opportunity Cost

opportunity Cost

9th - 12th Grade

25 Qs

quiz-placeholder

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opportunity Cost

opportunity Cost

Assessment

Quiz

Other

9th - 12th Grade

Medium

Created by

JAYDEN FLOWERS

Used 22+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a graphical model that represents all of the different combinations of two goods that can be produced

production possibilities curve (PPC)

efficiency

inefficient use (under-utilization) of resources

contraction

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is Term Definition production possibilities curve (PPC) (also called a production possibilities frontier) a graphical model that represents all of the different combinations of two goods that can be produced; the PPC captures scarcity of resources and opportunity costs opportunity cost

the value of the next best alternative to any decision you make

when the opportunity cost of a good remains constant as output of the good increases

the underemployment of any of the four economic resources

an increase in an economy's ability to produce goods and services over time

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the underemployment of any of the four economic resources

contraction

inefficient use of resources

constant opportunity costs

growth

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which graph is showing decreasing PPF

Left

Right

Middle

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which graph is showing Constant PPF

Left

Right

Middle

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which graph is showing Increasing PPF

Left

Right

Middle

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements best captures the tradeoff between capital goods and consumption goods in economic growth?

A society must balance the need for current consumption with the ability to consume more in the future.

A society can consume as much as it can now without impact on consumption

Any increase in output will lead to economic growth because it allows a society to produce more goods and services today

There is no tradeoff between capital and consumer goods because both can lead to an increase in economic growth

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