100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
ECS1501 ASSESSMENT 1 2024 SEARCHABLE Economic growth shifts the PPC outward. In March 2020, a factory used new technology to produce its output. Then in July 2020, a fire destroys half the factory. The new technology shifted the factory's PPC _____ a$2.99
Add to cart
ECS1501 ASSESSMENT 1 2024 SEARCHABLE Economic growth shifts the PPC outward. In March 2020, a factory used new technology to produce its output. Then in July 2020, a fire destroys half the factory. The new technology shifted the factory's PPC _____ a
28 views 0 purchase
Course
Economics IA - ECS1501 (ECS1501)
Institution
University Of South Africa (Unisa)
Book
Economics for South African Students
ECS1501 ASSESSMENT 1 2024 SEARCHABLE
Economic growth shifts the PPC outward.
In March 2020, a factory used new technology to produce its output. Then in July 2020, a fire destroys half the factory. The new technology shifted the factory's PPC _____ and the fire shifted it _______.
A point ...
ECS1601 ASSIGNMENT 08 SEMESTER 2 2024 One of the objectives of the South African Reserve Bank is in ation targeting, and the in ation target for South Africa is between 3 and 6 per cent. There happe...
Chapter 1 - What economics is all about
ECS1601 Assignment 7 (COMPLETE ANSWERS) 2024 - DUE 29 October 2024
Started on Sunday, 5 May 2024, 12:11 PM
State Finished
Completed on Sunday, 5 May 2024, 12:37 PM
Time taken 26 mins 5 secs
Marks 10.00/10.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
Economic growth
creates unemployment.
shifts the PPC outward.
makes it more difficult for a nation to produce on its PPC.
has no opportunity cost.
Economic growth leads to an expansion of an economy's production possibilities. This results in an outward shift of the
entire PPC, indicating that the economy can produce more of both goods.
In March 2020, a factory used new technology to produce its output. Then in July 2020, a fire destroys half the factory. The
new technology shifted the factory's PPC _____ and the fire shifted it _______.
inward; outward
outward; inward
inward; inward.
outward; outward
The introduction of new technology typically leads to increased efficiency, improved production processes, and enhanced
resource utilization. This results in an outward shift of the Production Possibility Curve (PPC), indicating that the factory can
now produce more output for the same amount of resources.
The fire that destroys half the factory's production capacity significantly reduces its available resources and capabilities. This
results in a contraction of the Production Possibility Curve (PPC), indicating a decrease in the factory's production potential
and the PPC shifts inward. The factory can now produce fewer goods and services due to the loss of resources caused by
the fire.
Question 4
Complete
Mark 1.00 out of 1.00
A point inside a production possibilities curve
is unattainable.
is more efficient than points on the production possibilities curve.
could indicate that some resources are unemployed.
implies that too much capital and not enough labour are being used.
When a point is inside the PPC, it signifies that the nation is not fully utilizing its resources, resulting in production levels
below what is technically feasible. This could be due to factors such as underemployment of resources, inefficiencies in
production processes, or other constraints. As a result, the country is not achieving its maximum possible output of both
goods.
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.99. You're not tied to anything after your purchase.
