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Applying the Production Possibilities Model

Instructions:

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

question 1 of 3

What does the production possibilities model show?

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1. When a point is on the production possibilities curve and there are no other points specifically on the curve, how can we interpret this point?

2. A point that is located inside the production possibility curve is:

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About This Quiz & Worksheet

Cement your understanding of the production possibilities model with this quiz and worksheet. To answer the questions correctly, you'll need to know about things like what the model shows and how to interpret its curve and points.

Quiz & Worksheet Goals

This quiz/worksheet combo tests what you know of the following:

  • What the model shows
  • What points demonstrate based on their location relative to the production possibility curve
  • The shape of the curve in different situations and what it indicates

Skills Practiced

While using these assessment tools, you'll develop the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the production possibilities model applications
  • Interpreting information - verify that you can read information about a production possibility curve and points and interpret it correctly
  • Problem solving - know what the curve and points show in practice problems

Additional Learning

The corresponding lesson, Applying the Production Possibilities Model, gives you more in-depth information on this subject. This lesson covers the following topics:

  • Use of the model
  • What the model shows
  • Opportunity cost and The Law of Opportunity Cost
  • Assumptions about the model
  • The production possibilities curve
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