This timed quiz has 21 questions and it is based on the following learning objectives: MLO2.1: Define resources and demonstrate the Production Possibilities Frontier. MLO2.2: Identify the relationship between a production possibilities frontier and the law of increasing Opportunity cost aka law of diminishing returns. MLO2.4: Identify economic growth and efficiency using PPF/PPC. MLO 2.1b: Identify the benefits of free trade. MLO 2.2b: Explain the concept of comparative advantage. MLO 2.3b: Apply the principle of comparative advantage