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Factors of Production & PPC Quiz
By Mindy H Pierce
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Last updated over 1 year ago
10 questions
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Question 1
1.
Which of the following scenarios best illustrates the use of a natural resource/land?
A teacher preparing lesson plans
A factory worker assembling cars
A farmer planting seeds in fertile soil
An entrepreneur developing a business plan
Question 2
2.
Which of the following is an example of human capital?
A laptop used by a programmer
The education and training a doctor receives
The minerals extracted from a mine
The money invested in a new business
Question 3
3.
In the context of physical capital, which of the following would be most accurate?
A river used to generate hydroelectric power
The knowledge a mechanic has about fixing cars
A factory building used for manufacturing goods
A business owner’s investment strategy
Question 4
4.
Which of the following is NOT an example of physical capital?
A company’s fleet of delivery trucks
A school’s computer lab
A farmer’s field used to grow crops
A bakery’s ovens and mixers
Question 5
5.
What does a point
on the
production possibilities frontier (PPF) represent?
Inefficient use of resources
Voluntary exchange
Efficient use of resources
A point of impossibility
Question 6
6.
What is the significance of a point
outside
the production possibilities frontier (PPF)?
It represents a point of impossibility with current resources
It shows inefficiency in the economy
It indicates economic stagnation
It represents maximum efficiency
Question 7
7.
If a business is operating
inside
its production possibilities frontier (PPF), what must occur to reach efficiency?
A decrease in population
A point of impossibility must be achieved
Resources must be used more efficiently
Nothing the business is doing well
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Question 8
8.
What would happen to the curved line above if a new piece of technology that made production of guns and butter more efficient?
It would shift to the left
It would shift to the right
It would straighten out
It would be unnecessary
Question 9
9.
Which of the following best describes voluntary exchange?
Trading goods and services because one party is forced to
Buying and selling goods and services where both parties expect to benefit
Exchanging goods and services without any benefit to either party
Exchanging goods and services that result in a loss for both parties
Question 10
10.
Which of the following scenarios best illustrates the concept of opportunity cost?
Choosing to buy a new phone instead of saving money for a vacation
Buying a concert ticket at a discounted price
Receiving a gift instead of purchasing it yourself
All of the above
