HMGT 242

HMGT 242

University

5 Qs

quiz-placeholder

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HMGT 242

HMGT 242

Assessment

Quiz

Professional Development

University

Medium

Created by

Javeria Malik

Used 1+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the most basic problem of economics?

Scarcity

Productivity

Allocation

Specialization

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Opportunity Cost is best defined as

The benefit you gain by making a decision 

The price you pay to purchase something 

The value of the next best alternative that is given up due to the choice you made. 

The amount of debt you take on by making a decision

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the production possibilities curve?

land, labor, capital, entrepreneurs

how much money is

a graph that shows how much an economy can produce between 2 goods

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

The opportunity cost of shifting production from "Point E" to "Point C" would be:

20 chocolate bars

70 cans of soda

30 cans of cola

30 chocolate bars

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If a point lies on the curve this means efficienncy. If a point lies inside the curve, what does that tell?

It is impossible with the given resources

They are being over efficient

They are being inefficient

They are still efficient