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True or False Quiz
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1
An economy as a whole faces scarcity because of limited national income.
A)True
B)False
2
The three fundamental questions in economics are what, how, and how many.
A)True
B)False
3
Opportunity cost is the value of the next-best alternative that is given up as a result of making a particular choice.
A)True
B)False
4
There are only three Cs that humankind has used to coordinate its economies: co-operation, custom, and competition.
A)True
B)False
5
Wages, interest, rent, and profits are the four factors of production.
A)True
B)False
6
A production possibility curve is a graphical representation of the various combinations of output that are wanted.
A)True
B)False
7
Macroeconomics focuses on the outcomes of decisions by people and firms, whereas microeconomics is a study of how the major components of an economy interact.
A)True
B)False
8
Technological improvement can be illustrated graphically by a rightward shift in the production possibilities curve.
A)True
B)False
9
A point inside the production possibilities curve for an economy illustrates unemployment.
A)True
B)False
10
The straight-line production possibilities curve illustrates the law of increasing cost.
A)True
B)False





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