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5 Written questions

5 Matching questions

  1. production possibilities
  2. production
  3. productive efficiency
  4. opportunity cost
  5. price
  1. a different quantities of goods that an economy can produce with a given amount of scarce resources
  2. b the best alternative that we forgo, or give up, when we make a choice or a decision
  3. c the amount that a product sells for per unit
  4. d production of maximum output for a given level of technology and resources - includes all points on the PPF
  5. e the process by which resources are transformed into useful forms

5 Multiple choice questions

  1. occurs when an economy's production possibilities increase - usually caused by more resources, better resources, or improvements in technology. causes an outward shift in the PPF
  2. allows individual people a firms to pursue their own self-interests without any central direction or regulation
  3. fairness of economic outcomes
  4. involves the compilation of data that describes phenomena and facts
  5. specialization and free trade will benefit all trading parties, even those that may be absolutely more efficient producers

5 True/False questions

  1. consumer goodsgoods used to produce other goods or services over time

          

  2. stabilitythe condition in which output is steady or growing, with low inflation and full employment of resources

          

  3. marginal cost (MC)the additional benefit received from the consumption of the next unit of a good or service

          

  4. scarcitythe fact of limited resources in a world of unlimited material human wants

          

  5. valuethe institution through which buyers and sellers interact and engage in exchange

          

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