Quiz & Worksheet - Production Possibilities Model

question 1 of 3

Which resource does not have a cost?

Water Air

Labor Every resource has a cost

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Worksheet

Print Production Possibilities: Definition, Model & Shifts Worksheet

1. At which point is the economy inefficient?

2. What point is beyond the current capabilities of the economy?

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About This Quiz & Worksheet

This quiz will assess your understanding of concepts like resources, costs and inefficient economies. You'll also need to be able to interpret graphs of the production possibilities model in use.

Quiz & Worksheet Goals

Use these assessment tools to:

Identify given resources and their costs
Recognize when an economy is inefficient based on a given curve
Understand points that are beyond the given capabilities of a given economy
Answer sample problems about unbiased and biased expansion and contraction

Skills Practiced

This worksheet and quiz let you practice the following skills:

Making connections - use understanding of the concept of the production possibilities curve
Problem solving - use acquired knowledge to solve opportunity costs of production practice problems
Information recall - access the knowledge you've gained regarding how to graph the costs of goods

Additional Learning

To learn more about opportunity cost, review the lesson titled Production Possibilities: Definition, Model & Shifts, which covers the following objectives:

Define opportunity costs
Analyze a production possibilities chart
Understand how to properly move the production possibilities curve

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Which resource does not have a cost?

Already registered? Log in here for access

1. At which point is the economy inefficient?

2. What point is beyond the current capabilities of the economy?

About This Quiz & Worksheet

Quiz & Worksheet Goals

Skills Practiced

Additional Learning

Explore our library of over 75,000 lessons

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