Production Possibilities: Definition, Model & Shifts


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question 1 of 3

Which resource does not have a cost?

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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