What is the definition of the economic term Opportunity Cost?
  • the value of the next best alternative that is given up due to the choice you made 
  • The price you pay to purchase something 
  • The benefit you gain by making a decision 
  • The amount of debt you take on by making a decision 
What does point B represent?
s-1 sb-3-Production Possibility Curveimg_no 56.jpg
  • Production at greater than the country's minimum potential
  • Production is less than the country's minimum potential
  • Production is greater than the country's maximum potential
  • Production at the country's maximum potential
What does point Y represent on the PPC?
s-1 sb-3-Production Possibility Curveimg_no 57.jpg
  • Efficiency
  • Unattainable / impossible
  • Inefficency
  • Nothing
Which scenario contributes towards the shifting of the curve in the picture above?
s-1 sb-3-Production Possibility Curveimg_no 58.jpg
  • When a country is struck by a natural disaster, natural resources are either exhausted or reduced due to the incident.
  • Huge reduction in Construction Expenses and equipment manufacturing
  • Economic decline due to Covid 19
  • None of the above
The following diagram shows the production possibility frontier for an economy that produces bread and honey.If the economy is initially at point W, then the opportunity cost of moving to point X is
s-1 sb-3-Production Possibility Curveimg_no 59.jpg
  • 6 units of honey.
  • 8 units of honey.
  • 12 units of bread.
  • 23 units of bread.
The table shows the production possibilities for a country. Based on the table, which of the following production combinations is a possibility?
s-1 sb-3-Production Possibility Curveimg_no 60.jpg
  • 5 pairs of shoes and 28 pizzas
  • 3 pairs of shoes and 23 pizzas
  • 2 pairs of shoes and 20 pizzas
  • 4 pairs of shoes and 15 pizzas
0:0:1



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