A society that is producing on its production possibilities curve...

Is fully utilizing all of its productive resources.

Are automatically replaced by nature

What is the definiton of scarcity

Having a lImited quantity of resources to meet unlimited wants.

Output of two products that can be produced with a given set of resources

studbud

Lecture 1 Review

14 termsStudBud Administration

Imported from external platform

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
This economic systems includes free enterprise with some government control.
Command
Traditional
Mixed
Market
2
Inputs used to produce goods and services are collectively called_______
Labour
Resources
Entrepreneurship
Land
3
A society that is producing on its production possibilities curve...
Is not utilizing all of its resources.
Is producing too much output.
Is fully utilizing all of its productive resources.
Is not being efficient.
4
An increase in productive capacity can be shown on the production possibilities curve by:
No shift in the PPC
Shift of PPC to the left
Shift of PPC to the right
Movement along the PPC
5
Any point outside the production possibilities curve...
Is currently unattainable.
Is attainable only if prices rise.
Is attainable only if prices fall.
Represents unused resources.
6
Renewable resources
Are automatically replaced by nature
Cannot be replaced by nature
Are man-made
Are unlimited
7
What is the definiton of scarcity
Having an unlimited quantity of resources to meet unlimited wants.
Having a lImited quantity of resources to meet limited wants.
Having a lImited quantity of resources to meet unlimited wants.
8
In Economics, the creative ability of individuals is called
knowledge
entrepreneurship
brilliance
intelligence
9
Points inside the production possibilities curve...
Are attainable with full use of resources.
Result in more rapid growth
Represent unused resources.
Are unattainable
10
The mental and physical ability of individuals is called labour
False
True
11
When the PPC shifts outwards, it indicates
economic growth
no investment of resources
a decrease in unemployment
recession
12
This gives a 'big picture' view of the society
Microeconomics
Economics
Macroecnomics
13
Which of the following is not an example of capital?
stocks and shares
machines
factories
equipment
14
A PPC shows...
Output of two products that can be produced with a given set of resources
Resources are unlimited
The plans for increasing output
The best combination of goods to produce

Lecture 1 Review Flashcards | StudBud