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Gr11 Economics Q1 W1,2 - Introduction, Scarcity, ...
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What does point X represent on the PPC?
 
Two of the answers are correct
 
Unattainable
 
Not all resources are used
 
Inefficiency
Where does the choice happen in this image?
 
Tradeoffs
 
Opportunity Cost
 
Scarcity
 
After the Opportunity Cost
Points on the curve mean the company/country/individual is being efficient. Points outside the curve, mean
 
Unattainable
 
Inefficient
 
In the short run
 
A mistake
spending time on the phone instead of studying is an example of "POOR DISTRBUTION OF RESOURCES".
 
True
 
False
The study of the entire economy, including topics like inflation, GDP,..etc is Microeconomics.
 
False
 
True
Tangible products are the only things we pay for.
 
False
 
True
How society chooses to allocate its limited resources to meet unlimited needs and wants is ______________
 
Economics
 
Microeconomics
 
Production
 
Consumption
Mom is buying you a slime that she hates. She is a ___________
 
customer
 
producer
 
consumer
 
supplier
Which of the following is studied under Microeconomics?
 
Unemployment of people with disabilities
 
Inflation in Britain
 
Unemployment in USA
 
GDP of Australia
Scarcity is the main problem of ______________, which is why there are three questions that need to be answered.
 
Economics
 
Consumers
 
Producers
 
Demand
The same product could be considered a capital good or a consumer good depending on how it will be used.
 
True
 
False
Although we don't hold services in our hands, we still have to pay for the services provided.
 
True
 
False
The three economic problems are asked by individuals & societies because of the problem of ______________
 
scarcity
 
limited wants
 
consumer preferences
 
unlimited resources
Someone who is super rich and is able to buy everything that they wish for, still has ____________
 
Two of the answers are correct
 
wants
 
basic needs
 
an economic problem
When the owner of a restaurant buys vegetables for his restaurant, s/he is buying _________
 
capital goods
 
consumer goods
 
services
 
natural resources
Which of the following is not a service?
 
Groceries
 
Education
 
Medical checkup
 
Hair salon
The biggest economic problem is ________
 
Lack of resources
 
Unlimited resources
 
Limited wants
 
Unemployment
The more money you have, the less you face opportunity costs.
 
False
 
True
Economics is the study of how society chooses to allocate scarce resources to make g&s to satisfy n&w
 
True
 
False
The person who makes a product or offers a service
 
All the answers are correct
 
Producer
 
Manufacturer
 
Supplier
The supply of raw material in the steel industry have affected the nation's productivity. This is
 
Macroeconomics
 
Econometrics
 
Microeconomics
 
International economics
Needs are only tangible items necessary for survival.
 
False
 
True
Just like natural and capital resources, technology is also considered a factor of production.
 
True
 
False
PPC shows the maximum combinations of two outputs an economy can produce in a given time with its available resources.
 
True
 
False
Which of the following is not a tradeoff?
 
swapping laptops with your best friend to do the ET :)
 
Choosing to buy a Kia instead of a Hyundai
 
Choosing Literature over Engineering specialty
 
Choosing medical school over Engineering school
The opportunity cost of increasing production from 7 to 9 trucks is ____________.
 
3 boats
 
2 trucks
 
2 boats
 
4 trucks
The idea that people respond to incentives in generally predictable ways demonstrates the rational behavior model.
 
True
 
False
Scarcity causes prices to decrease
 
False
 
True
Which of the following seems to represent the law of diminishing marginal utility?
 
Darine has a decreasing desire for more wealth the richer she becomes
 
Toka enjoys her 10th can of pepsi more than her first
 
Mariam likes Tik-tok more and more, the more she Tik-toks
 
Rawan's 5th hamburger sandwich is more delicious than her first
The Point Y on the PPC below is ________________
 
unattainable
 
Inefficient
 
Unrelated to the PPC
 
Shows underutilized resources
The opportunity costs to go from Point D to Point C is what?
 
5 public goods
 
13 public goods
 
5 private goods
 
7 Private goods
Which of the following statements about this production possibilities curve is true?
 
Point E might be achieved in future cos of technological improvements
 
Point D is not attainable given the societiy's resources
 
Point A is not attainable in a developed society
 
Points C&D reflect equal amounts of computers & farm products
What is it called when you choose between two possible uses for a resource, giving up one alternative for another?
 
Trade-off
 
Opportunity Cost
 
Trading Spaces
 
Economic cost
Human wants are greater than the resources that are available to satisfy them. This implies the need to _____________.
 
make choices to allocate resources
 
ask for less
 
Borrow or sell
 
work harder
What do you call it when you run out of coffee creamer?
 
Shortage
 
Scarcity
 
Production
 
Consumption
Scarcity means ______________ amount of resources available to meet _____________ needs & wants.
 
Limited, unlimited
 
unlimited, limited
 
few, limited
 
limited, few
The Production Possibilities Curve is a graph that shows ______________.
 
how efficient an economy can produce a combination of two goods
 
how much money something is worth
 
the opportunity a country has to give up in order to lose something else.
 
None of the answers is correct
What is the opportunity cost of this firm for producing only industrial robots?
 
400,000 Pizzas
 
600,000 pizzas
 
0 Pizzas
 
None of the answers is correct
Free goods do not have an opportunity cost.
 
True
 
False
A product which requires resources to produce and, therefore, has an opportunity cost.
 
Economic good
 
Capital good
 
Consumer good
 
Intangible service
What's the opportunity cost of investing in capital?
 
Current consumption
 
Leisure
 
Wealth
 
Infrastructure
The highest next best value that must be sacrificed to satisfy a want.
 
Opportunity cost
 
Marginal Utility
 
Economic good
 
Factor of production
The table shows combination - widgets&gizmos I can make in a day. What's the opportunity cost of moving from E to A?
 
4 widgets
 
15 gizmos
 
12 gizmos
 
2 widgets
The PPC __________________
 
reflects the trade off between the manufacture of two different goods
 
shows how much of a given good firms will supply at each price
 
reflect the trade off between unemployment and the rate of inflation
 
None of the answers is correct
The idea that people choose something when the advantages of doing so outweigh the sacrifice.
 
Cost-Benefit Analysis
 
Opportunity cost
 
Rational decision
 
Trade-off
What is Marie's opportunity cost of making earrings?
 
2/3 bracelets
 
2 bracelets
 
1.5 bracelets
 
3 bracelets
I only have an hour of free time today. If I study, I can't see my friends. What is this an example of?
 
Costs Versus benefits
 
Scarcity forces tradeoff
 
Incentives matter
 
Rational decision
Natural resources are all of the following EXCEPT _________
 
Unlimited
 
Non-renewable
 
Limited
 
Scarce


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