iew History Bookmarks Window Help Off Road Classifieds Oft Road Vehicles 1.32 pt

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iew History Bookmarks Window Help Off Road Classifieds Oft Road Vehicles 1.32 pts Quiz: Midterm Exam (week 3) Question 18 The relationship between the amount of hours we work each week and our pay is: O a positive relationship and would graph as an upward sloping (from left to right) curve. 0 there is no relationship. a negative relationship and would graph as a downward sloping curve. O a negative relationship and would graph as an upward sloping curve O a positive relationship and would graph as a downward sloping (from left to right) curve. D Question 19 1.32 pts If a PPF is described as having increasing opportunity cost, which of the following is true? resources cannot always be used efficiently O resources are not homogeneous (ie, not perfectly substitutable) O more than one answer is correct 0 the production possiblities frontier is bowed out. D | Question 20 1.32 pts 8

Explanation / Answer

A.The relationship between hours of work and wage rate is the labour supply curve.It is upward sloping.The relationship is positive.

Answer-A

B.Increasing opportunity cost imply that the PPC is bowed outward or concave in shape.This is due to scarcity of resources.

Answer-D

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