1.4 The Production Possibilities Curve
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deanhoss
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18 QuestionsShow answers
  • Question 1
    30 seconds
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    Q. What is the fundamental problem of every society?
    answer choices
    labor costs
    scarcity
    economic interdependence
    market fluctuation
  • Question 2
    60 seconds
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    Q. What is the definition of the economic term Opportunity Cost?
    answer choices
    the value of the next best alternative that is given up due to the choice you made 
    The price you pay to purchase something 
    The benefit you gain by making a decision 
    The amount of debt you take on by making a decision 
  • Question 3
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    Q. How do you satisfy your unlimited wants in a world of limited resources?
    answer choices
    by making more money
    by making choices
    by stealing
    by setting a budget
  • Question 4
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    Q.

    If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

    answer choices

    They are being over efficient

    There is an idle, or unproductive, or use of resources

    It is not impossible with the given resources

    They are still efficient, just at another point

  • Question 5
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    Q.

    What does point B represent?

    answer choices

    Production at greater than the country's minimum potential

    Production is less than the country's minimum potential

    Production is greater than the country's maximum potential

    Production at the country's maximum potential

  • Question 6
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    Q. What does point Y represent on the PPC?
    answer choices
    Efficiency
    Unattainable / impossible
    Inefficency
    Nothing
  • Question 7
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    Q. What is the production possibilities curve?
    answer choices
    a graph that shows how efficient an economy can produce a combination of 2 goods
    a graph that shows how much money something is
    a graph that shows the opportunity a country has to give up in order to lose something else
    a visual representation of how land, labor, capital, entrepreneurs are distributed
  • Question 8
    180 seconds
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    Q. The opportunity cost of increasing production from 4 to 7 boats is
    answer choices
    1 boat
    2 boats
    2 trucks
    3 trucks
  • Question 9
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    Q. The production possibilities curve is an illustration of what?
    answer choices
    Opportunity costs and trade-offs
    Only opportunity costs
    Only trade-offs
    none of the above
  • Question 10
    30 seconds
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    Q. If a point lies on the curve this means the company is being efficient. If a point lies inside the curve, this tells the company what?
    answer choices
    They are being over efficient
    They are not efficient
    It is impossible
    None of the above
  • Question 11
    180 seconds
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    Q. The opportunity cost of increasing production from 7 to 9 trucks is
    answer choices
    Scarcity
    2 boats
    2 trucks
    3 boats
  • Question 12
    180 seconds
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    Q. The opportunity cost of increasing production from 4 to 7 boats is
    answer choices
    1 boat
    2 boats
    2 trucks
    3 trucks
  • Question 13
    120 seconds
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    Q. True or False: Everything that is scarce requires a choice, and these choices always involve a tradeoff.
    answer choices
    True
    False
  • Question 14
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    Q. Based 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.   
    answer choices
    26
    23
    3
    2
  • Question 15
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    Q. Changes in technology do not usually affect production
    answer choices
    True
    False
  • Question 16
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    Q. If many workers decide to retire at an early age, the PPF would shift inward.
    answer choices
    True
    False
  • Question 17
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    Q. Economic growth affects the PPF by...
    answer choices
    Shifting inward
    Shifting outward
    causing no change at all
    turning it into a straight line
  • Question 18
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    Q. Suppose that a new machine that speeds up automotive production is introduced into the auto industry. This would cause the PPF to
    answer choices
    Shift outward
    Shift inward
    Do nothing
    Not enough information is provided
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