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Production possibility curves, opportunity cost, scarcity and choice

Quiz by Josette Mc David-Stuart

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15 questions
Show answers
  • Q1
    Which of the following best represents the concept of opportunity cost?
    The price of the chosen item or action.
    The total value of all available alternatives.
    The monetary cost of the chosen item or action.
    The value of the foregone alternative when a particular choice is made.
    30s
  • Q2
    What is the purpose of a production possibility curve?
    To illustrate the maximum combinations of goods and services an economy can produce given its resources and technology.
    To calculate the opportunity cost of producing goods and services.
    To determine the market price of goods and services.
    To demonstrate the scarcity of resources in an economy.
    30s
  • Q3
    What does scarcity refer to in the context of economics?
    A situation where resources are abundant and freely available.
    A situation where wants and needs are limited.
    A situation where resources are evenly distributed among individuals.
    A situation where resources are limited relative to unlimited wants.
    30s
  • Q4
    What is the concept of choice in economics?
    The absence of scarcity in an economy.
    The selection of one option over other alternatives.
    The determination of prices in a market.
    The availability of unlimited resources.
    30s
  • Q5
    What does the production possibility curve illustrate?
    The total value of all goods and services produced in an economy.
    The trade-offs between producing different combinations of goods and services.
    The absolute maximum output a country can produce.
    The distribution of resources among different industries.
    30s
  • Q6
    What is the principle of opportunity cost?
    Choosing one option leads to an equal distribution of resources among all available alternatives.
    Choosing one option has no impact on the potential benefits of other alternatives.
    Choosing one option means giving up the potential benefits of the next best alternative.
    Choosing one option guarantees the best outcome for the decision maker.
    30s
  • Q7
    What is the concept of scarcity in economics?
    The condition of equal distribution of resources among individuals.
    The condition of limited resources relative to unlimited wants and needs.
    The condition of satisfying all wants and needs with available resources.
    The condition of abundant resources and unlimited availability.
    30s
  • Q8
    What is the shape of a production possibility curve?
    Concave
    Irregular
    Linear
    Convex
    30s
  • Q9
    What does a shift of the production possibility curve to the left indicate?
    An increase in consumer demand.
    An increase in the economy's production capacity.
    An improvement in technology.
    A decrease in the economy's potential output.
    30s
  • Q10
    What happens to a production possibility curve when there is an increase in unemployment?
    It shifts outward to the right.
    It remains unchanged.
    It shifts inward to the left.
    It becomes steeper.
    30s
  • Q11
    What happens to a production possibility curve when there is economic growth?
    It becomes steeper.
    It shifts outward to the right.
    It remains unchanged.
    It shifts inward to the left.
    30s
  • Q12
    Which statement accurately describes a point on the production possibility curve?
    It represents the maximum possible production of two goods using all available resources.
    It represents a point where resources are not efficiently allocated.
    It represents the minimum possible production of two goods using all available resources.
    It represents a point beyond the maximum possible production of two goods.
    30s
  • Q13
    What does it mean if a point is located outside the production possibility curve?
    Efficient allocation of resources
    Unattainable combination of goods
    Maximum possible production of two goods
    Underutilization of resources
    30s
  • Q14
    What does it mean if a point lies below the production possibility curve?
    Maximum possible production of two goods
    Unattainable combination of goods
    Underutilization of resources
    Efficient allocation of resources
    30s
  • Q15
    Which of the following shapes best represents a production possibility curve with decreasing opportunity cost?
    Convex shape.
    Irregular shape.
    Linear shape.
    Concave shape.
    30s

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