
Production Possibility Curve (902)

Quiz
•
Business
•
3rd - 5th Grade
•
Hard
Eugene Joseph
Used 28+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?
They are being over efficient
They are being inefficient
It is not impossible with the given resources
They are still efficient, just at another point
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does point B represent?
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
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which letter represents the O.C. of moving from A to G?
H
I
M
K
L
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which letter represents the O.C. of moving from C to E?
H
I
J
K
L
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
How does a production possibility curve show that scarcity exists?
It shows that a rise in demand for one of the products increases its price.
It shows that as more resources are used to produce a product, its price rises.
It shows that at any point outside the production possibility curve an economy is wasting
resources.
It shows that there is a limit to the quantity of products that can be produced with existing resources and technology.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
An economy produces different types of goods using its limited resources. This can be illustrated by a production possibility curve.
What does point X on the production possibility curve show?
All resources are used for the production of consumer goods.
More resources are allocated to producing capital goods than consumer goods.
Resources are allocated to produce a mixture of consumer and capital goods.
Total resources are not being fully utilised for production of these goods.
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