Intro to Economics (Production Possibilities Curve) - NFHS

C

What do points inside the Curve represent? A-not enough resources B-too many resources C-wasting resources D-lots of resources

A

What do points on the Curve represent? A-efficient use of resources B-more resources added C-too many resources D-wasting some of the Factors of Production

B

What does a Production Possibilities Curve measure? A-the prices of goods B-the number of goods made C-the number of goods bought D-how much people want two products

C

Which Economic System is more likely to be ON the Possibilities Curve? A-Socialism B-Communism C-Capitalism

D

Why are points outside the Curve impossible to reach? A-resources are being wasted B-employees are calling in sick instead of working C-employees are showing up late to work D-there are not enough employees to reach that point

D

Why does the curve shift out (to the right)? A-Resources are being used better B-the cost of wages have increased C-there are less worker distractions D-more technology and/or resources are added

B

Why would a company like to reach a point outside the Curve? A-because more people like the product B-more of the product can be made C-the product now takes longer to make D-the price can rise for the product

A

You have turned off your phone. You are awake and working non-stop. Where are you on The Production Possibilities Curve? A-on the curve B-below the curve C-outside the curve D-likely only producing 1 or 2 goods

C

Your employees are watching tv and playing games on their phones instead of working. Where are they on The Production Possibilities Curve? A-on the curve B-outside of the curve C-below the curve D-on the curve, but only making 1 good