Question 1 The production possibilities frontier Not yet answered Marked out of 1.00 Select one: Flag question O a. illustrates why there need not be any scarcity in the world. O b. is the boundary between what we want to consume and what we want to produce. O c. shows prices at which production is possible and impossible, O d. is the boundary between attainable and unattainable levels of production. Question 2 A point inside a production possibilities frontier Not yet answered Marked out of 1.00 Select one: P Flag question O a. is efficient O b. indicates some unused or misallocated resources. O c. illustrates the idea of opportunity cost. O d. is unattainable.Question 3 Refer to the PPF below. What is the opportunity cost of moving from point A to point B? Not yet answered Good Y Marked out of 1:00 P Flag question 40 20 C 2 8 10 Good X Select one: O a. 20 units of Good Y O b. 6 units of Good X O c. 30 units of Good Y O d. 3 units of Good X Question 4 Refer to the PPF below. The opportunity cost of the first 20 units of Good Y produced is and the Not yet answered opportunity cost of the first unit of Good Y produced is Marked out of 1.00 Good Y P Flag question 70 60 50 40 30 20 10 5 8 9 Good X Select one: O a. 1 unit of Good X; 1 unit of Good X O b. 1 unit of Good X; 1/20 unit of Good X O c. 20 units of Good Y; 1 unit of Good X O d. 20 units of Good Y; 1/20 unit of Good XQuestion 5 If opportunity costs are increasing, then the production possibilities frontier Not yet answered Select one: Marked out of 1.00 O a. will be linear and have a negative slope. P Flag question O b. will be concave and have a positive slope. O C. reflects the fact that available resources are equally useful in all production activities. O d. will be concave and have a negative slope. Question 6 If additional units of any good could be produced at a constant opportunity cost, the production possibilities Not yet answered frontier would be Marked out of 1.00 Select one: Flag question O a. positively sloped O b. concave O c. linear O d. convex Question 7 Which one of the following would cause a production possibilities frontier to shift outward? Not yet answered Select one: Marked out of 1.00 O a. an increase in the production of consumption goods Flag question O b. bad weather O c. a decrease in the population O d. an increase in the stock of capitalQuestion 8 The following is a production possibilities schedule for a hypothetical economy. Not yet answered Marked out of 8.00 Production Point Good A Good B Flag question A 400 B 300 2 C 200 4 D 100 6 E 0 a) What is the shape of the PPC? Clearly explain why the shape will be the one that you stated. (K/U: 1 mark) b) If the economy is currently producing 300 units of Good A and 1 unit of Good B, how would you describe this production point? (K/U: 1 mark) c) If there is an increase in the labor force in the economy, what will happen to the economy's PPC? Clearly explain your answer. (A: 3 marks) d) Use a graph to show the impacts of an increase in the labor force on the economy's PPC, as you explained in part (c). (Please take a picture and then attach it) (A: 3 marks) A B I a b) C d) Attach your graph below