Jacob Clifford PPC Video quiz

What does the production possibilities curve illustrate?

• The concept of scarcity

• The concept of efficiency

• The concept of trade offs

• All of the above

You can't produce any combination that's outside the Production Possibilities Curve (PPC) because of _________

• scarcity
• perfect competition
• unlimited resources
• government intervention

A point on the production possibilities curve (PPC) shows an ______ use of resources because resources are being used to their fullest potential

• inefficient

• excessive

• ineffective

• efficient

What does a point inside the production possibilities curve represent?

• Efficiency

• Inefficiency

• Unattainability

• Unemployment

The PPC graph also shows the idea of ______, when you produce one item (ie triangles) you can't also at the same time produce another item (ie squares)

• monopoly
• trade-offs

• elasticity
• supply and demand

True or False: The opportunity cost is the specific number of squares given up when you decide to produce more triangles

• True

• False

True or False: If the production possibilities curve is straight, the opportunity cost is constant.

• True

• False

True or False: Points outside the production possibilities curve are attainable [possible] given the current resources.

• True

• False

What can cause a shift in the production possibilities curve?

• More resources

• Better resources

• Better technology

• All of the above

The cherry and video game example showed that as we tried to gather harder to pick cherries, the opportunity costs of video games ________

• increased

• decreased

• remained the same