Production Possibility Curves (Live)
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
Wayground Content
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10 questions
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1.
FLASHCARD QUESTION
Front
What is the fundamental problem of every society? Options: labor costs, scarcity, economic interdependence, market fluctuation
Back
scarcity
2.
FLASHCARD QUESTION
Front
What is the definition of the economic term Opportunity Cost?
Back
the value of the next best alternative that is given up due to the choice you made
3.
FLASHCARD QUESTION
Front
If a point lies inside the curve, what does that tell?
Back
They are being inefficient.
4.
FLASHCARD QUESTION
Front
What does point B represent? Options: Production unattainable, Production is inefficient, Production is inefficient but above the maximum potential, Production is efficient and at its maximum potential
Back
Production is efficient and at its maximum potential
5.
FLASHCARD QUESTION
Front
What does point Y represent on the PPC?
Back
Unattainable
6.
FLASHCARD QUESTION
Front
What is the Opportunity Cost of moving from E to C?
Back
100 Ipads
7.
FLASHCARD QUESTION
Front
What is the Opportunity Cost of moving from B to D?
Back
200 Iphones
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