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Jugar Test
1. 
Assume an economy produces two goods, capital goods and consumer goods. If the production of capital goods increases in the current period, which of the following will occur for the current and future production possibilities curve for consumer goods and capital goods?
A.
A rightward shift of the current PPC and a rightward shift of the future PPC
B.
A rightward shift of the current PPC and a leftward shift of the future PPC
C.
A movement along the current PPC and a rightward shift of the future PPC
D.
A movement along the current PPC and a leftward shift of the future PPC
2. 
The diagram illustrates the production possibilities curve for the production of corn and wheat. The production possibilities curve illustrates which of the following relationships?
A.
The production of corn decreases as the production of wheat decreases.
B.
The production of corn decreases as the production of wheat increases.
C.
The opportunity cost of corn production decreases as the production of wheat increases.
D.
This country can only produce the combinations of corn and wheat illustrated by Points B and C.
3. 
The diagram above shows the production possibilities curve for the production of corn and wheat. Between Points B and C on the PPC, the opportunity cost of one unit of wheat is which of the following?
A.
300 units of corn
B.
1 unit of corn
C.
2 units of wheat
D.
2 units of corn
4. 
What does a bowed-out PPC illustrate?
A.
Decreasing opportunity costs
B.
Increasing opportunity costs
C.
Constant opportunity costs
D.
Zero opportunity costs
5. 
Points that are both feasible and inefficient are found
A.
On the PPC
B.
On the Y intercept of the PPC
C.
Outside the PPC
D.
Inside the PPC
6. 
Any point on the PPC is
A.
Feasible and inefficient
B.
Not feasible and inefficient
C.
Not feasible and efficient
D.
Feasible and efficient
7. 
Any point outside the PPC is
A.
Not feasible
B.
Inefficient
C.
Efficient
D.
Feasible
8. 
Which of the following best describes the movement of a point from inside the PPC to on a PPC?
A.
Expansion
B.
Economic growth
C.
Recession
D.
Trade-off
9. 
Which of the following is most likely to cause economic growth?
A.
A decrease in the unemployment rate
B.
An increase in the production of consumer goods
C.
Investment in physical capital and technology
D.
A reduction in immigration
10. 
Assume that a new technology affects the production of only one type of good. How is this illustrated by the PPC?
A.
A movement along the PPC
B.
A pivot of the PPC
C.
An outward shift of the PPC
D.
The movement of a point inside the PPC