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Production Possibilities Curve and Economic Systems Quiz

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Production Possibilities Curve and Economic Systems Quiz

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Questions and Answers

What does a point on the interior of the Production Possibilities Curve (PPC) signify?

Inefficiency (correct)

Optimal production

Unattainability

Efficiency

Which economic system relies on traditions to determine economic decision-making?

Capitalist market economy

Subsistence economy (correct)

Mixed economy

Socialist/command economy

What characterizes a 'barter' or 'primitive' economy?

Reliance on money as a medium

Specialization and industrial sector

Direct swapping of goods for goods (correct)

Surplus for exchange and investment

Why are economies 2 and 3 often referred to as 'exchange' or 'modern' economies?

They use money as a medium Signup and view all the answers

Which economic system relies on both markets and governments to allocate resources?

Mixed economy Signup and view all the answers

What is the key difference between points on the PPC and points beyond the PPC?

Unattainability Signup and view all the answers

What type of economic system does Australia have?

Mixed-market economy Signup and view all the answers

What is a characteristic of subsistence economies?

Absence of markets Signup and view all the answers

In subsistence economies, how are the 3 basic economic questions answered?

Through family/tribal decisions Signup and view all the answers

What is a key feature of subsistence economies regarding production?

Labour-intensive methods Signup and view all the answers

What role do customs and traditions play in subsistence economies?

They have a large influence Signup and view all the answers

What is the level of technology like in subsistence economies?

Low level of technology Signup and view all the answers