1.2 Thomas has the following options in order of preference

1.1 When there are not enough resources to produce the desired goods and services, we say that there is.…
a) Unemployment.
b) A shortage
c) Scarcity
d) All of the above
1.2 Thomas has the following options in order of preference
i. Go to campus
ii. Go to the beach
iii. Stay home and play video games.
If he chooses to go to campus, then his opportunity cost of doing so is represented by…
a) i only
b) ii only
c) i and ii
d) i, ii and iii
1.3 Efficiency is illustrated by…
a) Points beyond the PPF curve
b) Points along the PPF curve
c) Points within the PPF curve
d) None of the above
1.4 South African companies are shifting towards, capital intensive production processes. The reason for such a shift can be explained by considering…
a) The labour laws of the country
b) The quality of the labour available
c) The prices of the resources available
d) All of the above
1.5 In a hypothetical economy that produces two goods, there is an improvement in the production of one of the goods. This will be illustrated by…
a) A point on the PPF diagram
b) An outward swivel of the PPF diagram
c) An outward shift of the PPF diagram
d) An inward shift of the PPF diagram

Solutions

Expert Solution

1.1 Answer is C. Scarcity

it is when there is lack of resources to produce all the goods we want to consume and then we have to make choices between what to produce and what to left.

1.2 Answer is B.

He has two opportunity either 2 or 3. Both can not be opportunity cost. Here 2 is given so option 2 is opportunity cost.

Actually opportunity cost of a activity is what we have to leave in order to do some other activity. Here he have to leave the beach and play video game, he could do one of the two. So one of the these two is opportunity cost.

1.3 Answer is B.

Points on the PPF shows that all points are efficient and attainable and points outside the PPF shows that points are not attainable and points within PPF shows inefficient points.

1.4 Answer is D.

May be labour laws becomes more strict and quality of labour is not good. So firms could get more profits by using capital rather than labour.

1.5 Answer is B.

There will be swival of PPF on the axis in which that good in presented in which improvement occured.

Rahul Sunny answered 2 years ago

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