Factors of Production & PPC Quiz
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Last updated over 1 year ago
10 questions
1
Which of the following scenarios best illustrates the use of a natural resource/land?
Which of the following scenarios best illustrates the use of a natural resource/land?
1
Which of the following is an example of human capital?
Which of the following is an example of human capital?
1
In the context of physical capital, which of the following would be most accurate?
In the context of physical capital, which of the following would be most accurate?
1
Which of the following is NOT an example of physical capital?
Which of the following is NOT an example of physical capital?
1
What does a point on the production possibilities frontier (PPF) represent?
What does a point on the production possibilities frontier (PPF) represent?
1
What is the significance of a point outside the production possibilities frontier (PPF)?
What is the significance of a point outside the production possibilities frontier (PPF)?
1
If a business is operating inside its production possibilities frontier (PPF), what must occur to reach efficiency?
If a business is operating inside its production possibilities frontier (PPF), what must occur to reach efficiency?
1
What would happen to the curved line above if a new piece of technology that made production of guns and butter more efficient?
What would happen to the curved line above if a new piece of technology that made production of guns and butter more efficient?
1
Which of the following best describes voluntary exchange?
Which of the following best describes voluntary exchange?
1
Which of the following scenarios best illustrates the concept of opportunity cost?
Which of the following scenarios best illustrates the concept of opportunity cost?