6. In the production possibilities framework, economic growth is depicted by the

Question

6. In the production possibilities framework, economic growth is depicted by the PPF a shift outward in the PPF O a shift inward in the PPF O the slope of the PPF becoming steeper O a movement from one point along the PPF to another point along the same PPF O none of the above 7. Jose has one evening in which to prepare for two exams and can employ two possible strategies: Score in Economics Score in. Statistics Strategy 94 79 90 The opportunity cost of receiving a 90 on the Statistics exam in terms of the number of points on the Economics exam is O 79 O 17 O 11 O 90 13 8. what is the reason for the law of increasing opportunity costs? O There is no reason it just is People have varying abilities and those with lower opportunity costs of producing a good produce it before people with higher opportunity costs produce it O The price of a good rises as more of it is demanded O As more of a good is produced, the taxes applied to the production of the good rise O c and d

Explanation / Answer

6) The correct choice is : - A shift outward in the PPF

Explanation : - Economic growth is an increase in the economy's ability to produce goods and services and it is reflected by an outward shift of the economy's production possibilities frontier.

7) The correct choice is 13

The opportunity cost of receiving 90 on statistics in terms of economics exam i.e. 90 statistics = 77 Economics. Therefore 1 statistics = 77 / 90 economics ( 0.855) or ( 1 - 0.855) i.e 0.145 marks of economics should be given up.

To score 1 mark in statistics, 0.145 marks in economics should be given up. Hence to score 90 marks in economics, 90 * 0145 marks of economics should be given. The marks of economics that should be given up equals 13.05

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8) The correct choice is B

Explanation : - Increasing opportunity costs results due to diminishing marginal productivity.

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