Production Possibility Curve (902)

Production Possibility Curve (902)

3rd - 5th Grade

15 Qs

quiz-placeholder

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Production Possibility Curve (902)

Production Possibility Curve (902)

Assessment

Quiz

Business

3rd - 5th Grade

Hard

Created by

Eugene Joseph

Used 28+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

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

Media Image

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

Media Image
What does point Y represent on the PPC?
Efficiency
Unattainable / impossible
Inefficency
Nothing

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

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

Media Image

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

Media Image

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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