Macro Test 1 Review
A nation can produce two products: tanks and autos. The table below is the nation's production possibilities: Refer to the picture of the table. According to the prbduction possibilities schedule, a combination of 4 tanks and 650 autos is:
Not attainable because the nation does not have sufficient resources
A positive statement is one that is:
O objective and is based on facts.
A nation can produce two products: tanks and autos. The table below is the nation's production possibilities:
OIs attainable but entails some unemployment or inefficient use of society's resources
(Consider This) At fast-food restaurants:
decisions entail comparisons of marginal costs and marginal benefits.
A nation's consumption is strictly limited by its production possibilities, even with international trade,
False
A point inside a production possibilities frontier
is attainable but some resources are waisted
A country can achieve some combination of goods outside its production possibilities curve by:
specializing and engaging in international trade.
(Consider This) An exception to the advice "go to college, stay in college, and earn a degree" occurs when:
the opportunity cost of attending college is extraordinarily
In the figure are two linear production possibilities curves for countries Alpha and Beta, We can conclude that:
the opportunity cost of shelter is greater in Alpha than it is in Beta.
Refer to the diagram. If society is currently producing 9 units of bicycles and 4 units of computers and it now decides to increase computer output to 6, the cost:
will be 4 units of bicycles.