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- Multiple ChoicePlease save your changes before editing any questions.What is the production possibilities curve?a graph that shows how much an economy can produce between 2 goodshow much money something isthe opportunity one has to give up in order to gain something elseland, labor, capital, entrepreneurs
- Multiple ChoicePlease save your changes before editing any questions.If many workers decide to retire at an early age, the PPF would shift inward.TrueFalse
- Multiple ChoicePlease save your changes before editing any questions.What do points inside the PPF indicate?The combination of goods that employ goods efficientlyThe combination of goods that employ resources fullyThe combination of goods that do not employ resources fully
- Multiple ChoicePlease save your changes before editing any questions.What do points inside the PPF indicate?The combination of goods that employ goods efficientlyThe combination of goods that employ resources fullyThe combination of goods that do not employ resources fully
- Multiple ChoicePlease save your changes before editing any questions.Which of the following might cause an inward shift of the PPF?A computer network shuts down due to a virusMore people earn bachelor degreesA new maching that produces bread faster is inventedOPEC announces a new source of oil
- Multiple ChoicePlease save your changes before editing any questions.An increase in the labor force would cause the PPF toShift inwardShift outwardDo nothingTurn into a straight line
- Multiple ChoicePlease save your changes before editing any questions.
What does point B represent?Production at greater than the country's minimum potentialProduction is less than the country's minimum potentialProductive inefficiencyProductive efficiency - Multiple ChoicePlease save your changes before editing any questions.Which point represents "resources are not being used efficiently, or resources are being wasted or idle"?Point APoint YPoint XAll of the above
- Multiple ChoicePlease save your changes before editing any questions.
Producing a desired result without wasting time, energy, money, or other resources.
Efficiency
Productivity
Input
Output
- Multiple ChoicePlease save your changes before editing any questions.
A way of doing something.
Efficiency
Input
Process
Output
- Multiple ChoicePlease save your changes before editing any questions.
The amount of something that is produced
Input
Efficiency
Productivity
- Multiple ChoicePlease save your changes before editing any questions.
Resources being used to make the output
Input
Productivity
Output
Process
- Multiple ChoicePlease save your changes before editing any questions.
Resources being produced, and it is the final product.
Input
Ouput
Process