Ec2050 Chapter 3 Quiz Questions And Answers

Your quiz has been submitted successfully.Question 12 / 2 pointsThe United States produced approximately ________ worth of goods and services in 2011.A) $15 billionB) $15 trillionC) $150 trillionD) $1,500 trillionE) $150 billionQuestion 22 / 2 pointsThe production possibilities frontier is the boundary between theA) attainable and unattainable combinations of goods and services.B) affordable and unaffordable combinations of production.C) rational and irrational choices facing a society.D) wanted and unwanted combinations of goods and services.E) goods and services that the economy can produce.Question 32 / 2 pointsA movement from one point on a production possibilities frontier to another representsA) an advance in technology.B) a free lunch.C) a tradeoff.D) full employment of labor but not capital.E) unemployment.Question 42 / 2 pointsThe bowed out (concave) shape of the production possibilities curve implies that as production of one goodA) increases, society must forgo decreasing amounts of another good.B) increases, society can obtain a free lunch.C) decreases, production of other goods decreases as well.D) increases, production of other goods increases as well.E) increases, society must forgo increasing amounts of another good.Question 52 / 2 pointsThe sustained expansion of production possibilities is calledA) economic investment.B) production possibilities.C)