🏷️ LIMITED TIME OFFER: GET 20% OFF GRADE+ YEARLY SUBSCRIPTION →
Log in
Economics
3
answers
0
watching
496
views
30 Oct 2020

8. When the production possibility frontier bows outward from the origin,

a. some of the societyʹs resources are unemployed.

b. opportunity costs are constant.

c. opportunity costs are increasing.

d. opportunity costs are decreasing. 

Booster class
Microeconomics
Skill
Finding out the Tradeoff between Economic Output and Environment
Watch
3
answers
0
watching
496
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share
Already have an account? Log in
Share
Raushan Raj
Raushan RajLv8
30 Oct 2020
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

Consider a production possibilities frontier (PPF) that is concave (bowed outward from the origin). Such a PPF displays increasing opportunity costs, meaning that the cost of producing additional units of both goods rises. What is the reason for increasing opportunity costs?

A. Market forces do not lead to equality between price and opportunity cost.
B. Management is disorganized and production is inefficient.
C. Some resources and skills cannot easily be adapted from their current uses to alternative uses.
D. As more of a good is produced, the inputs used to produce that good will increase in price.

A linear production possibilities frontier implies that:

A. Opportunity costs are constant as more of one good is produced.

B. Opportunity cost may increase or decrease as more of one good is produced.

C. Opportunity costs are increasing as more of one good is produced.

D. Opportunity costs are decreasing as more of one good is produced.

9. If the government passes a new law that makes retirement mandatory at age 35, this will lead to a A) shift outward in the production possibility frontier, with all industries equally affected. rise in unemployed resources, and a movement outward from the production possibility frontier. shift inward in the production possibility frontier. shift outward in the production possibility frontier, and those industries that are labour-intensive will have larger rises in their production possibilities. shift outward in the production possibilities frontier, and those industries that are capital-intensive will have larger rises in their production possibilities.

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in