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Social Studies

11th Grade

Used 742+ times

Production Possibility Curve
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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the definition of the economic term Opportunity Cost?

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 

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.

FILL IN THE BLANK QUESTION

2 mins • 1 pt

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What is the Opportunity Cost of moving from C to A? (Think in the terms of what do we have to forgo in the process.)

5.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

What does PPC show? Select Multiple options.

Describes the production of only two products in economy.

It explains the production when there is full and efficient utilisation all resources in economy

It explains the consumption pattern in economy

It is the combination of all possible output points of two goods given that technology and resources are fixed.

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

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Which of the following are the choices in case the technology is fixed and all resources are efficiently employed. Choose the correct option/s.

G

C

A

E

B

7.

MULTIPLE SELECT QUESTION

2 mins • 1 pt

Media Image

Which coordinate(s) is/are inefficient to produce both products? Choose the correct option/s.

B

F

G

E

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