"Most South Africans travelling locally this festive season aim to spend less than R1,000 a day, according to the results of a recent survey conducted by Cape Town Tourism (CTT). A third of the 1,250 South Africans surveyed by CTT said they wouldn't be going away this December. For 70% of these respondents, financial constraints were cited as the main reason for staying at home." If a consumer's budget during the festive season is represented by a production possibilities curve, which of the following would be true? O A. The production possibilities curve would be upward sloping? O B. The production possibilities curve is plotted with spending on the one axis, and saving on the other. O C. The production possibilities curve would be a straight line. O D. Financial constraints would cause the PPF to shift outwards.

"Most South Africans travelling locally this festive season aim to spend less than R1,000 a day, according to the results of a recent survey conducted by Cape Town Tourism (CTT). A third of the 1,250 South Africans surveyed by CTT said they wouldn't be going away this December. For 70% of these respondents, financial constraints were cited as the main reason for staying at home." If a consumer's budget during the festive season is represented by a production possibilities curve, which of the following would be true? O A. The production possibilities curve would be upward sloping? O B. The production possibilities curve is plotted with spending on the one axis, and saving on the other. O C. The production possibilities curve would be a straight line. O D. Financial constraints would cause the PPF to shift outwards.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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