- Created by: Hannah
- Created on: 14-05-12 13:18
1. What is the economic problem?
- Infinate wants but limited resources
- Limited wants and infinate resources
- Limited wants and limited resources
- Unlimited wants and unlimited resources
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Other questions in this quiz
2. What is the PED formula?
- change in income / change in demand
- change in quantity demanded / change in price
- change in demand / change in supply
- change in demand / chang in income
3. What is productive efficiency?
- When a firm is breaking even
- When a firm makes a profit
- When a firm operates at minimum cost
- When a firm operates at maximum cost
4. What does the PPB (production possiblility boundary) indicate
- The amount produced in an economy and any time
- the maximum possible output that can be achieved in a set time perio
- demand and supply combined
- The amount supplied in an economy during a recession
5. Why is the PPB not a straight line?
- because supply varies throughout the year
- due to the economic problem
- because resources arent equally productive or of equal quality
- due to the existance of alternative and substitute goods
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