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Basic Economic Concepts
What is an opportunity cost?
What does the PPF look like?
Basic Economic Concepts
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An economics Quiz
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Questions
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Answers
1
What does the PPF look like?
Concave to origin
Half circle
Semi Circle
Moon
2
What is an opportunity cost?
Next best alternative foregone
The second best alternative
The third best alternative
Just one of many alternatives
3
How many types of goods are there?
3
1
4
2
4
What was the most recently added factor?
Cattle
Sheep
Entrepreneurship
Wood
5
What is scarcity?
economic problem of unlimited resources and limited wants
not having enough of something
the state of being scared
economic problem of unlimited wants and limited resources
6
If a combination was outside the frontier ,what does this mean?
Inefficient
Efficient
Impossible without trade
Impossible with trade
7
What are the five sectors on the circular flow model?
Household, firm, financial sector, govt sect, export sect
Household, bank, financial sector, govt sect, overseas sect
Household, firm, financial sector, medical, overseas sect
Household, firm, financial sector, govt sect, overseas sect
8
What are the two main money flows between households and firms?
C - Consumption and Y - income
Profit and Loss
Expenditure and income
Interest and Savings
9
Which of the following impact wants?
Gender
Age
Needs
Lifestyle
10
Needs are limited but wants are?
Required
Theoretically unlimited
Limited
Unlimited
11
Is consumption included as a factor of production?
Possibly
No
Maybe
Yes
12
What is the PPF?
The maximum outputs of two goods and services
The minimum outputs of two goods and services
A curve that represents economics
Convex to origin
13
What sector of the circular flow only has money flows?
Investments
Households
Overseas
Financial
14
Which sector of the circular flow relies on the financial sector?
Overseas
Banks
Households
Producers
15
What is a personal mean?
Time, Personality, Money
Money, Thrills, Hours
Time, Skills, Money
Things that can be changed
16
What is a tax in the circular flow?
Withdrawal
Consumption
Injection
Govt Spending
17
What does it mean when production is on the line of the ppf?
Productively ineffecient
Productively efficient
Exports
Trade
18
Capital includes equipment, tools and what used in production?
Houses
Small children
Land
Factories
19
How does a society decide who gets what Goods and Services?
Distribution of income
Taxes
Govt Spending
All of the above
20
What are the six basic needs?
Food water shelter warmth health care clothes
food water shelter warmth clothes
baked beans water shelter warmth health care clothes
food water shelter housing health care clothes
21
What are the three factors of production?
labour, capital, land
land, capital, entrepreneur
N/A
capital, labour, entrepreneurship
22
What does it mean if the dot is inside the frontier on the ppf?
Under utilization
Not possible without trade
Productively inefficient
Efficient
