Some examples from this set of practice questions
1.
Scarcity
Answer: Limited quantities of resources to meet unlimited wants
2.
Resources
Answer: all things used in producing goods and services; land, labour, capital
3.
command economy
Answer: An economic system in which the government controls a country\'s economy.
4.
free market economy
Answer: an economic system people and businesses choose what to buy and sell
5.
opportunity cost
Answer: the most desirable alternative given up as the result of a decision
6.
Constant Opportunity Cost
Answer: straight line; resources are easily adaptable for producing either good
7.
increasing oppurtunity cost
Answer: bowed out line; resources are not equally well suited to each output
8.
Points inside the curve (PPC)
Answer: shows underutilization or inefficiency/unproductivity
9.
points on the curve (PPC)
Answer: shows full productive efficiency and full employment
10.
Points outside the curve (PPC)
Answer: unattainable
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