The PPC shows the ..... of goods and services produced within a specified time period with all its resources fully and efficiently employed.

TECHNOLOGY

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The PPC shows the ____ of goods and services produced within a specified time period with all its resources fully and efficiently employed.

A	various possible combination
B	two combination
C	three combination
D	two different product

Explanation:

Detailed explanation-1: -The Production Possibilities Curve (PPC) is a model used to show the tradeoffs associated with allocating resources between the production of two goods. The PPC can be used to illustrate the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contractions.

Detailed explanation-2: -The production possibilities curve shows the possible combinations of production volume for two goods using fixed resources. The assumption is that production of one commodity decreases if that of the other one increases.

Detailed explanation-3: -Answer and Explanation: The correct answer is c) An economy can produce at any point on or inside the production possibilities frontier, but not outside the frontier.

Detailed explanation-4: -Scarcity. Efficiency. Opportunity costs. Gains from trade.

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY