true or false

  1. The law of increasing costs states that as a country produces less of one product and more of another, there is an increase in the resources needed to expand production of the second product.

2 points  

QUESTION 2

  1. The line drawn on a production possibilities graph is known as the production possibilities frontier.

2 points  

QUESTION 3

  1. Use this production possibilities graph to help you answer the following question.

      Imported Asset  

    Any intersection of points outside the frontier (line) on a production possibilities graph would show that the economy is…

2 points  

QUESTION 4

  1. Production possibilities graphs illustrate the variety of ways that prices can be decreased.

2 points  

QUESTION 5

  1. Production possibilities graphs can help us understand how shortages occur.

2 points  

QUESTION 6

  1. Economists often use production possibilities graphs to explore the choices and trade-offs that people make.

2 points  

QUESTION 7

  1. An intersection of points outside the frontier (line) shows that an economy is growing.

2 points  

QUESTION 8

  1. The line drawn on a production possibilities graph is called a _________.

2 points  

QUESTION 9

  1. Which of the following cannot be shown on a production possibilities graph?

2 points  

QUESTION 10

  1. Economists often use production possibilities graphs to explore scarcity.

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