The production possibilities frontier illustrates
(x) opportunity cost because a choice to
produce more of one good will require that production of the other good is less whenever movement occurs along the PPF.
(y) efficiency, but not equality, because the PPF indicates the maximum amount of production that is feasible but it does not indicate how the production is distributed among the members of society.
(z) scarcity because a point of production outside the PPF is not feasible since the economy lacks sufficient resources to produce that amount of output.
A. (x), (y) and (z)
B. (x) and (y), only
C. (x) and (z), only
D. (y) and (z), only
E. (x) only
Which of the following are assumptions that are made when an economist constructs a specific production possibilities frontier (PPF)?
(x) the economy’s available resources are being used efficiently.
(y) the economy may increase its available factors of production
(z) the economy is experiencing a technological advance in production.
A. (x), (y) and (z)
B. (x) and (y), only
C. (x) and (z), only
D. (y) and (z), only
E. (x) only
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