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Production Possibilities and Opportunity Cost

Authored by Lisa Josker

Social Studies

12th Grade

20 Questions

Production Possibilities and Opportunity Cost
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1.

MULTIPLE CHOICE QUESTION

30 sec • 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

2.

MULTIPLE CHOICE QUESTION

30 sec • 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

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Land, Labor, Capital, and Entrepreneurship 

Diversification
Deductions
Portfolio
Factors of Production 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Movement down the PPF curve indicates that the opportunity cost of more capital goods is producing more consumer goods

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Efficiency is producing the maximum possible output from available resources

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If many workers decide to retire at an early age, the PPF would shift inward.

True
False

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