What is the most basic problem of economics?
HMGT 242

Quiz
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Professional Development
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University
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Medium

Javeria Malik
Used 1+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
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
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
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