What does the production possibilities frontier represent?
Fundamentals of Economics

Quiz
•
Business
•
10th Grade
•
Easy
Andreas Ni
Used 3+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
The production possibilities frontier shows the total resources available for production.
The production possibilities frontier represents the maximum output combinations of two goods that can be produced with limited resources.
The production possibilities frontier represents the profit margins of different goods.
The production possibilities frontier indicates the demand for goods in the market.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define scarcity in economic terms.
Scarcity refers to the abundance of resources available to meet needs.
Scarcity is the situation where all resources are infinite and freely available.
Scarcity is the economic principle that all wants can be satisfied without limitations.
Scarcity is the condition where resources are limited in relation to the unlimited wants of individuals.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the economic problem that all societies face?
Economic growth without limits.
Unlimited wants and needs.
Abundance of resources.
Scarcity of resources.
4.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
How does opportunity cost relate to decision-making?
Opportunity cost is the benefit of the chosen option.
Opportunity cost only applies to financial decisions.
Opportunity cost is irrelevant to decision-making.
Opportunity cost influences decision-making by highlighting the trade-offs involved in choosing one option over another.
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
List two factors that can shift the production possibility frontier.
1. Increased government regulation 2. Increase in incomes
1. Higher consumer demand 2. Lower supply
1. Changes in market prices 2. Changes in the market itself
1. Changes in resource availability 2. Technological advancements
6.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
What are the three basic economic questions every society must answer?
Where to produce, At what price to produce, when to produce
When to produce, How to produce, Why produce
What to produce, How to produce, For whom to produce
Why to produce, For whom to produce, How to consume
7.
MULTIPLE CHOICE QUESTION
30 sec • 4 pts
Explain the term 'factors of production'.
Factors of production are the resources used to produce goods and services, including land, labor, capital, and entrepreneurship.
Factors of production are the final products sold in the market.
Factors of production refer to the profits made from selling goods.
Factors of production are the laws governing trade and commerce.
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