ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers)

ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers) Question 2 Not yet answered Marked out of 1.00 Flag question Question text On a diagram of a production possibilities curve, opportunity cost is represented by a point on the vertical axis. the slope of the production possibilities curve, which indicates that to get more of one good requires less of another. a point on the horisontal axis. a ray through the origin. Clear my choice Question 3 Not yet answered Marked out of 1.00 Flag question Question text An economy that uses new technology has its PPC shift inward because more unemployment is created. does not incur an opportunity cost because everyone can use new technology. has it’s PPC shift outward. moves along its PPC and incurs an opportunity cost. Clear my choice Question 4 Not yet answered Marked out of 1.00 Flag question Question text An expansion of the production possibilities curve is something that has occurred only rarely in history. called economic growth. proof that scarcity is not a binding constraint. a free gift of nature. Clear my choice Question 5 Not yet answered Marked out of 1.00 Flag question Question text If production of two goods is currently at levels such that we are inside the production possibilities curve in order to produce more of one good, we must produce less of the other. we are in the "unattainable" region. it is not possible to produce more of both goods. production is inefficient. Question 6 Not yet answered Marked out of 1.00 Flag question Question text The principle of increasing opportunity cost occurs because resources are being used inefficiently. we must give up something to get something else. resources are not equally suited to all activities. scarcity exists. Clear my choice Question 7 Not yet answered Marked out of 1.00 Flag question Question text Capital accumulation makes the production possibilities curve steeper. shifts the production possibilities curve outward. has no impact on the production possibilities curve. shifts the production possibilities curve inward. Question 8 Not yet answered Marked out of 1.00 Flag question Question text Technical efficiency requires that we cannot produce more of one good without producing less of some other good. All of the above answers are correct. we are producing at a point on the PPC. resources be assigned to the task for which they are the best match. Clear my choice Question 9 Not yet answered Marked out of 1.00 Flag question Question text If Thabang is producing at a point on his production possibilities curve, then he is not subject to scarcity. will be unable to gain from trade. can produce more of one good only by producing less of the other. cannot produce any more of either good. Question 10 Not yet answered Marked out of 1.00 Flag question Question text A situation in which some resources are NOT fully utilized is represented in a production possibilities curve diagram by a point outside the production possibilities curve. any point on either the horisontal or the vertical axis. a point inside the production possibilities curve. the midpoint of the production possibilities curve. Clear my choice Question 11 Not yet answered Marked out of 1.00 Flag question Question text A tradeoff is illustrated by a point outside the PPC. a point inside the PPC. a change in the slope of the PPC. the negative slope of the PPC. Question 12 Not yet answered Marked out of 1.00 Flag question Question text Which of the following statements regarding the production possibilities curve is true? Points on the curve are less efficient than points inside the curve. None of the statements is true because all of the above statements are false. Points outside the curve are attainable. Points inside the curve are attainable. Clear my choice Question 13 Not yet answered Marked out of 1.00 Flag question Question text The principle of increasing opportunity cost leads to an outward shift of the production possibilities curve (PPC). an inward shift of the production possibilities curve (PPC). a production possibilities curve (PPC) that is bowed outward from the origin. a production possibilities curve (PPC) that is bowed inward from the origin. Question 14 Not yet answered Marked out of 1.00 Flag question Question text Using the production possibilities curve model, unemployment is described as producing at a point on either end of the PPC curve. on the exact middle of the PPC curve. inside the PPC curve. outside the PPC curve. Clear my choice Question 15 Not yet answered Marked out of 1.00 Flag question Question text A production possibilities curve does NOT illustrate the limits on production imposed by our limited resources and technology. the exchange of one good or service for another. opportunity cost. attainable and unattainable points. Question 16 Not yet answered Marked out of 1.00 Flag question Question text Consider a production possibilities curve with maize on the vertical axis and cars on the horisontal. Unusually good weather for growing maize shift the vertical intercept upward but does not shift the horisontal intercept. the horisontal intercept rightward but does not shift the vertical intercept. neither the horisontal intercept nor the vertical intercept. the horisontal intercept rightward and the vertical intercept upward. Clear my choice Question 17 Not yet answered Marked out of 1.00 Flag question Question text Technical efficiency occurs when production is on the production possibilities curve. is at any attainable point. is at a point beyond the production possibilities curve. is on the production possibilities curve or inside it. Question 18 Not yet answered Marked out of 1.00 Flag question Question text Moving from one point on the production possibilities curve to another involves no tradeoff but it does incur an opportunity cost involves a tradeoff and incurs an opportunity cost involves an opportunity cost but no trade-off involves a trade-off but does not incur an opportunity cost Clear my choice Question 19 Not yet answered Marked out of 1.00 Flag question Question text Technical efficiency is achieved when all goods and services desired by consumers can be produced in the economy. when producing inside the production possibilities curve. when it producing one more unit of one good cannot occur without producing less of some other good. when the ability is gained to produce goods and services that are desired beyond the PPC boundary. Question 20 Not yet answered Marked out of 1.00 Flag question Question text A nation produces at a point inside its PPC never. when it trades with other nations. when it produces inefficiently. when its PPC is bowed out. Clear my choice Question 21 Not yet answered Marked out of 1.00 Flag question Question text When we cannot produce more of any good without giving up some other good that we value more highly, we achieved allocative efficiency. production. equity. economic growth