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Questions and Answers
What does the opportunity cost of moving from point a to b represent?
What does the opportunity cost of moving from point a to b represent?
- 7 Bikes
- 5 Bikes (correct)
- 3 Bikes
- 2 Bikes
Moving from point b to d incurs an opportunity cost of how many bikes?
Moving from point b to d incurs an opportunity cost of how many bikes?
- 6 Bikes (correct)
- 8 Bikes
- 2 Bikes
- 4 Bikes
What is the opportunity cost of moving from point d to b?
What is the opportunity cost of moving from point d to b?
- 5 Computers
- 3 Computers
- 2 Computers
- 4 Computers (correct)
If a firm moves from point f to c, what is the opportunity cost in terms of computers?
If a firm moves from point f to c, what is the opportunity cost in terms of computers?
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What can be said about point G on the production possibilities frontier?
What can be said about point G on the production possibilities frontier?
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What does 'productive efficiency' mean in relation to a production possibilities frontier?
What does 'productive efficiency' mean in relation to a production possibilities frontier?
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'Productively inefficient' points, like point R, are characterized by:
'Productively inefficient' points, like point R, are characterized by:
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'Allocative efficiency' refers to:
'Allocative efficiency' refers to:
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'Productive efficiency' on a PPF means:
'Productive efficiency' on a PPF means:
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'Productively inefficient' points like point R indicate:
'Productively inefficient' points like point R indicate:
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