Exam (elaborations)
ECS1501 ASSESSMENT 1 SEM 1 OF 2024 QUESTIONS AND SOLUTIONS
THIS DOCUMENT CONTAINS ECS1501 ASSESSMENT 1 SEM 1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS. USING IT CORRECTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 75%
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Question 2
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An increase in the nation's capital stock will
cause a movement along the PPC up and to the left.
shift the PPC outward.
move the nation from producing within the PPC to producing at a point closer to the PPC.
cause a movement along the PPC down and to the right.
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The most noticeable effect of an increase in the nation's capital stock is that it causes the PPC
to shift outward, away from the origin. This shift signifies that the economy's potential to
produce both goods has increased. It indicates that the nation can now produce more of both
goods compared to its previous capabilities.
Question 3
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If production of two goods is currently at levels such that we are inside the production
possibilities curve
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