ECON

Which of the following points would be on Juanita's production possibilities frontier, based on a 40-hour week?

(130 cellular phones programmed, 225 cellular phones tested)

Which of the following combinations of toothbrushes and hairbrushes could Portugal produce in 30 minutes?

1 toothbrush (5 minutes) and 4 hairbrushes (6*4=24 minutes) (5 + 24 =29)

Without trade, England produced and consumed 32 units of cheese and 2 units of bread and Spain produced and consumed 6 units of cheese and 2 units of bread. Then, each country agreed to specialize in the production of the good in which it has a comparative advantage and trade 7 units of cheese for 2.5 units of bread. As a result, England gained

1 unit of cheese and 0.5 unit of bread and Spain gained 1 unit of cheese and 0.5 unit of bread.

If Maxine and Daisy each divides her time equally between making pies and making tarts, then total production is

13.5 pies and 13 tarts.

If this economy devotes all of its available resources to producing apples, then it will produce

180 bushels of apples and 0 sweaters.

If these are the only two consumers in the market, then the market quantity demanded at a price of $6 is

19 units.

What is the opportunity cost to Footville of increasing the production of shoes from 400 to 600?

300 socks

If this economy devotes all of its resources to the production of blankets, then it will produce

360 blankets and 0 pillows.

Assume that Zimbabwe and Portugal each has 180 machine minutes available. If each country divides its time equally between the production of toothbrushes and hairbrushes, then total production is

48 toothbrushes and 24 hairbrushes.

Assume that the farmer and the rancher each has 24 labor hours available. If each person divides his time equally between the production of meat and potatoes, then total production is

6 pounds of meat and 4.5 pounds of potatoes.

It is possible for this economy to produce

60 dryers and 50 washers

If the production possibilities frontier is bowed outward, then "?" could be

750

If this economy devotes all of its resources to the production of dryers, then it will produce

80 dryers and 0 washers.

Which of the following steps does an economist take when studying the economy?

All of the above are correct.

This economy has the ability to produce at which point(s)?

R, T, U

Which arrow represents the flow of goods and services?

B

Consider the production possibilities frontier for an economy that produces only sofas and cars. The opportunity cost of each car is

Both a and b are correct.

It is not possible for this economy to produce at point

C

Indiadesh is a country that produces two goods, textiles and computers. Last year, Indiadesh produced 50,000 textiles and 1300 computers. This year it produced 45,000 textiles and 1100 computers. Given no further information, which of the following events could explain this change?

Indiadesh experienced a reduction in resources.

Economists face an obstacle that many other scientists do not face. What is that obstacle?

It is often impractical to perform experiments in economics.

Suppose that a worker in Cornland can grow either 40 bushels of corn or 10 bushels of oats per year, and a worker in Oatland can grow either 20 bushels of corn or 5 bushels of oats per year. There are 20 workers in Cornland and 20 workers in Oatland. Which of the following statements is true?

Neither country could gain from trade with each other because neither one has a comparative advantage.

Which of the following statements is correct?

The opportunity cost of an additional 200 shoes increases as more socks are produced.

At which point is this economy producing its maximum possible quantity of doors?

U

If this economy devotes one-half of its available resources to the production of blankets and the other half to the production of pillows, it could produce

We would have to know the details of this economy's technology in order to determine this.

. Suppose the U.S. and Japan both produce airplanes and televisions and the U.S. has a comparative advantage in the production of airplanes while Japan has a comparative advantage in the production of televisions. If the U.S. exports airplanes to Japan and imports televisions from Japan,

both countries, as a whole, will be better off.

By definition, imports are

goods produced abroad and sold domestically

For a self-sufficient producer, the production possibilities frontier

is the same as the consumption possibilities frontier.

In conducting their research, economists often substitute historical events and historical episodes for

laboratory experiments.

The use of theory and observation is more difficult in economics than in sciences such as physics due to the difficulty in

performing an experiment in an economic system.

The essence of science is

scientific method

Consider the production possibilities frontier for an economy that produces only sofas and cars. When society moves from point A to point B,

the opportunity cost is the same as when society moves from point B to point C.

. A production possibilities frontier can shift outward if

there is a technological improvement.

. Because it is difficult for economists to use experiments to generate data, they generally must

use whatever data the world gives them.