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Economics Quiz: Scarcity and PPC Concepts

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Economics Quiz: Scarcity and PPC Concepts

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Questions and Answers

What defines scarcity in economics?

The ability to produce excess of all goods

The complete availability of resources for all uses

Resources allocated without alternative uses

Resources being limited and not sufficient for all demands (correct)

Which of the following is NOT a factor contributing to inflation?

Technological advancement (correct)

Reduced supply of goods

Increased external demand

Economic problems facing the economy

Which branch of economics primarily focuses on unemployment and national economic growth?

Microeconomics

Macroeconomics (correct)

Behavioral economics

Ecological economics

What does the Production Possibility Curve (PPC) illustrate?

The various combinations of two goods that can be produced given resources and technology Signup and view all the answers

What is the opportunity cost of choosing to produce more rice according to the Production Possibility Curve?

The amount of wheat that could have been produced instead Signup and view all the answers

What do points on the production possibility curve indicate?

Optimal utilization of resources Signup and view all the answers

What does a point located inside the production possibility curve signify?

Underutilization of resources Signup and view all the answers

What characteristic is associated with the negative slope of the production possibility frontier (PPF)?

Inverse relationship between goods Signup and view all the answers

Why are points outside the production possibility curve considered undesirable?

They exceed production limits Signup and view all the answers

How does the production possibility curve illustrate the concept of opportunity cost?

By showing the cost of resources allocated to one good over another Signup and view all the answers