Shifts in ppc - Study guides, Class notes & Summaries

ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers) Question 2 Not yet answered Marked out of 1.00 Flag question Question text On a diagram of a production possibilities curve, opportunity cost is represented by a point on the vertical axis. the slope of the production possibilities curve, which indicates that to get more of one good requires less of another. a point on the horisontal axis. a ray through the origin. Clear my choice Question 3 Not yet answered Marked out of 1...

ECS1501 ASSESSMENT 1 2024 SEARCHABLE Economic growth shifts the PPC outward. 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 _______. A point inside a production possibilities curve The fact that opportunity costs increase while moving along a production possibilities curve suggests that a production possibilities curve for any economy w...

(Module 1) What is scarcity in economics and how does it influence choices? In economics scarcity means the inability to satisfy everyones wants as there are not sufficient resources to produce everything that people want, so scarcity forces us to CHOOSE the things we want most. (Economic models tools explain how economic systems deal with the basic problem of scarcity) A choice is a trade-offA choice that uses the available resources to best achieve the objective of the person making the ch...

ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+. The Circular Flow Diagram - ANSWER Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - ANSWER The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - ANSWER the economy can produce more of everything Opportunity Cost - ANSWER the cost of what you giv...

ECN 211 ASU Final Exam Marburger questions with correct answers The Circular Flow Diagram Correct Answer-Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC Correct Answer-The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... Correct Answer-the economy can produce more of everything Opportunity Cost Correct Answer-t...

The Circular Flow Diagram - correct answer Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - correct answer The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - correct answer the economy can produce more of everything Opportunity Cost - correct answer the cost of what you give up to get something else...

Anita is an entrepreneur who is interested in starting a hair salon. Anita consulted her friend Ali, who is a businessman, to get some business advice. Ali advised Anita to calculate the total _________she will need to raise. He advised her to choose a __________where she can find skilled labor and plenty of clients. He also advised her to figure out the ________ for every piece of equipment she buys for the salon. 1. capital 2. 3. total cost of ownership What are the advantages a mark...

ECON 304 Final Exam - Questions with Verified Answers The law of demand suggests that as price rise the quantity of a good purchased will also rise. False When drawing a graph of demand, price is generally placed on the vertical axis. True Changes in the price of a good are considered demand shifters. False Demand is defined as the various quantities of a good or service that people are willing and able to buy at various prices during some time period. True The law of demand is a fairly weak l...

ECN 211 ASU Final Exam With Questions and Correct Answers Graded A+. The Circular Flow Diagram - ANSWER Green arrows represent the flow of money and red represents to flow of goods/services Production possibilities Frontier/ Curve PPF: PPC - ANSWER The curve shows what is possible within an economy D- impossible A&B - feasible efficient C - feasible & inefficient PPF shifts out when... - ANSWER the economy can produce more of everything Opportunity Cost - ANSWER the cost of what you giv...

Econ 102 - Test 1 Questions and Answers Graded A What does economic activity revolve around? Production What drives economic activity? Spending Per Capita GDP Gross Domestic Product/Population Gross Domestic Product/Population is the same thing as Production/Population GDP shows what? Productivity, income, and/or standard of living Expenditures = Income Production = Income The study of how society chooses to allocate its scare production resources Economics Labor Mental and physical skil...