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Gillespie: Foundations of Economics

Unit 2

Instructions

Choose your answers from a-d by clicking the radio button next to each choice and then press 'Submit' to get your score.

Question 1

If an economy is productively efficient:

Question 2

Economic growth can be shown by:

Question 3

As resources are shifted from one industry to another this can be shown by:

Question 4

In a free market the combination of products produced will be determined by:

Question 5

If an economy moves from producing 10 units of A and 4 units of B to producing 7 As and 5Bs, the opportunity cost of the 5th B is:

Question 6

An economy may operate outside the Production Possibility Frontier if:

Question 7

The resources in the economy do not include:

Question 8

The resources in an economy are:

Question 9

Any combination of products inside the production possibility frontier is:

Question 10

An outward shift of the production possibility frontier may be caused by: