Month: December 2018

The production possibilities frontier is the boundary between those combination of goods and services that can be ……. ?

Select ONE answer:

1. produced and those that can be consumed.
2. consumed domestically and those that can be consumed by foreigners.
3. consumed and those that cannot be produced.
4. produced and those that cannot be produced.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.

The production possibilities frontier is the boundary between ……. ?

Select ONE answer:

1. those combinations of goods and services that can be produced and those that can be 
consumed.
2. those combinations of goods and services that can be produced and those that cannot.
3. those resources that are limited and those that are unlimited.
4. those wants that are limited and those that are unlimited.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

The production possibilities frontier ……. ?

Select ONE answer:

1. refers to the technology used in such goods as computers and military aircraft.
2. marks the boundary between attainable combinations of goods and services and unattainable combinations.
3. once applied to U.S. technology but now refers to Japanese technology.
4. is also called the supply curve.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

If a perfectly competitive industry has external diseconomies, then the long-run supply curve is ……. ?

Select ONE answer:

1. perfectly inelastic.
2. positively sloped.
3. perfectly elastic.
4. negatively sloped.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

This work is licensed under a Creative Commons Attribution 4.0 International License.

External economies and diseconomies explain the shape of ……. ?

Select ONE answer:

1. the supply curve of the firm.
2. the long-run average total cost curve of a firm.
3. the short-run average total cost curve of a firm.
4. the long-run industry supply curve.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

This work is licensed under a Creative Commons Attribution 4.0 International License.