What does a Production Possibility Frontier (PPF) graphically represent?

3.1.1.5 PPF NOTES

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Social Studies
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Professional Development
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James Hannaford
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The maximum output combinations of two goods an economy can produce with given resources and technology
The inflation rate over a period of time
The total demand and supply in an economy
The price elasticity of various goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the downward slope of the PPF curve indicate?
The deflation rate of an economy
The opportunity cost of producing one good in terms of the other
The increase in consumer preference for a product
The decrease in resource availability
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do points on the PPF represent?
Inefficient allocation of resources
Efficient allocation of resources where there is no waste
Points of economic recession
Unattainable production levels
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do points inside the PPF indicate?
Economic stability
Optimal production levels
Underutilization of resources
Overutilization of resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can cause the PPF to shift?
A constant level of technology
Improvements in technology or changes in resource availability
A decrease in consumer demand
A reduction in workforce
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does productive efficiency imply?
Producing goods at the highest possible cost
Producing goods at the lowest possible cost using available resources
Focusing solely on technology improvement
Maximizing the import of resources
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is allocative efficiency?
Producing goods according to the government's directives
Ignoring consumer preferences in production
Focusing on maximum employment
Allocating resources in a way that maximizes societal welfare
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