Some examples from this set of practice questions
1.
What is the production possibilities curve?
Answer: A model that shows alternative ways that an economy can use its scarce resources
2.
Describe constant opportunity cost.
Answer: Resources are easily adaptable for producing either good
3.
Describe the law of increasing opportunity cost.
Answer: As you produce more of any good, the opportunity cost will increase
4.
What is the process for using economic models?
Answer: 1: Explain the concept in words 2: Use numbers as examples 3: Generate graphs from the numbers 4: Make generalizations using the graph
5.
What are the four key assumptions of the production possibility curve?
Answer: 1. Only two goods can be produced 2. All resources are fully employed 3. Resources are fixed 4. Technology is fixed
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