Podcast
Questions and Answers
What could have caused a society to move from inside its production possibilities frontier to a point on the frontier?
What could have caused a society to move from inside its production possibilities frontier to a point on the frontier?
- The society developed an improvement in technology. (correct)
- The society experienced an increase in the quantity of resources available.
- The society started out using all its resources, but then allowed some of its resources to become unemployed.
- The society had some unemployed resources to begin with, but then started using all its resources
If Elizabeth's opportunity cost is 20 Bread = 20 Apples, what is the exchange rate between Bread and Apples in her case?
If Elizabeth's opportunity cost is 20 Bread = 20 Apples, what is the exchange rate between Bread and Apples in her case?
- 2 Bread = 1 Apple
- 2 Bread = 2 Apples
- 1 Bread = 1 Apple (correct)
- 1 Bread = 2 Apples
What is Brian's opportunity cost of acquiring 10 Breads?
What is Brian's opportunity cost of acquiring 10 Breads?
- 30 Apples (correct)
- 15 Apples
- 10 Apples
- 20 Apples
When a society moves beyond its PPF due to technological advancements, what does this signify?
When a society moves beyond its PPF due to technological advancements, what does this signify?
In the context of a PPF model, what does opportunity cost represent?
In the context of a PPF model, what does opportunity cost represent?
How does specialization and trade impact a society's position relative to its PPF?
How does specialization and trade impact a society's position relative to its PPF?
What effect does an increase in resources have on a society's production possibilities frontier?
What effect does an increase in resources have on a society's production possibilities frontier?
If a society experiences an increase in quantity and quality of resources, how might this be reflected on its PPF?
If a society experiences an increase in quantity and quality of resources, how might this be reflected on its PPF?
What role does unused resources play in relation to a society's position on the production possibilities frontier?
What role does unused resources play in relation to a society's position on the production possibilities frontier?
If a society moves from utilizing all its resources to having some unemployed resources, what potential impact could this have on its productivity?
If a society moves from utilizing all its resources to having some unemployed resources, what potential impact could this have on its productivity?
