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Using the Production Possibility Curve to Illustrate Economic Conditions

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ means that we do not have enough of a good or service to meet all of the demand.

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1. Factors of production include _____.

2. The points graphed along the production possibilities curve demonstrate _____.

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About This Quiz & Worksheet

It only takes a few minutes to answer the questions on this quiz to test your knowledge of illustrating economic conditions using the production possibility curve. Quickly assess yourself by answering questions on what the points graphed along the production possibilities curve demonstrate and another name for the value of the next best production alternative.

Quiz & Worksheet Goals

This quiz will ask you about:

  • What it means when there is not enough of a good or service to meet demand
  • The factors of production
  • What the points graphed along the production possibilities curve demonstrate
  • Another name for the value of the next best production alternative that is not chosen
  • What a point on an example production possibilities curve demonstrates

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson about illustrating economic conditions using the production possibility curve
  • Knowledge application - use your knowledge to answer questions about what it means when there is not enough of a service or good to meet the demand
  • Interpreting information - verify that you can read information regarding the factors of production and interpret it correctly

Additional Learning

If you struggled to answer these quiz questions, you may benefit from working through our short lesson called Using the Production Possibility Curve to Illustrate Economic Conditions. After finishing this lesson, you should understand how to:

  • Define goods and services with examples
  • Give examples of labor and capital
  • Differentiate between economic efficiency and economic inefficiency
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