Production Possibility Curves (Live)

Front

What is the fundamental problem of every society? Options: labor costs, scarcity, economic interdependence, market fluctuation

Back

scarcity

Front

What is the definition of the economic term Opportunity Cost?

Back

the value of the next best alternative that is given up due to the choice you made 

Front

If a point lies inside the curve, what does that tell?

Back

They are being inefficient.

Front

What does point B represent? Options: Production unattainable, Production is inefficient, Production is inefficient but above the maximum potential, Production is efficient and at its maximum potential

Back

Production is efficient and at its maximum potential

Front

What does point Y represent on the PPC?

Back

Unattainable

Front

What is the Opportunity Cost of moving from E to C?

Back

100 Ipads

Front

What is the Opportunity Cost of moving from B to D?

Back

200 Iphones

Front

What is the Opportunity Cost of moving from F to B?

Back

200 Ipads

Front

What is the Opportunity Cost of moving from C to A?

Back

60 Newspapers

Front

What is the Opportunity Cost of moving from B to E?

Back

36 Comic Books