The Production Possibility Curve (Grade 10 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does scarcity mean in economics?
What does scarcity mean in economics?
Not enough resources for all wants
What does a Production Possibility Curve show?
What does a Production Possibility Curve show?
Max production of two products efficiently
Which is NOT an assumption of the PPC model?
Which is NOT an assumption of the PPC model?
The economy produces many products
What do points on the PPC curve represent?
What do points on the PPC curve represent?
Efficient production combinations
A point inside the PPC indicates what?
A point inside the PPC indicates what?
Wasted or unemployed resources
What does a point outside the PPC represent?
What does a point outside the PPC represent?
Impossible with current resources
Why are most PPCs convex (bulging outwards)?
Why are most PPCs convex (bulging outwards)?
Resources aren't equally good at all uses
What happens to the PPC during economic growth?
What happens to the PPC during economic growth?
It shifts outward to the right
What is a movement along the PPC?
What is a movement along the PPC?
Changing production mix with same resources
How does international trade affect the PPC?
How does international trade affect the PPC?
Allows consumption beyond the PPC