Production Possibility Curve

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 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

Back

Production at the country's maximum potential

Front

What does point Y represent on the PPC?

Back

Unattainable / impossible

Front

Which letter represents the O.C. of moving from A to G?

Back

H

Front

Which letter represents the O.C. of moving from F to A? Options: H, I, M, K, L

Back

K

Front

What is the O.C. of moving from E to C?

Back

100 Ipads

Front

What is the O.C. of moving from B to D?

Back

200 Iphones

Front

What is the O.C. of moving from F to B?

Back

200 Ipads