ECON 1100 COMPLETE LATEST CH 2
QUIZ BASED QUESTIONS AND
ANSWERS
The construction of a society's production possibility frontier (PPF) assumes that: - ANSWER-All of these
The problem of determining what goods and services society should produce exists because: - ANSWER-
Resources are scarce.
In analyzing a production possibility frontier (PPF), a situation of unemployment (or unused resources)
may be depicted by a point located: - ANSWER-Inside the PPF.
Refer to the PPF presented in the table. The production of 14 units of consumer goods and 1 unit of
capital goods would:
Production possibilities
Type of goods
A
B
C
D
E
Capital goods
0
1
2
3
4
Consumer goods
20
18
QUIZ BASED QUESTIONS AND
ANSWERS
The construction of a society's production possibility frontier (PPF) assumes that: - ANSWER-All of these
The problem of determining what goods and services society should produce exists because: - ANSWER-
Resources are scarce.
In analyzing a production possibility frontier (PPF), a situation of unemployment (or unused resources)
may be depicted by a point located: - ANSWER-Inside the PPF.
Refer to the PPF presented in the table. The production of 14 units of consumer goods and 1 unit of
capital goods would:
Production possibilities
Type of goods
A
B
C
D
E
Capital goods
0
1
2
3
4
Consumer goods
20
18
