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PPC's Opportunity Cost, Resources and Wants Flashcards | StudBud
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PPC's Opportunity Cost, Resources and Wants
PPC's Opportunity Cost, Resources and Wants
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A Quiz to the cover the basics of economics
Flashcards
27 cards
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Questions
27
Answers
1
Opportunity cost is...
The money you lose to gain something else
What you gain when you make a choice
What you give up to gain something else
The money you spend to get what you want
2
An example of a complimentary want includes...
A house
Bacon and Eggs
Libraries and Roads
Coke and Pepsi
3
"The Government increases the age pension for the elderly" is a example of a ....... type of questions
Why
How
What
Who
4
What one isn't a type of resource?
Conventions
Land
Labour
Enterprise
5
What is more efficient?
Point B
Pont C
They are equally efficient
Point A
6
Nike start producing skateboards is an example of....
A How question
A Who question
A What question
A When question
7
Which one isn't an assumption of PPC's?
We are using the latest technology and methods
The quantity of resources is fixed
Only 1 product can be produced
Resources are interchangeable
8
Toyota switches from Robot manufacturing to Hand made manufacturing is an example of what type of question?
What
How
Why
Who
9
Resources are interchangable are part of the four ppc assumptions
False
What are we doing again?
What's a resource?
True
10
A collective want cannot be satisfied by one person and is desired by a whole community
True
False
11
What is happening at Point E
More Clothes are being produced
More Food is being produced
There is an unemployment of resources
All resources are used
12
An island producing guns and butter discovers more steel, this leads to a...
Change in point to guns
Expansion of line for guns
Change in point to butter
Expansion of the line for butter
13
What would be the movement along the curve if Winter is approaching
C to F
C to B
E to C
C to D
14
What is a collective want?
Something only satisfied for a short period of time
Can be satisfied by one person
Wants that go together.
Desired by a community
15
What resource does Bill Gates fall under?
Labour
Enterprise
Capital
Land
16
What does PPC stand for?
Possibility production curve
Personal production curve
A graph
Production possibility curve
17
What is a want that satisfies a group of people
Substitue Wants
Non Recurring Wants
Collective Wants
Recurring Wants
18
What would cause a PPC to shrink in an economy producing TV's and Butter?
More people arrive on the island
There is a fire at the TV factory
More cows are discovered
There is a cyclone that kills hundreds of people
19
Which one of these isnt a type of want?
educational wants
substitute wants
collective wants
individual wants
20
What are the four categories of resources?
Ground, work, city, business
Earth, labour, capital, enterprise
Land, Labrador, capital enterprise.
Land, labour, capital , enterprise
21
Which of the following is an example of the Capital resource
Wood
A Laptop
A Nurse
Elon Musk
22
Define individual wants
4 ppc assumptions
something only you want for yourself
a want everybody wants like ovals
something you will need again
23
What is the opportunity cost of moving from point E to C
I don't know
There is no cost
50 Food
100 clothes
24
When can we produce past the gradient line?
When there is more resources
When the demand increases
25
What are two rules of ppc's?
Only two products can be produced, Using the latest method of technology
Wastage can occurone resource is known
Using the latest methods of technologyNew Alien technology
A max of four products produced, An economy cannot work beyond the curve.
26
New cows that produce 10x the amount of milk would have what effect on an island producing Butter and TV's?
There would be a shift in the point to TV's
There would be a shift in the point to butter
The line for Butter would expand
The line for TV's would expland
27
What is the opportunity cost of moving from point C to D
25 Food
50 Clothes
150 Clothes
50 Food
