Podcast Beta
Questions and Answers
Law of Increasing Opportunity Costs: As more of a good is produced, the opportunity costs of producing that good ______
increase
In the real world, most PPFs are ______ outward; for most goods, the opportunity costs increase as more of the good is produced
bowed
The law of increasing opportunity costs holds for most goods because people have varying ______
abilities
The increasing opportunity costs of building houses and as more houses are built, people with increasing opportunity costs must give up increasingly more of Good ______
Signup and view all the answers
Productive efficiency is represented by the points on the PPF while productive inefficiency is represented by any points ______ the PPF
Signup and view all the answers
Productive Efficient: The condition in which the maximum output is produced with the given resources and ______
Signup and view all the answers
Productive Inefficient: The condition in which less than the maximum output is produced with the given resources and ______
Signup and view all the answers
Productive inefficiency implies that more of one good can be produced without any less of another being ______
Signup and view all the answers
A country has a choice with its resources: Produce Guns (military) or Produce Butter ______
Signup and view all the answers
The body of skills and knowledge involved in the use of resources in production is called ______
Signup and view all the answers
