PPC Worksheet

PPC Worksheet - INDV 103 An Economic Perspective SI...

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091 page 1/2 INDV 103 An Economic Perspective SI Worksheet #1 Using the notes you took in lecture & the textbook, answer the following questions. 1) a) What does PPC stand for? __________________________________________________ b) What does PPF stand for? __________________________________________________ PP 1 PP 2 PP 3 Consumer Goods Referring to the diagram above: 2) Which of the following positions relative to PP 1 would be the most likely to result in a future PPC of PP 3 , rather than PP 2 ? a. resources are perfectly substitutable. b. wants are virtually unlimited. c. prices are constant. d. resources are not equally suited for alternative uses. 3) The concept of opportunity cost is best represented by the: a. shift of the PPF from PP 2 to PP 1 . b. shift of the PPF from PP 1 to PP 2. c. move from B on PP 1 to C on PP 1 . d. move from D inside PP 1 to B on PP 1 . 4) At the onset of WWII the U.S. had large amounts of idle human and property resources. Its economic adjustment from peacetime to wartime can best be described by the movement from points:
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This note was uploaded on 04/07/2009 for the course INDV 002 taught by Professor Mcbrearty during the Spring '09 term at Arizona.

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PPC Worksheet - INDV 103 An Economic Perspective SI...

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