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What does the slope of the PPF curve represent?
Which of the following points on a PPF graph indicates productive efficiency?
How does opportunity cost relate to the PPF?
What does the outward bow shape of a Production Possibilities Frontier (PPF) indicate?
How does diminishing marginal benefit affect consumer willingness to pay for additional units of a good?
In a scenario where a city must decide between building a new park or a new library, the marginal cost of the park is \$500,000 and the marginal benefit is \$600,000, while the library's marginal cost is \$400,000 and the marginal benefit is \$350,000. Which project should the city choose based on allocative efficiency?
In what extreme situation might an inward shift of the PPF occur?
Given a PPF where the maximum production of computers is 60 and the maximum production of tablets is 120, what is the opportunity cost of producing one computer?
If Country A has an absolute advantage in both coffee and sugar production, but Country B has a comparative advantage in sugar, how can both countries benefit from trade?
If Country A has an absolute advantage in both wheat and corn production, but Country B has a comparative advantage in corn, how can both countries benefit from trade?
If Country B has a lower opportunity cost in producing textiles compared to Country A, what should Country B do to maximize its economic benefit?
How can comparative advantage lead to mutual benefits in international trade?
If Country A has a lower opportunity cost in producing cars compared to Country B, what should Country A do to maximize its economic benefit?
If the opportunity costs are 1 hunch punch for 0.5 pizza rolls and 1 pizza roll, what is a fair trade price?
What effect does bargaining power have on the final trade price?