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3. The production possibility curve is concave to the origin because
 
a. technology is fixed in the short run.
b. all resources are being fully used.
c. all choices involve an opportunity cost.
d. some resources are more specialized than others

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Raushan Raj
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30 Oct 2020

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Related questions

6. Given that resources are scarce:

A. A "free lunch" is possible, but only for a limited number of people.

B. Poor countries must make choices, but rich countries do not have to make choices.

C. Opportunity costs are experienced whenever choices are made.

D. Some choices involve opportunity costs while other choices do not

 

7. The opportunity cost of playing tennis with your friend is:

A. Negative since its good exercise

B. Zero since you already own the tennis racket and play on a public court

C. The next-best alternative use of your time that is forgone.

D. The cost of the tennis lessons you took last year.

 

8. The concept of opportunity cost would become irrelevant if:

A. The market mechanism functioned to allocate resources.

B. The government allocated resources.

C. The production possibilities curve bowed outward.

D. Resources were no longer scarce.

 

9. If resources are limited:

A. People will rush to buy more goods than they would otherwise.

B. Businesses will sell more products than they would otherwise.

C. Choices that involve tradeoffs must be made.

D. All individuals are deprived of basic necessities.

 

10. Which of the following is true about the factors of production?

A. The factors of production as well as technology determine the physical limits to production

B. Rich countries have an unlimited quantity of factors.

C. The factors include natural resources but not skilled labor.

D. Some factors are scarce but other factors are not.

 

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.

12) If Sam is producing at a point inside his production possibilities curve, then he A) can increase production of both goods with zero opportunity cost. B) is fully using all his resources and allocating his resources to their best use. C) must be doing the best he can with limited resources. D) is unaffected by costs and technology, E) has a high opportunity cost of moving from this point.

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