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An economy that uses new technology
moves along its PPC and incurs an opportunity cost.
does not incur an opportunity cost because everyone can use new technology.
has it’s PPC shift outward.
has its PP...
, Started on Monday, 6 May 2024, 12:27 PM
State Finished
Completed on Monday, 6 May 2024, 12:37 PM
Time taken 9 mins 48 secs
Marks 9.00/10.00
Grade 90.00 out of 100.00
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Question 2
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An economy that uses new technology
moves along its PPC and incurs an opportunity cost.
does not incur an opportunity cost because everyone can use new technology.
has it’s PPC shift outward.
has its PPC shift inward because more unemployment is created.
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Whatsapp Marlvin @ +2763 173 8181
, New technology can make production processes more efficient. This might mean that the same
amount of resources can now produce more output. As a result, the PPC can shift outward,
showing that the economy can now produce more goods than before.
Question 3
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A tradeoff is illustrated by
the negative slope of the PPC.
a point outside the PPC.
a change in the slope of the PPC.
a point inside the PPC.
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Trade-offs involve making choices between competing alternatives. In the context of the PPC,
trade-offs refer to the choices an economy must make when allocating its limited resources
between the production of two goods. Due to resource scarcity, producing more of one good
requires sacrificing the production of the other. Graphically this is illustrated by the negative
slope of the PPC curve.
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When production is efficient,
we can satisfy our all wants.
om choice of the goods can be either on or within the production possibilities curve.
the opportunity cost is as low as possible.
we face a tradeoff and incur an opportunity cost.
Whatsapp Marlvin @ +2763 173 8181
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