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?
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?
What is Brian's opportunity cost of acquiring 10 Breads?
What is Brian's opportunity cost of acquiring 10 Breads?
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?
Signup and view all the answers
In the context of a PPF model, what does opportunity cost represent?
In the context of a PPF model, what does opportunity cost represent?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
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?
Signup and view all the answers
