opportunity Cost
Quiz
•
Other
•
9th - 12th Grade
•
Medium
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
Which graph is showing decreasing PPF
Left
Right
Middle
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which graph is showing Constant PPF
Left
Right
Middle
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
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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