What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods

the opportunity one has to give up in order to gain something else

land, labor, capital, entrepreneurs

Jennifer Lopez is seen wearing a new short and sleek dress . People now want this dress. Which demand determinant is this most likely to fall under?

Change in Price of Substitute Good

Change in Consumer Price Expectations

Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies , I now want to buy Chips Ahoy . What determinant of demand does this likely fall under?

Change in Price of Substitute Good

Change in Price of Complementary Good

Change in Consumer Price Expectations

Change in Number of Consumers in the Market

The government is giving every individual 18 and above an extra $1,000.00 this year. What determinant of demand does this likely fall under?

Change in Consumer Price Expectations

Change in Number of Consumers in the Market

I know that the iPhone 8 is coming out next year but really need a phone badly. I'm thinking about buying an iPhone 7 when the new iPhone comes to the market because it will be much cheaper than today's price. What determinant of demand does this suggest?

Change in Consumer Price Expectations

Change in Price of Complementary Good

Change in Number of Consumers in the Market

McDonald's is having a special on their Big Mac purchases this week. Every Big Mac is $3 cheaper! When burger prices go down, this means you can buy more fries and a drink. What demand factor does this relate to?

Change in Price of Complementary Good

Change in Price of Substitute Good

Change in Number of Consumers in the Market

Porterville, California is now a major immigration center for Russians. Over 10,000 Russians are living in Porterville now! What demand does this determine?

Change in Number of Consumers in the Market

Change in Consumer Price Expectations

A brand new machine cooks, cleans, and never messes up a fast food order. This means we can sell more fast food than ever before, leading to producers cutting cost of fast food. Which supply factor does this most likely relate to?

Change in Profit Opportunities Producing other Products

Change in Producers' Price Expectations

I foresee gas prices rising tremendously in the next summer. I as a gas supplier, want to cut my supply now so gas prices continue to rise. What supply factor does this best relate to?

Change in Producers' Price Expectations

The government has put a ban on all items that are unhealthy. No store can legally sell soda over 24 ounces. The supply of anything over 24 ounces becomes non-existent. What supply factor is this?

Change in Cost of Factors of Production

A surplus occurs when

the quantity supplied exceeds the quantity demanded

the quantity demanded exceeds the the quantity supplied

the quantity supplied equals the the quantity demanded

Which of the following will shift the Supply Curve to the right, increasing supply

higher cost of inputs for production in market

government regulations in the market

What happens to the market of Coke, when price of Pepsi increases?

Quantity demanded of Coke rises

Quantity demanded of Coke falls

Supply of a good increases will result in

Fall in equilibrium price and Rise in equilibrium quantity

Fall in equilibrium price and Fall in equilibrium quantity

Rise in equilibrium price and Fall in equilibrium quantity

Rise in equilibrium price and Rise in equilibrium quantity

When demand increases and supply decreases simultaneously,

equilibrium price will rise while equilibrium quantity is uncertain

equilibrium price will fall while equilibrium quantity is uncertain

equilibrium quantity will rise while equilibrium price is uncertain

equilibrium quantity will fall while equilibrium price is uncertain

Total revenue of a good may increase when

Supply of the good decreases, ceteris paribus

Demand of the good increases, ceteris paribus

Supply of the good increases, ceteris paribus

Demand of the good decreases, ceteris paribus

ECONOMICS

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is opportunity cost?

your choice

what you give up to make a choice

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is scarcity?

Having too many resources

Not having enough resources

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A garbage truck driver is an example of which Factor of Production?

labor

land

entrepreneurship

capital

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Iron, minerals, coal and plants are examples of which productive resource?

land

labor

entrepreneurship

capital

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which factor of production would you consider a lawn mower?

Land

Labor

Capital

Entrepreneur

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The people who decide to buy.

Producers

Consumers

Economist

Entreprenuers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Our desires for goods and services are unlimited

true

false

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ECONOMICS

What is opportunity cost?

What is scarcity?

A garbage truck driver is an example of which Factor of Production?

Iron, minerals, coal and plants are examples of which productive resource?

Which factor of production would you consider a lawn mower?

The people who decide to buy.

Our desires for goods and services are unlimited

What would mental abilities be classified as?

What is the production possibilities curve?

What is opportunity cost?

Access all questions and much more by creating a free account

Popular Resources on Wayground

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