BYU ECON 100/ECON100 : W01 Study & Quiz: Lesson 1.3 - Production Possibilities | Quiz Score: 10 out of 10.

W01 Study & Quiz: Lesson 1.3 - Production Possibilities Conditions 1. Read the chapter, Lesson 1.3 - Production Possibilities ( "Essentials of Economics" textbook. 2. Review the Opportunity Cost Calculation Example ( from the "Essentials of Economics" textbook. Score for this attempt: 10 out of 10 Submitted  Question 1 1 / 1 pts Any factor of production is capital if it: . was produced and can be used to produce other goods and services is included in financial capital generates utility uses human effort to produce goods and services  Question 2 1 / 1 pts Human effort that can be applied in the production process is called . technology labor specialization natural resources  Question 3 1 / 1 pts Which of the following would cause a movement along the production possibilities frontier? Society desires the same amount the good on the horizontal axis and more of the good on the vertical axis. Society desires more of the good on the horizontal axis and more of the good on the vertical axis. Society desires less of the good on the horizontal axis and less of the good on the vertical axis. Society desires more of the good on the horizontal axis and less of the good on the vertical axis.  Question 4 1 / 1 pts What does the production possibilities line represent in the model? All possible combinations of goods and services that can be produced. The current market prices of goods and services. The total revenue generated by a firm. The impact of taxes on production costs.  Question 5 1 / 1 pts Use the data in table 1. If an economy moves from producing 0 liters of milk to producing 1 million liters of milk, how much cheese must be given up? Table 1: milk and cheese production Alternatives A B C D Milk in liters (millions) 0 1 2 3 Cheese in kilograms 9 6 3 0 (millions) They don’t have to forgo cheese for milk. 3 million kilograms. 6 million kilograms. 9 million kilograms.  Question 6 1 / 1 pts What is the opportunity cost of producing 1000 liters of orange juice for factory 1? Forfeiting 1000 liters of apple juice production. Forfeiting 500 liters of apple juice production. Forfeiting 250 liters of apple juice production. Forfeiting 750 liters of apple juice production.  Question 7 1 / 1 pts What does the slope of the production possibilities curve represent? The total revenue generated by a firm. The impact of taxes on production costs. The opportunity cost of producing one more unit of a good. The current market prices of goods and services.  Question 8 1 / 1 pts If a country experiences a technological setback, how will this impact the production possibilities curve? It will cause a movement along the curve. It will not affect the curve. It will shift the curve to the left (decrease). It will shift the curve to the right (increase).  Question 9 1 / 1 pts Increasing the level of education in a country will . lead to workers possessing less human capital shift the production possibilities curve to the left (inward) shift the production possibilities curve to the right (outward) lead to an increase in the production of one good at the expense of another  Question 10 1 / 1 pts What factor could cause a shift in the production possibilities curve to the left (decrease)? Decrease in taxes. Technological advancements. Decrease in labor force. Increase in consumer demand. Quiz Score: 10 out of 10