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ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers) $2.95   Add to cart
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ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers)

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  • Course
  • Economics IA (ECS1501)
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  • University Of South Africa (Unisa)

ECS1501 Assignment 2 Semester 2 2023 (Solutiona/answers) Question 2 Not yet answered Marked out of 1.00 Flag question Question text On a diagram of a production possibilities curve, opportunity cost is represented by a point on the vertical axis. the slope of the production possibilities ...

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  • August 17, 2023
  • 8
  • 2023/2024
  • Other
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  • ecs1501 assignment 2 semester 2 2023 solutionaan

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  • University of South Africa (Unisa)
  • Economics IA (ECS1501)
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,Question 2
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Question text
On a diagram of a production possibilities curve, opportunity cost is represented by


a point on the vertical axis.


the slope of the production possibilities curve, which indicates that to get more of one good requires less of another.


a point on the horisontal axis.


a ray through the origin.

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Question 3
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Question text
An economy that uses new technology


has its PPC shift inward because more unemployment is created.


does not incur an opportunity cost because everyone can use new technology.


has it’s PPC shift outward.


moves along its PPC and incurs an opportunity cost.

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Question 4
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An expansion of the production possibilities curve is


something that has occurred only rarely in history.


called economic growth.


proof that scarcity is not a binding constraint.


a free gift of nature.

Clear my choice

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