Practice Quiz Chap 1 - POP QUIZ WORKSHEET 1 : CHAPTER 2...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
POP QUIZ WORKSHEET 1 : CHAPTER 2 NAME:__________________________________ COURSE: ________________________________ 1. A production possibilities curve a. that shows opportunity cost is a straight line. b. has time on one axis and space on the other. c. cannot be used to explain one of two alternatives for a nation. d. shows we are faced with scarcity. 2. The principle of increasing marginal opportunity cost a. means one derives less and less satisfaction from the increased consumption of any good or service. b. means that in order to get more of one thing, one must give up ever-increasing amounts of something else. c. means that an economy always produces the most output with its inputs. d. applies to the production of private goods but not goods produced by the government. 3. An economy is producing efficiently only if it is operating a. outside the production possibility curve. b. inside the production possibility curve.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/18/2011 for the course ECON 131 taught by Professor Tba during the Spring '08 term at University of Hawaii, Manoa.

Page1 / 2

Practice Quiz Chap 1 - POP QUIZ WORKSHEET 1 : CHAPTER 2...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online