Question 11 options:
- Refer To The Ppf Diagram The Economy Is Operating Efficiently At Question 11 Options A A B B C C D All Of The 1 (437.06 KiB) Viewed 44 times
A.
b)
B.
c)
C.
d)
all of the above.
e)
none of the above.
Question 12
A shift outward of the PPF can be experienced by an increasein:
Question 12 options:
a)
resources only.
b)
resources and/or technology.
c)
resources, technology, and trade.
d)
comparative advantage.
e)
increased consumption.
Question 13
Britain must give up the production of 25 sweaters to produce 75additional hats. The opportunity cost of producing 1 hat isthe loss of _____ sweaters.
Question 13 options:
a)
1/3
b)
1
c)
3
d)
9
e)
22
Question 14
The term used when people are both "willing" and "able" to payfor a good is:
Question 14 options:
a)
need.
b)
requirement.
c)
necessity.
d)
desire.
e)
demand.
Question 15
If the price of peanut butter decreases, then:
Question 15 options:
a)
the demand for peanut butter will increase.
b)
the demand for peanut butter will decrease.
c)
the quantity of peanut butter demanded will increase.
d)
the quantity of peanut butter demanded will decrease.
e)
both the demand for peanut butter and the quantity of peanutbutter demanded will increase.
Y₁ B PPF X