Econ chap 3

Pataasin ang iyong marka sa homework at exams ngayon gamit ang Quizwiz!

Huey and Steve can grow potatoes or tomatoes. The table above shows the pounds of potatoes and tomatoes Huey and Steve can grow in a week. Based on the​ table, which of the following statements is​ correct?

Huey has abs adv in both potatoes and tomatoes.

Alice and Gene work in the​ mailroom, sorting and delivering mail. In order for them to benefit from specialization and​ trade, Alice must

have a comparative advantage in one task and gene must have a com adv in the other task

The saying​ "There's no such thing as a free​ lunch," applies

on the production possibilities frontier

A country has a comparative advantage in the production of a good if it can

produce the good at the lowest opp cost

The figure above shows a​ nation's production possibilities frontier. In the​ figure, point A shows

the maximum

Assume that an association of young workers has lobbied Congress to require that all workers retire once they reach the age of fifty. What impact would this law have on the​ nation's production possibilities​ frontier?

the production possibilities frontier would shift inward

The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in​ trade, the United Kingdom will produce​ ________ and France will produce​ ________.

​fish; wheat

Economic growth depends upon which of the​ following? i. Improving the quality of labor ii. Technological advancement iii. Increasing the amount of capital

​i, ii, and iii

When production efficiency does NOT​ occur, i. an economy is producing at a point within its PPF. ii. there are unemployed resources. iii. allocative efficiency can not occur.

​i, ii, and iii

The figure shows the production possibility frontier for a country. What is the opportunity cost to move from point D to point B​?

12 tons of rice

Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb and Pete specialize and​ trade, how many packets will be​ assembled?

160

Robinson Crusoe divides his time between catching fish and gathering fruit. Part of his production possibilities frontier is given in the above table. If Mr. Crusoe is on his PPF and he increases the amount of fruit he gathers from 56 to 90​ pounds, the opportunity cost is

17

The figure shows the production possibilities frontier for a country. If the economy is operating at point B​, then the opportunity cost of another million gallons of milk is

3 gallons

The figure shows the production possibility frontier for a country. Suppose the country is producing at point E. What would be the opportunity cost to increase the production of wine to 9 thousand​ bottles?

3 tons

The figure shows the production possibility frontier for a country. What is the opportunity cost per ton of rice to move from point B to point D​?

500 bottles of wine

Hank requires 1 hour to cut the grass and 3 hours to clean the house. His sister Holly requires 1 hour to cut the grass and 4 hours to clean the house. Which of the following statements is​ true?

Holly has a comp adv in cutting the grass

When all of the available factors of production are being efficiently​ employed, the

economy is producing at a point on its ppf

The table above shows a production possibilities frontier for an economy. If the economy tried to produce a combination of 250 loaves of bread and 800​ books,

it cannot produce this combination because it lacks enough resources or technology.

The table above shows a​ nation's production possibilities frontier. If the nation wants to produce 4 robots and 34 pizzas

it will unable to do so

As an economy​ grows,

its ppl shifts outward


Kaugnay na mga set ng pag-aaral

exercise 7 anatomy and physiology

View Set

Chapter 4 Mini Stimulation attempt 2

View Set

AP US HISTORY: 2.2.6 Vocabulary and Reading Questions

View Set