Interpret the production possibilities Curve (Frontier)
- Define opportunity costs?
- Identify at least two non-monetary and monetary opportunity costs you forgo to attend classes online?
- What is a Production Possibilities Curve (Frontier)?
- How do you determine, which points are efficiency points on the Production Possibilities Curve (Frontier)?
- Identify at least three points on the Production Possibilities Curve (Frontier) that are efficient points?
- From the graph given below, Point W represents a(n) ______________________point.
- Point X on the graph given below represents a(n) ________________________point.
|
| Cars |
Planes |
| 1,000 |
0 |
| 900 |
2 |
| 700 |
5 |
| 500 |
7 |
| 300 |
9 |
| 200 |
10 |
| 0 |
11 |
|
- What are three ways in which the Production Possibilities Curve (Frontier) may shift to the right?
- Explain why countries engage in trade?
- Identify and discuss trade restrictions as they pertain to the United States? Identify at least three reasons why the United States imposes trade restrictions on importing countries.
