Principles of Economics

Question description

Complete assignment in word file and APA format

Your task is to complete all assigned questions to the best of your ability. Best of luck!

  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.
Cars Planes
1,000 0
900 2
700 5
500 7
300 9
200 10
0 11
  1. What are three ways in which the Production Possibilities Curve (Frontier) may shift to the right?
  2. Explain why countries engage in trade?
  3. 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.

Grading Rubric:

Your project will be graded using the rubric below:

F F C B A
0 1 2 3 4
Did Not Submit No Pass Competence Proficiency Mastery
Failure to adequately state the production possibility curve. Failure to adequately state absolute and comparative advantage. Able to state what the production possibility curve is able to state absolute and comparative advantage Able to state what the production possibility curve is able to state absolute and comparative advantage. Also, able to give examples of inefficient position production to the fullest potential and unobtainable positions Able to state and articulate what the production possibility curve is able to state absolute and comparative advantage. Also, able to give examples and articulate inefficient position production to the fullest potential and unobtainable positions. Able to articulate and give examples of absolute and comparative advantage.

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