2. Basic Economic Concepts
Opportunity Cost And The Production Possibilities Curve — Quiz
Test your understanding of opportunity cost and the production possibilities curve with 5 practice questions.
Practice Questions
Question 1
What is opportunity cost?
Question 2
A student spends $2$ hours studying economics instead of working a part-time job. If the student would have earned $20$ from working, what is the opportunity cost of studying?
Question 3
What does a production possibilities curve show?
Question 4
If an economy moves from one point on the production possibilities curve to another point on the same curve, what is happening?
Question 5
Which point on a production possibilities curve represents inefficient use of resources?