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Production Possiblities

Authored by Kristen Schaeffer

History

10th - 12th Grade

Used 6+ times

Production Possiblities
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The production possibilities curve is an illustration of what?

Opportunity costs and trade-offs
Only opportunity costs
Only trade-offs
none of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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?

They are being over efficient
They are not efficient
It is impossible
None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The study of economics is primarily concerned with:

demonstrating that capitalistic economies are superior to socialistic economies. 
determining the most equitable distribution of society's output.
keeping private businesses from losing money.
choices/decisions that are made due to lack of resources

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you pay $5,000 a year in tuition and give up $20,000 a year of income to attend college, then the yearly opportunity cost of college is: 

only $5,000 of tuition. 
only $20,000 of foregone income.
at least $25,000 of tuition and foregone income. 
less than $20,000 and more than $5,000.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Opportunity Cost is best defined as

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 

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money
by making choices
by stealing
by setting a budget

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