true or false

February 21, 2023/in Uncategorized /by sam

Description

The law of increasing costs states that as a country produces less of one product and more of another, there is an increase in the resources needed to expand production of the second product.

TRUE

FALSE

2 points

QUESTION 2

The line drawn on a production possibilities graph is known as the production possibilities frontier.

TRUE

FALSE

2 points

QUESTION 3

Use this production possibilities graph to help you answer the following question.

Any intersection of points outside the frontier (line) on a production possibilities graph would show that the economy is…

growing due to a decrease of resources.

growing due to an increase of resources.

decreasing due to a decrease of resources.

decreasing due to an increase in resources.

2 points

QUESTION 4

Production possibilities graphs illustrate the variety of ways that prices can be decreased.

TRUE

FALSE

2 points

QUESTION 5

Production possibilities graphs can help us understand how shortages occur.

TRUE

FALSE

2 points

QUESTION 6

Economists often use production possibilities graphs to explore the choices and trade-offs that people make.

TRUE

FALSE

2 points

QUESTION 7

An intersection of points outside the frontier (line) shows that an economy is growing.

TRUE

FALSE

2 points

QUESTION 8

The line drawn on a production possibilities graph is called a _________.

frontier

shortage

incentive

intersection

2 points

QUESTION 9

Which of the following cannot be shown on a production possibilities graph?

growth

scarcity

efficiency

opportunity cost

2 points

QUESTION 10

Economists often use production possibilities graphs to explore scarcity.

TRUE

FALSE

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