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ECO 3000 REVISIONS QUESTIONS AND ANSWERS LATEST UPDATE 2023

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ECO 3000 REVISIONS QUESTIONS AND ANSWERS LATEST UPDATE 2023 Theme 1 – Microeconomics Opportunity Cost & PPF 1. What is the basic economic problem? Unlimited wants and needs with limited res... ources, forcing agents to make choices to allocate scarce resources. 2. What’s the difference between renewable and non-renewable resources? Renewable can be replaced non-renewable cant. What are the implications of this? Sustainability. 3. Define Opportunity Cost? Benefits forgone of the next best alternative. 4. Can you apply Opp Cost to different scenarios? Household (Education vs Job), Government (spending on NHS vs infrastructure), Firm (producing pens vs pencils) 5. What is the PPF curve? Different combinations of good that can be used provided all resources are fully and efficiently utilised. 6. How does the PPF curve show Opp Cost? Producing at any point on PPF will have an opportunity cost of producing more of the other good on another point on the curve. 7. What does a straight line PPF curve show? Opportunity cost Is constant. 8. What does a PPF curve with a steeper gradient towards the X axis show? Higher opportunity cost of producing good on x-axis. 9. Can you calculate Opp Cost on different PPF curves? Yes, the change in the production of good B will be the opportunity cost of the increase in production of the good A 10. What’s the Opp Cost of moving from inside the PPF to outside the PPF? There is no Opp cost 11. What causes a PPF curve to shift out/in? IN: Natural disasters/ resources run out, erosion of infrastructure. OUT: Specialisation - improves productivity, new technology, new production methods, increase in labour force, investment, discovery of raw materials. 12. What does a pivot on a PPF curve show? Change in the productivity of only one good or service. [Show More]

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