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- 1. 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
- 2. Multiple ChoiceIf many workers decide to retire at an early age, the PPF would shift inward.TrueFalse
- 3. 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
- 4. 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
- 5. Multiple ChoiceWhich of the following might cause an inward shift of the PPF?A computer network shuts down due to a virusMore people earn bachelor degreesA new maching that produces bread faster is inventedOPEC announces a new source of oil
- 6. Multiple ChoiceAn increase in the labor force would cause the PPF toShift inwardShift outwardDo nothingTurn into a straight line
- 7. Multiple Choice
What does point B represent?Production at greater than the country's minimum potentialProduction is less than the country's minimum potentialProductive inefficiencyProductive efficiency - 8. Multiple ChoiceWhich point represents "resources are not being used efficiently, or resources are being wasted or idle"?Point APoint YPoint XAll of the above
- 9. Multiple Choice
Producing a desired result without wasting time, energy, money, or other resources.
Efficiency
Productivity
Input
Output
- 10. Multiple Choice
A way of doing something.
Efficiency
Input
Process
Output
- 11. Multiple Choice
The amount of something that is produced
Input
Efficiency
Productivity
- 12. Multiple Choice
Resources being used to make the output
Input
Productivity
Output
Process
- 13. Multiple Choice
Resources being produced, and it is the final product.
Input
Ouput
Process
- Answer choicesTagsAnswer choicesTags