Opportunity Costs and Production Possibilities Frontier

Opportunity Costs and Production Possibilities Frontier

12th Grade

25 Qs

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Opportunity Costs and Production Possibilities Frontier

Opportunity Costs and Production Possibilities Frontier

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Kerrin Conroy

Used 24+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

True or False: Everything that is scarce requires a choice, and these choices always involve a tradeoff.

True
False

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is opportunity cost?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the production possibilities curve?

a graph that shows how much an economy can produce between 2 goods
how much money something is
the opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

How do you satisfy your unlimited wants in a world of limited resources?

by making more money
by making choices
by stealing
by setting a budget

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the fundamental problem of every society?

labor costs
scarcity
economic interdependence
market fluctuation

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Land, Labor, Capital, and Entrepreneurship 

Diversification
Deductions
Portfolio
Factors of Production 

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

The opportunity cost of increasing production from 7 to 9 trucks is

Scarcity
2 boats
2 trucks
3 boats

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