u3-hw-b

The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts. The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.

efficient; efficient

An individual has an absolute advantage in producing pizzas if that individual:

can produce more pizzas in a given amount of time than anyone else.

If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ______ in the production of that good.

comparative advantage

The accompanying figure shows Avery's weekly production possibilities curve for scarves. Avery's PPC would shift outward if she:

devotes more time to knitting each week.

You are the Minister of Trade for a small island country with the following annual PPC:(GRAPH - 500 coconuts per year or 1,500 fish per year) You are negotiating a trade agreement with a neighboring island with the following annual PPC: (GRAPH - 500 coconuts per year or 2,500 year) As soon as you see the other island's PPC, you realize there are:

gains from trade because your island has a comparative advantage in coconuts.

Refer to the accompanying figure. It is efficient for this farmer to:

grow 500 bushels of wheat and 250 bushels of corn.

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table.The opportunity cost of making a calculator for Smith is ______ and for Jones it is ______.

0.10 computers; 0.05 computers

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: (picture) Based on last month's data, Ralph's opportunity cost of selling a truck is selling:

1/4 of a car.

Refer to the accompanying figure. Moving from point B to point A, the opportunity cost of 25 more salads is:

10 pizzas.

You are the Minister of Trade for a small island country with the following annual PPC: You are negotiating a trade agreement with a neighboring island with the following annual PPC: What's the minimum number of fish you would be willing to accept in exchange for a coconut?

3

Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The absolute value of the slope of the production possibilities curve between points A and B equals:

3.

Refer to the accompanying figure. For Pat, the opportunity cost of removing one bag of trash is planting:

5 bulbs.

Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?

Dan should specialize in sandwiches, and Tracy should specialize in smoothies.

According to the textbook, NAFTA was expected to help which country exploit its comparative advantage in the production of goods made by unskilled labor?

Mexico

The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts. Relative to point X, at point Y:

more skirts and fewer dresses are produced.

Refer to the accompanying figure. For the nation whose PPC is shown, it must be true that:

some of the nation's productive resources are better-suited to making milk, and some are better-suited to making movies.

Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Suppose Earth Movers & Shakers needs to fill an order for 100 tons of ore in a single day. If it has no other orders to fill that day, and it's not possible to transfer miners from one mine to another, it should:

take 75 tons from Middle Drift and 25 tons from Mother Lode.

When a nation reduces the barriers to international trade:

the total value of all goods and serviced produced by the nation rises.

The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts. Point U is:

unattainable.