Question
In: Economics
True/False. Explain. If a PPF is concave, then this reflects the principle of decreasing opportunity cost and...
True/False. Explain. If a PPF is concave, then this reflects the principle of decreasing opportunity cost and can be explained by perfect transferences of resources.
Solutions
Expert Solution
False
The shape of a PPF is concave to the origin so as to represent increasing opportunity cost with increased output of a good. Mostly,the PPF(Production Possibility Frontier)curves are concave due to the inadaptability of the resources. The law of increasing opportunity cost expresses:as the production of one good rises, the opportunity cost of producing the good increases. Anyway, the country can have more weapons and food at the same time by these methods:
a) improvising its technological level,
b) economic growth,
C) trade with other countries.
Rahul Sunny answered 2 years agoRelated Solutions
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Explain the connection between opportunity cost and the PPF?
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Explain the law of increasing opportunity cost with the aid of a PPF diagram.
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Choose true or false for each statement regarding concave mirrors. true false If an object is placed...
Choose true or false for each statement regarding concave
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Select either true or false for the following statements 1. An opportunity cost is...
Select either true or false for
the following statements
1.
An opportunity cost is the
potential benefit that is lost by taking a specific action when two
or more alternative choices are available.
(Click to
select)FalseTrue
2.
A sunk cost will change with a
future course of action.
(Click to
select)TrueFalse
3.
An out-of-pocket cost requires a
current and/or future outlay of cash.
(Click to
select)FalseTrue
4.
Relevant costs are also known as
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(Click to
select)FalseTrue...
Select either true or false for the following statements 1. An opportunity cost is...
Select either true or false for
the following statements
1.
An opportunity cost is the
potential benefit that is lost by taking a specific action when two
or more alternative choices are available.
(Click to
select)FalseTrue
2.
A sunk cost will change with a
future course of action.
(Click to
select)FalseTrue
3.
An out-of-pocket cost requires a
current and/or future outlay of cash.
(Click to
select)FalseTrue
4.
Relevant costs are also known as
unavoidable costs.
(Click to
select)TrueFalse...
production possibilities frontier (PPF) to explain and illustrate the concepts “efficiency”, “trade-off”, “opportunity cost” and “unemployment”.
production possibilities frontier (PPF) to explain and
illustrate the concepts “efficiency”, “trade-off”, “opportunity
cost” and “unemployment”.
Illustrate scarcity, opportunity cost, and economic growth within a PPF framework of analysis
Illustrate scarcity, opportunity cost, and economic growth
within a PPF framework of analysis
co2 Is the phrase true or false with explanation 3- The opportunity-cost of paying S.R 250...
co2
Is the phrase true or false with explanation
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consecutively-added units of the variable factor-input in the
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Define the concept of Opportunity Cost and state the Low Hanging Fruit Principle (or Principle of...
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Marking criteria:
- Clarity of exposition
- Definition of Opportunity cost
- Definition of low hanging fruit principle
- Real world example
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