chapter1 QUIZ b - QUIZb 1 A)abudgetline B)atimeseriesgraph...

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QUIZ b 1. The graphical device which illustrates the concept of scarce resources being efficiently utilized in the economy is A) a budget line.  B) a time-series graph.  C) a production possibilities frontier.  D) a consumption possibilities line.  2. Which of the points in the graph are efficient?  A) C and F only  B) C, D and F only  C) A, C, D, F, and G only  D) A, C, F, and G only  3. The opportunity cost of more capital goods today is A) fewer capital goods in the future.  B) fewer consumer goods in the future.  C) fewer consumer goods today.  D) more unemployed resources in the future.  4. Which of the following would NOT allow society to move to point h in the figure?  A) an improvement in technology  B) more efficient use of current resources  C) an increase in quantity of labor  D) an increase in quantity of capital  5. If all resources are equally productive in producing all goods, the production possibilities curve will be A) convex to the origin.  B) concave to the origin.  C) linear.  D) expanding over time.  6. The shape of the production possibilities curve in the figure indicates that  A) production of corn is characterized by increasing costs while the production of cloth is characterized by decreasing costs.  B) production of both corn and cloth is characterized by increasing costs. 
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This note was uploaded on 06/07/2011 for the course ECONOMICS 101 taught by Professor Wilhour during the Summer '08 term at Parkland.

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chapter1 QUIZ b - QUIZb 1 A)abudgetline B)atimeseriesgraph...

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