Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon

Macroeconomics Canada Study Set 2

Business

Quiz 2 :

The Economic Problem

Quiz 2 :

The Economic Problem

search
arrow
If Harold can increase production of good X without decreasing production of any other good, then Harold
Free
Multiple Choice
Answer:

Answer:

A

arrow
A tradeoff exists when
Free
Multiple Choice
Answer:

Answer:

C

arrow
Which of the following quotations best illustrates a tradeoff?
Free
Multiple Choice
Answer:

Answer:

E

arrow
Opportunity cost of an action is
Multiple Choice
Answer:
arrow
Use the figure below to answer the following questions. img Figure 2.1.1 -Refer to the production possibilities frontier in Figure 2.1.1.Which one of the following statements is true about point A?
Multiple Choice
Answer:
arrow
Which one of the following concepts is illustrated by a production possibilities frontier?
Multiple Choice
Answer:
arrow
img Figure 2.1.1 -Complete the following sentence.In Figure 2.1.1,
Multiple Choice
Answer:
arrow
If Harold must decrease production of some other good to increase production of good X, then Harold
Multiple Choice
Answer:
arrow
The production possibilities frontier
Multiple Choice
Answer:
arrow
A point inside a production possibilities frontier
Multiple Choice
Answer:
arrow
Ted chooses to study for his economics exam instead of going to the concert.The concert he will miss is Ted's _______ of studying for the exam.
Multiple Choice
Answer:
arrow
A situation in which resources are either wasted or misallocated or both is illustrated by
Multiple Choice
Answer:
arrow
Which one of the following concepts is not illustrated by a production possibilities frontier?
Multiple Choice
Answer:
arrow
img Figure 2.1.1 -Refer to the production possibilities frontier in Figure 2.1.1.Which one of the following is true about point C?
Multiple Choice
Answer:
arrow
A medical clinic employs 10 workers.Each worker can produce a maximum of either 2 units of medical services or 5 units of administrative services a day.The production possibilities frontier of this firm shows
Multiple Choice
Answer:
arrow
If Sam is producing at a point on his production possibilities frontier, then he
Multiple Choice
Answer:
arrow
Production efficiency is achieved when
Multiple Choice
Answer:
arrow
If Sam is producing at a point inside his production possibilities frontier, then he
Multiple Choice
Answer:
arrow
A production possibilities frontier is negatively sloped because
Multiple Choice
Answer:
arrow
On a graph of a production possibilities frontier, opportunity cost is represented by
Multiple Choice
Answer:
Showing 1 - 20 of 145