Question : The curve gives the maximum amount of corn produced in the economy for any given amount of cotton and vice-versa. This curve is called the _____.
Option 1: Total revenue curve
Option 2: Indifference curve
Option 3: Production Possibility Frontier
Option 4: Demand curve
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Production Possibility Frontier
Solution : The correct option is the Production Possibility Frontier .
The curve giving the maximum amount of corn that can be produced in the economy for any given amount of cotton and vice-versa is called the Production Possibility Frontier (PPF) or Transformation Curve. It represents the trade-off between producing two goods, illustrating the economy's efficient resource allocation.
Candidates can download this e-book to give a boost to thier preparation.
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Question : Which of the following statements is correct regarding the production possibility frontier?
I. It gives the combinations between two goods that can be produced when the resources of the economy are fully utilised.
II. It illustrates the production possibilities
Question : Directions: Study the graph carefully and answer the following questions. Which of the following statement is false?
Question : "Marginal cost" equals:
Question : Identify the incorrect equation.
Question : Which of the following statements is correct regarding the demand curve? I. It is a graphical representation of the demand function. II. It gives the quantity demanded by the consumer at each price.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile