Virtual SC Economics Honors Final Review Questions with Verified Solutions
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Course
Virtual SC Economics Honors
Institution
Virtual SC Economics Honors
Virtual SC Economics Honors Final
Review Questions with Verified
Solutions
What does Point A identify?
Underutilized resources
What does the outward shift of the curve represent?
Economic growth
An economy operating on its production possibilities curve has which of the following?
i...
Virtual SC Economics Honors Final
Review Questions with Verified
Solutions
What does Point A identify?
Underutilized resources
What does the outward shift of the curve represent?
Economic growth
An economy operating on its production possibilities curve has which of the following?
is efficient
,How would you describe an economy that is using its resources in a way that will maximize
production?
efficient
Which of the following would result in a change in the production possibilities frontier in the
mythical country Alpha?
- new technology
- many workers from other countries move in
- the discovery of a new natural resource
(all of the above)
Which of the following will cause an outward shift of the production possibilities curve?
An increase in skilled workers
What does Point C represent?
Inefficency
What does Point E represent?
, Impossible
What does Point D represent?
Efficiency
Opportunity cost is ...
that which we forgo, or give up, when we make an economic choice or decision
A graph showing all the combinations of goods and services that can be produced if all of
society's resources are used efficiently is called which term?
production possibilities curve
Economic growth usually can be achieved without investing in new resources.
False
Which of the following is true if eating one piece of cake yields a total utility of 50 and
consuming a second piece increases total satisfaction by 10?
The total utility of consuming two pieces of cake is 60.
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