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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Choose true or false for each statement regarding concave mirrors. true false A concave mirror produces an...
Choose true or false for each statement regarding concave
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true false If an object is placed 4.1 cm from a 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
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(Click to
select)FalseTrue
2.
A sunk cost will change with a
future course of action.
(Click to
select)TrueFalse
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An out-of-pocket cost requires a
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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...
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co2
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