We've found 6 Production Possibility Curve tests

Principles Of Economics: Microeconomics Private Property Rights Production Possibility Curve
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Martha Hill
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Henry Lowe avatar
Henry Lowe
149 terms
Law Of Increasing Costs Production Possibility Curve
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Ken Ericksen avatar
Ken Ericksen
115 terms
Business Management Economics Meet Your Needs Principles Of Economics: Macroeconomics Production Possibility Curve Sports Marketing
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Kenneth McQuaid avatar
Kenneth McQuaid
10 terms
Economics Production Possibility Curve
Case Study: Starting a Business – Flashcards 21 terms
Ashlynn Thompson avatar
Ashlynn Thompson
21 terms
Long Term Trend Macroeconomics Principles Of Economics: Macroeconomics Production Possibility Curve Short Run Fluctuations
Group Exercise – Flashcards 124 terms
Paulina Ratliff avatar
Paulina Ratliff
124 terms
If available resources and technology increase, what direction will a production possibility curve move?
Up/to the right
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If you move from a point inside the production posibility curve to a pont on the production possibility curve, it follows that efficiency is:
increased because the economy is now on the production possibility curve
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Increasing marginal opportunity cost means that the production possibility curve is:
bowed out so that for every additional unit of a good given up, you gain fewer and fewer units of the other good.
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Because you can only get more of one good by giving up some of another good,the shape of a production possibility curve is.
Downward Sloping
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Use the “Production Possibility Curve for Tealand” Figure 3-4. In the figure, if Tealand is producing 10 million scones and 10 million cups of tea (point A), then we know that the economy
Unemployment/recession
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the production possibility curve:
is the boundary between attainable and unattainable outputs
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Production Possibility Curve?
Shows the maximum combinations of two goods that can be produced from a set of fixed resources.
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In the long-run if the production of all goods increases for a society (there is an economic growth), it will cause the production possibility curve to
shift outward
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