Ec2100 - Microeconomics Topic 2 Quiz

Submission View Your quiz has been submitted successfully. Question 11 / 1 pointThe United States produced approximately ________ worth of goods and services in 2011. HTMLCONTROL Forms.HTMLOption.1 A) 15 trillion HTMLCONTROL Forms.HTMLOption.1 B) 1,500 trillion HTMLCONTROL Forms.HTMLOption.1 C) 150 trillion HTMLCONTROL Forms.HTMLOption.1 D) 150 billion HTMLCONTROL Forms.HTMLOption.1 E) 15 billion Question 21 / 1 pointA production possibilities frontier shows HTMLCONTROL Forms.HTMLOption.1 A) that it is impossible to produce inefficiently. HTMLCONTROL Forms.HTMLOption.1 B) the various combinations of output a nation can produce a certain time, given its available resources and technology. HTMLCONTROL Forms.HTMLOption.1 C) that if price of one good decreases, the price of the other has to increase. HTMLCONTROL Forms.HTMLOption.1 D) the limits to future growth of a nation. HTMLCONTROL Forms.HTMLOption.1 E) how money can be allocated among two kinds of goods. Question 31 / 1 pointIn a production possibilities frontier graph, the cost of producing more units of a good is measured by the HTMLCONTROL Forms.HTMLOption.1 A) dollar value of the resources used to produce the good. HTMLCONTROL Forms.HTMLOption.1 B) amount of the other good or service that must be forgone. HTMLCONTROL Forms.HTMLOption.1 C) dollar value of the additional output. HTMLCONTROL Forms.HTMLOption.1 D) area in the arc between the