rd Edition byPaul Krugman
- Exam (elaborations) • 14 pages • 2022
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Economists typically depict the PPF as a bowed-out curve rather than as a straight line in order to show thatThose points lying beyond the PPF
Make study stress less painful
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ECO 2023 Final || with 100% Correct Answers.
- Exam (elaborations) • 11 pages • 2024
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3 big economic questions correct answers 1. What: what and how much is produced? 
2. How: how are goods and services produced? 
3. Who: who will get the goods and services? 
 
3 approaches to answering 3 big questions correct answers 1.Tradition approach: do what we've always done. 
2. Command approach: government planners answer the questions. 
3. Market-based approach: let prices, property rights, and markets answer the questions. (works best because it aligns the self-interest with the socia...
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Econ 2110 Final Exam Clemson University Latest Update Rated A+
- Exam (elaborations) • 26 pages • 2024
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Econ 2110 Final Exam Clemson University Latest Update Rated A+ Economics the study of how people allocate their limited resources to satisfy their nearly unlimited wants 
Micro the part of economics concerned with single factors and the effects of individual decisions 
Macro the part of economics concerned with large scale or general economic factors, such as interest rates and national productivity 
Incentives rewards r punishments that people react to 
Scarcity living in a world of finite reso...
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Solution Manual for Foundations of Business 7th Edition by William M. Pride.
- Exam (elaborations) • 236 pages • 2024
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Solution Manual for Foundations of Business 7th Edition by William M. Pride. 
Solution Manual for 
Foundations of Business 7e William M. Pride; 
Chapter 1-47 
Chapter 1 
End of Chapter Questions 
Quiz Yourself 
1. Scarcity implies that the allocation decision chosen by society can 
a) not make more of any one good. 
b) always make more of any good. 
c) typically make more of one good but at the expense of making less of 
another. 
d) always make more of all goods simultaneously. 
Explanation: Sc...
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Solution Manual for Foundations of Business 7th Edition by William M. Pride.
- Exam (elaborations) • 236 pages • 2024
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Solution Manual for Foundations of Business 7th Edition by William M. Pride. 
Solution Manual for 
Foundations of Business 7e William M. Pride; 
Chapter 1-47 
Chapter 1 
End of Chapter Questions 
Quiz Yourself 
1. Scarcity implies that the allocation decision chosen by society can 
a) not make more of any one good. 
b) always make more of any good. 
c) typically make more of one good but at the expense of making less of 
another. 
d) always make more of all goods simultaneously. 
Explanation: Sc...
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ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+.
- Exam (elaborations) • 10 pages • 2024
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ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+. 
The Circular Flow Diagram - ANSWER Green arrows represent the flow of money and red 
represents to flow of goods/services 
Production possibilities Frontier/ Curve PPF: PPC - ANSWER The curve shows what is 
possible within an economy 
D- impossible 
A&B - feasible efficient 
C - feasible & inefficient 
PPF shifts out when... - ANSWER the economy can produce more of everything 
Opportunity Cost - ANSWER the cost of what you giv...
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