1.A city government maintains local roads. This is an example of

Group of answer choices

None of these answers is correct.

a production possibilities frontier.

consumption activity.

a core sphere activity.

a public purpose sphere activity.

2

A market is

Group of answer choices

None of these answers is correct.

something that can be defined by broad product categories.

All of these answers are correct.

a physical or virtual place where buyers and sellers interact.

an economic system that relies on market institutions to conduct many economic activities.

4

Which one of the following statements is false?

Group of answer choices

Maximizing efficiency is synonymous with maximizing well-being.

Consumption is one of the four essential economic activities.

People may disagree about what constitutes a final goal.

The final use of a good or service is referred to as consumption.

5

Which of the following statements about the production possibilities frontier (PPF) is false?

Group of answer choices

The slope of the PPF is the opportunity cost of production.

Points along the PPF are efficient.

Points beyond the PPF can be achieved with efficient use of current technology.

Points inside of the PPF are inefficient.