Define opportunity costs?

Define opportunity costs?

Interpret the production possibilities Curve (Frontier)

1. Define opportunity costs?
2. Identify at least two non-monetary and monetary opportunity costs you forgo to attend classes online?
3. What is a Production Possibilities Curve (Frontier)?
4. How do you determine, which points are efficiency points on the Production Possibilities Curve (Frontier)?
5. Identify at least three points on the Production Possibilities Curve (Frontier) that are efficient points?
6. From the graph given below, Point W represents a(n) ______________________point.
7. Point X on the graph given below represents a(n) ________________________point.

8. What are three ways in which the Production Possibilities Curve (Frontier) may shift to the right?
9. Explain why countries engage in trade?
10. 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.

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