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For an economy with a straight-line production possibilities curve, which of the following is true?

I. The opportunity cost of producing another unit is constant.
II. Resources are completely adaptable to alternative uses.
III. Resources are used efficiently.

a. I only

b. I and II

c. II and III

d. I and III

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
27 Oct 2020

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Related questions

A production possibilities frontier will be bowed out if:

a) There is scarcity,

b) Technology is improving,

c) Production of one good involves an opportunity cost,

d) Resources are not perfectly adaptable to making each good,

e) Resources are used efficiently.

Which statement about opportunity cost is true
 
I.   Opportunity cost is equal to implicit costs plus explicit costs.
II.  Opportunity cost only measures direct monetary costs.
III. Opportunity cost accounts for alternative uses of resources such as time and money.
 
A. I, II and III
B. I
C. III only
D. I and III only 
 

A nation's production possibilities curve is "bowed out" from the origin because

a. resources are not perfectly adaptable to the production of alternative goods.

b. capital goods and consumer goods utilize the same production technology.

c. resources are scarce relative to human wants.

d. opportunity costs are decreasing.

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