THIS DOCUMENT HAS BEEN CAREFULLY PREPARED BY YOUR TOP TUTORS. IT PROVIUDES GUIDANCE ON EXPECTED QUESTIONS AND POSSIBLE ANSWERS TO ECS1501 ASSESSMENT 2 OF SEM 1 2024. USING IT CORRECTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 80%
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, On a diagram of a production possibilities curve, opportunity cost is represented by
a point on the horisontal axis.
a point on the vertical axis.
a ray through the origin.
the slope of the production possibilities curve, which indicates that to get more of one good requires less of another.
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Question 3
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When economic growth occurs, the
the production possibilities curve becomes steeper.
production possibilities curve shifts outward.
production possibilities curve shifts outward but no longer limits the amount that can be produced.
the economy moves along its production possibilities curve.
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◄ Forum - Assessment 01
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, The production possibilities curve is
downward sloping and reflects unlimited choices.
upward sloping and reflects unlimited choices.
downward sloping and reflects trade-offs in choices.
upward sloping and reflects trade-offs in choices.
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Question 5
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An economy that uses new technology
does not incur an opportunity cost because everyone can use new technology.
moves along its PPC and incurs an opportunity cost.
has it’s PPC shift outward.
has its PPC shift inward because more unemployment is created.
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◄ Forum - Assessment 01
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, 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 _______.
scarcity is no longer a problem.
producing another unit of the good has no opportunity cost.
the maximum number of goods are being produced.
as few resources as possible are being used in production.
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◄ Forum - Assessment 01
OSCAR DIURA
oscardiura@gmail.com
0844708483
For FAC,MAC,DSC, TAX,STA,FIN,INV, QMI,BNU, tutoring
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