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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 _____ a$2.95
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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 _____ a
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Course
Economics IA - ECS1501 (ECS1501)
Institution
University Of South Africa (Unisa)
Book
Economics for South African Students
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 ...
Started on Sunday, 5 May 2024, 12:11 PM
State Finished
Completed on Sunday, 5 May 2024, 12:37 PM
Time taken 26 mins 5 secs
Marks 10.00/10.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
Economic growth
creates unemployment.
shifts the PPC outward.
makes it more difficult for a nation to produce on its PPC.
has no opportunity cost.
Economic growth leads to an expansion of an economy's production possibilities. This results in an outward shift of the
entire PPC, indicating that the economy can produce more of both goods.
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; outward
outward; inward
inward; inward.
outward; outward
The introduction of new technology typically leads to increased efficiency, improved production processes, and enhanced
resource utilization. This results in an outward shift of the Production Possibility Curve (PPC), indicating that the factory can
now produce more output for the same amount of resources.
The fire that destroys half the factory's production capacity significantly reduces its available resources and capabilities. This
results in a contraction of the Production Possibility Curve (PPC), indicating a decrease in the factory's production potential
and the PPC shifts inward. The factory can now produce fewer goods and services due to the loss of resources caused by
the fire.
Question 4
Complete
Mark 1.00 out of 1.00
A point inside a production possibilities curve
is unattainable.
is more efficient than points on the production possibilities curve.
could indicate that some resources are unemployed.
implies that too much capital and not enough labour are being used.
When a point is inside the PPC, it signifies that the nation is not fully utilizing its resources, resulting in production levels
below what is technically feasible. This could be due to factors such as underemployment of resources, inefficiencies in
production processes, or other constraints. As a result, the country is not achieving its maximum possible output of both
goods.
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