Ssef1a

The basic economic condition that exists when unlimited wants exceed limited productive resources is called: SSEF1a DOK1

• Capital

• Scarcity

• Opportunity cost

• Hyperinflation

The table shows the production possibilities for a country. Based on the table, which of the following production combinations is a possibility?

• 28 pizzas and 5 pairs of shoes

• 3 pairs of shoes and 23 pizzas

• 2 pairs of shoes and 20 pizzas

• 4 pairs of shoes and 15 pizzas

Based on the table, if the country is currently producing at point B and decides to produce at point C, the opportunity cost for the additional pair of shoes is ____ pizzas.   

• 26

• 23

• 3

• 2

What does point Y represent on the PPC?

• Efficiency

• Unattainable / impossible

• Inefficency

• Nothing

The basic economic condition that exists when unlimited wants exceed limited productive resources is called: SSEF1a DOK1

• Capital

• Scarcity

• Opportunity cost

• Hyperinflation

What is the term for the cost of the next best alternative that is forgone when a choice is made?

• Opportunity cost

• Scarcity

• Capital

• Inflation

Which of the following is a factor of production?

• Money

• Labor

• Scarcity

• Demand

What is the term for a situation where the quantity demanded exceeds the quantity supplied?

• Surplus

• Equilibrium

• Shortage

• Inflation

Which economic system is characterized by private or corporate ownership of capital goods?

• Socialism

• Capitalism

• Communism

• Feudalism

What is the primary function of money in an economy?

• To create wealth

• To serve as a medium of exchange

• To measure inflation

• To regulate taxes