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Production Possibilities Frontier

Quiz by Jenny Taylor

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23 questions
Show answers
  • Q1
    What is another name for the production possibilities frontier?
    trade-off
    demand curve
    opportunity cost
    production possibilities curve
    30s
  • Q2
    What is the value of the next-best alternative called?
    supply cost
    marginal cost
    trade-off
    opportunity cost
    30s
  • Q3
    What is it called when a country, person, or business is the best at making a product?
    opportunity cost
    comparative advantage
    absolute advantage
    production advantage
    30s
  • Q4
    What is comparative advantage?
    the ability to produce a good or service at the lowest opportunity cost compared to another producer
    when someone is the best at producing something
    occurs when a country is getting the most out of its available resources
    the value of what you give up when choosing between two items
    30s
  • Q5
    When does efficiency occur?
    when a country is getting the most out of its available resources
    when countries use outdated technology in the production process
    when people waste their time and money
    when a country is using more of its resources than necessary to produce a good
    30s
  • Q6
    When are economic models used?
    when a country needs to understand and predict its economic activity
    only when a country is using its resources inefficiently
    only when the country is the best at producing a product
    only when a country is using its resources efficiently
    30s
  • Q7
    Which of the following is NOT a source of economic growth?
    more resources
    less resources
    increases in the number of workers
    advances in technology
    30s
  • Q8
    Which of the following is NOT a source of economic decline?
    outdated technology
    new technology
    less workers
    the wasting of resources
    30s
  • Q9
    True or False. The production possibilities frontier allows us to visualize a country's opportunity cost.
    False
    True
    30s
  • Q10
    What term is used to describe when people or companies more resources than necessary to produce a good?
    inefficient
    efficient
    growth
    cost
    30s
  • Q11
    What is a simplified representation of reality called?
    production possibilities frontier
    supply curve
    model
    demand curve
    30s
  • Q12
    Opportunity costs include...
    money only
    time and money
    resources
    time only
    30s
  • Q13
    What do the points located outside of the production possibilities frontier mean?
    that the country has fired most of its workers
    that the country is wasting its resources during the production process
    that the country is using outdated technology during the production process
    that the country does not have enough resources to produce products at those points
    30s
  • Q14
    What is it called when we move from point to point on the production possibilities frontier?
    growth
    movement
    shift
    waste
    30s
  • Q15
    What is the curve that shows the maximum quantity of one good that can be produced for each possible quantity of another good produced called?
    production possibilities frontier
    demand curve
    opportunity cost curve
    supply curve
    30s

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