Economic Systems Year 9

Which of the following is not a factor of production? 

• Import 
• Land 
• Labor 
• Capital 

The 3 economic questions are:

• What to produce? How to produce? For whom to produce?

• What to sell? How to sell? For whom to sell it to?

• What to buy? How to buy? Who to buy from?

• Do I need it? Do I want it? Can I afford it?

Robotics can improve the way a business decides How to Produce?

• True

• False

Goods and services are distributed to those who are willing and able to pay the prices asked for them.

• True

• False

Governments should not intervene to ensure that the most disadvantaged in our society are able to have some of their needs and wants satisfied.

• False

• True

Study the graph. How many burgers can be produced when 20 Bus Tickets are produced?

• 5

• 10

• 0

• 20

The Production Possibilities Curve (PPC) is a model that captures scarcity and the opportunity costs of choices when faced with the possibility of producing two goods or services. At what point/s is production the most efficient?

• A and D

• B and C

• C

• D

It takes you half an hour to do a math assignment and two hours to do an English assignment. What is the opportunity cost of you doing two math assignments? *

• 1/2 English assignment.

• 1 English assignment.

• 2 English assignments.

• 4 English assignments.

Jenn won a free ride to four years of college. During these four years Jenn could also do any number of things, including:

I. Travel the world.

II. Work to gather savings and career experience.

III. Become an expert oboist.

Which of the following is the opportunity cost of Jenn attending college?

• Nothing

• Option II

• I, II and III are all Oportunity Costs for her

• Whichever of I, II, III or any other opportunities she passed up is most valuable to her.

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?