AS Economics Quiz AS Economics Quiz focusing on PPB 3.5 / 5 based on 3 ratings ? EconomicsProduction and efficiencyASAQA Created by: HannahCreated on: 14-05-12 13:18 What is the economic problem? Infinate wants but limited resources 1 of 7 What is the PED formula? change in quantity demanded / change in price 2 of 7 What is productive efficiency? When a firm operates at minimum cost 3 of 7 What does the PPB (production possiblility boundary) indicate the maximum possible output that can be achieved in a set time perio 4 of 7 Why is the PPB not a straight line? because resources arent equally productive or of equal quality 5 of 7 Why might the PPB shift left? due to a decrease in potential economic growth 6 of 7 Why might the PPB shift right? production increases due to new technology or increased training 7 of 7
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