- 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.
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- 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.
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