Production Possibilities: Definition, Model & Shifts

Chapter 57 / Lesson 5 Transcript

Video
Quiz & Worksheet - Production Possibilities Model Quiz
Course

Try it risk-free for 30 days

Instructions:

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

question 1 of 3

Which resource does not have a cost?

Water Air

Labor Every resource has a cost

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?

Create your account to access this entire worksheet

A Premium account gives you access to all lesson, practice exams, quizzes & worksheets

Access to all video lessons

Quizzes, practice exams & worksheets

Certificate of Completion

Access to instructors

Create an account to get started Create Account

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: