Which of the following show would cause the PPF shown to shift outward?

Developing a more efficient steelmaking process

Which of the following statements about the PPF shown must be true?

The opportunity cost of moving from R to P is 8 units of X.

When two variables have an inverse relationship, then

the slope of the graph is negative.

Whichof the following is true of an economy with the production possibilitiesfrontier shown?

The OppCost of going from S to T is the #of watches given up

Which of the following is the best example of entrepreneurship?

Sam borrows $10 to buy supplies to start a lemonade stand

Theopportunity cost of converting an acre from cattle grazing to grain productionis the

Amount by which beef production decreases

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Economic Basics

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Used prior to live lesson on comparative advantage. This material covers PPFs, scarcity, and opportunity costs.

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Questions 10

Answers

1
Which of the following would be considered scarce?
Homes and Water
iPods
Time
All Are Correct
2
Which of the following show would cause the PPF shown to shift outward?
using machinery for missile production rather than for steel
Reopening steel plants that had been closed
rehiring laid-off steelworkers
Developing a more efficient steelmaking process
3
In a market economy, how resources are used in the production process is determined
by the government
by producers and consumers
in the same way they always had been done
by producers of the product
4
Productive resources are also called
factors of production
goods and services
opportunity cost
capital goods
5
Which of the following statements about the PPF shown must be true?
The opportunity cost of moving from P to R is 8 units of X.
The opportunity cost of moving from Q to R is 8 units of Y.
The opportunity cost of moving from P to R is 10 units of X.
The opportunity cost of moving from R to P is 8 units of X.
6
When two variables have an inverse relationship, then
the slope of the graph is positive.
the slope of the graph is negative.
if A increases, B increases.
if A increases, B is unchanged.
7
Whichof the following is true of an economy with the production possibilitiesfrontier shown?
Point Q is attainable but undesirable
The OppCost of going from S to T is the #of watches given up
New technology in watchmaking moves the economyfrom T to P
Point R unattainable but desirable
8
Which of the following is the best example of entrepreneurship?
Sam borrows $10 to buy supplies to start a lemonade stand
Dara squeezes lemons to make lemonade for a lemonade stand
Charley buys lemons to make lemonade for a lemonade stand
Noelle helps her dad build a lemonade stand
9
Theopportunity cost of converting an acre from cattle grazing to grain productionis the
Market valueof the extra grain that is produced
Number of extra bushels of grain that are produced
Amount by which beef production decreases
Total amount of beef produced
10
When the government determines what to produce & how to produce, the economy would be called a
traditional economy
market economy
mixed economy
command economy

Economic Basics Flashcards | StudBud