Production Possbility Curve

When calculating per unit opportunity cost...
Absolute advantage is when...
Comparative Advantage is when...
Questions 4-7 refer to the graph. Point X is
Effcient
Not possible
Possible but inefficient
Why is Point Y not possible?
What type of opportunity cost does this graph show?
Constant
Increasing
What does the production curve represent?
What factor(s) determines whether Opportunity Cost is constant or increasing?
Choose the incorrect answer: A Production Possibility Curve could shift with a(n)...
Change in the quality of resources
Change in the quantity of resources
Change in technology
Increase or decrease in trade
Rise in unemployment
Define capital goods in relation to consumer goods.
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