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- 1. Multiple ChoiceWhat is the fundamental problem of every society?labor costsscarcityeconomic interdependencemarket fluctuation
- 2. Multiple ChoiceTrue or False: Everything that is scarce requires a choice, and these choices always involve a tradeoff.TrueFalse
- 3. Multiple Choice
The table shows the production possibilities for a country. Based on the table, which of the following production combinations is a possibility?
28 pizzas and 5 pairs of shoes
3 pairs of shoes and 23 pizzas
2 pairs of shoes and 20 pizzas
4 pairs of shoes and 15 pizzas
- 4. Multiple ChoiceBased on the table, if the country is currently producing at point B and decides to produce at point C, the opportunity cost for the additional pair of shoes is ____ pizzas.262332
- 5. Multiple ChoiceWhat is the production possibilities curve?a graph that shows how much an economy can produce between 2 goodshow much money something isthe opportunity one has to give up in order to gain something elseland, labor, capital, entrepreneurs
- 6. Multiple ChoiceWhat is opportunity cost?a graph that shows how much an economy can produce between 2 goodshow much money something isthe opportunity one has to give up in order to gain something elseland, labor, capital, entrepreneurs
- 7. Multiple ChoiceLand, Labor, Capital, and EntrepreneurshipDiversificationDeductionsPortfolioFactors of Production
- 8. Multiple ChoiceThe opportunity cost of increasing production from 7 to 9 trucks isScarcity2 boats2 trucks3 boats
- 9. Multiple ChoiceThe opportunity cost of increasing production from 4 to 7 boats is1 boat2 boats2 trucks3 trucks
- 10. Multiple ChoiceMovement down the PPF curve indicates that the opportunity cost of more capital goods is producing more consumer goodsTrueFalse
- 11. Multiple ChoiceEfficiency is producing the maximum possible output from available resourcesTrueFalse
- 12. Multiple ChoiceWhat do points inside the PPF indicate?The combination of goods that employ goods efficientlyThe combination of goods that employ resources fullyThe combination of goods that do not employ resources fully
- 13. Multiple ChoiceAn increase in the labor force would cause the PPF toShift inwardShift outwardDo nothingTurn into a straight line
- 14. Multiple ChoiceWhat does point Y represent on the PPC?EfficiencyUnattainable / impossibleInefficencyNothing
- 15. Multiple ChoiceWhat does point B represent?Production at greater than the country's minimum potentialProduction is less than the country's minimum potentialProductive inefficiencyProductive efficiency
- 16. Multiple ChoiceWhich point represents "resources are not being used efficiently, or resources are being wasted or idle"?Point APoint YPoint XAll of the above
- 17. Multiple ChoiceLabor, human capital, entrepreneurship, natural resources, and capital are all examples of which of the following?OutputsSubstitutes in ProductionAbsolute AdvantageFactors of Production
- 18. Multiple ChoiceThe diagram shows the production possibilities curve for Country Y. Which of the following statements is true?If Country Y is producing at point C, it is using all its resources efficientlyThe opportunity cost of producing more machines is constantCountry Y cannot produce at point EThe most efficient point of production is point D
- Answer choicesTagsAnswer choicesTags