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Questions and Answers
What does a point on the interior of the Production Possibilities Curve (PPC) signify?
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?
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?
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?
Why are economies 2 and 3 often referred to as 'exchange' or 'modern' economies?
Which economic system relies on both markets and governments to allocate resources?
Which economic system relies on both markets and governments to allocate resources?
What is the key difference between points on the PPC and points beyond the PPC?
What is the key difference between points on the PPC and points beyond the PPC?
What type of economic system does Australia have?
What type of economic system does Australia have?
What is a characteristic of subsistence economies?
What is a characteristic of subsistence economies?
In subsistence economies, how are the 3 basic economic questions answered?
In subsistence economies, how are the 3 basic economic questions answered?
What is a key feature of subsistence economies regarding production?
What is a key feature of subsistence economies regarding production?
What role do customs and traditions play in subsistence economies?
What role do customs and traditions play in subsistence economies?
What is the level of technology like in subsistence economies?
What is the level of technology like in subsistence economies?
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