Transcription of CHAPTER 2 SCARCITY, CHOICE, AND ECONOMIC SYSTEMS
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CHAPTER 2 SCARCITY, CHOICE, AND ECONOMIC SYSTEMS
CHAPTER 2 scarcity , CHOICE, AND ECONOMIC SYSTEMS MULTIPLE CHOICE 1. When opportunity costs rise as more of a good is consumed, the production possibilities frontier will be concave (bowed out) with respect to the origin. a. True b. False ANS: A PTS: 1 NAT: Financial theories, analysis, reporting, and markets LOC: scarcity , tradeoffs, and opportunity cost TOP: production possibilities Frontiers 2. By better utilizing existing resources, an economy can produce at a point outside of its current production possibilities frontier. a. True b. False ANS: B PTS: 1 NAT: Financial theories, analysis, reporting, and markets LOC: scarcity , tradeoffs, and opportunity cost TOP: production possibilities Frontiers 3. The production possibilities frontier is useful for demonstrating both scarcity and productive inefficiency. a. True b. False ANS: A PTS: 1 NAT: Financial theories, analysis, reporting, and markets LOC: scarcity , tradeoffs, and opportunity cost TOP: production possibilities Frontiers 4.
CHAPTER 2—SCARCITY, CHOICE, AND ECONOMIC SYSTEMS MULTIPLE CHOICE 1. When opportunity costs rise as more of a good is consumed, the production possibilities frontier will be concave (bowed out) with respect to the origin.a.
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Production possibilities, Scarcity, And Production Possibilities, Comparative advantage, Production, Microeconomics: Scarcity, Opportunity Cost & PPF, Principles of Microeconomics, Fall 2007, SCARCITY, CHOICE AND THE PRODUCTION POSSIBILITIES, 2013 Pearson, PRODUCTION POSSIBILITIES Production Possibilities, Spring 2014 Sec 002 Klaus Becker EXAM