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ECS1501 ASSIGNMENT 2 SEMESTER 2 2022 $3.13   Add to cart

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ECS1501 ASSIGNMENT 2 SEMESTER 2 2022

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This document contains all the questions and answers that you will need to complete assignment 2 for semester 2 2022. For further assistance please leave a reply and I'll get back to you.

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  • August 19, 2022
  • 18
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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ESC1501: ASSIGNMENT 2 SEMESTER 2 2022
A situation in which some resources are NOT fully utilized is represented in a production
possibilities curve diagram by


the midpoint of the production possibilities curve.


a point inside the production possibilities curve.


any point on either the horisontal or the vertical axis.


a point outside the production possibilities curve.



In March 2020, a factory used new technology to produce its output. Then in July 2020, a
fire destroys half the factory. The new technology shifted the factory's PPC _____ and the
fire shifted it _______.


inward; inward.


inward; outward


outward; outward


outward; inward



Opportunity cost is represented on the production possibilities curve by


attainable and unattainable points.


the amount of good Y forgone when more of good X is produced.


technological progress.


efficient and inefficient point .

,Moving from one point on the production possibilities curve to another


involves a tradeoff and incurs an opportunity cost


involves no tradeoff but it does incur an opportunity cost


involves an opportunity cost but no trade-off


involves a trade-off but does not incur an opportunity cost


chnical efficiency is achieved


when it producing one more unit of one good cannot occur without producing less
of some other good.


when producing inside the production possibilities curve.


when all goods and services desired by consumers can be produced in the economy.


when the ability is gained to produce goods and services that are desired beyond the
PPC boundary.


Economic growth


has no opportunity cost.


makes it more difficult for a nation to produce on its PPC.


creates unemployment.


shifts the PPC outward.

, When resources are assigned to inappropriate tasks, that is, tasks for which they are not
the best match, the result will be producing at a point


where the slope of the PPC is positive.


inside the PPC.


outside the PPC.


where the slope of the PPC is zero.



A production possibilities curve does NOT illustrate


opportunity cost.


attainable and unattainable points.


the exchange of one good or service for another.


the limits on production imposed by our limited resources and technology.



The production possibilities curve shifts as


tastes and preferences change.


technology changes.


the unemployment rate changes.


the money supply grows or shrinks.

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