351-399 Eco

351-399 Eco

University

48 Qs

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351-399 Eco

351-399 Eco

Assessment

Quiz

English

University

Hard

Created by

Nguyễn Thảo

FREE Resource

48 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

351.Where can an economy not produce

a. inside its production possibilities frontier

b. on its production possibilities frontier

c. outside its production possibilities frontier

d. at the endpoints of its production possibilities frontier

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

352.An economic outcome is said to be efficient if the economy is

a. using all of the scarce resources it has available.

b. conserving on resources, rather than using all available resources.

c. getting all it can get from the scarce resources it has available.

d. able to produce more than what is currently being produced without additional resources.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

353.Production is efficient if the economy is producing at a point

a. on the production possibilities frontier.

b. outside the production possibilities frontier.

c. on or inside the production possibilities frontier.

d. inside the production possibilities frontier.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

354.If an economy is producing efficiently, then

a. there is no way to produce more of one good without producing less of another good.

b. it is possible to produce more of both goods without increasing the quantities of inputs that
are being used.

c. it is possible to produce more of one good without producing less of another good.

d. it is not possible to produce more of any good at any cost.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

355.An economy's production of two goods is efficient if

a. all members of society consume equal portions of the goods.

b. the goods are produced using only some of society's available resources.

c. it is impossible to produce more of one good without producing less of the other.

d. the opportunity cost of producing more of one good is zero.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

356.When an economy is operating at a point on its production possibilities frontier, then

a. consumers are content with the mix of goods and services that is being produced.


b. there is no way to produce more of one good without producing less of the other.

c. equal amounts of the two goods are being produced.

d. All of the above are correct.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

357.Efficiency is illustrated by

a. both the production possibilities frontier and the circular-flow diagram.

b. neither the production possibilities frontier nor the circular-flow diagram.

c. the production possibilities frontier only.

d. the circular-flow diagram only.

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