In relation to Production Possibilities Curve (PPC), which of the following statements is INCORRECT?
The Production Possibilities Curve always slopes upwards from left to right.
The correct answer is option 3. The Production Possibilities Curve (PPC) typically slopes downward from left to right, indicating that as more resources are allocated to one good, fewer resources are available for the other good, showing the trade-off. The statement that it always slopes upwards is incorrect. The other options correctly describe the properties of the PPC, such as the concept of the marginal rate of transformation, the production possibility frontier, and concave curvature.
Similar Questions
In relation to Production Possibilities Curve (PPC), which of the following statements is INCORRECT?
The ________ explains the relation between inputs and outputs in a short period.
With respect to the law of returns to scale, which of the following is regarded as a reason for diminishing returns?
________ shows the relationship between inputs and outputs in the long period.
Which of the following is an INCORRECT match in the context of economics?
(i) Study of an individual firm an industry - macro economics
(ii) Want satisfying capacity of a good - utility
(iii) Exchange of apples with eggs - ceteris paribus
Marginal Rate of Transformation is the slope of ______.
Which branch of economics deals with the study of the economic activities of individual units?
Which of the following is INCORRECT for perfectly competitive markets?
The production possibility curve is a plot between:
Which of the following leads to an outward shift in the supply curve?
Important Questions from Microeconomics
Which of the following statements is NOT correct about the factors that gave rise to the Consumer Movement in India?
The total value of goods and services traded is considered to be the _________ of trade.
Microfinance programmes were first created by Nobel prize winning Economist Muhummad Yunus in what decade?
Which of the following statements is NOT true about the two-sector model?
What happens in case of market equilibrium:
(a) Market demand = market supply
(b) There is no excess supply in the market
