ch 2

Question 13 1 / 1 pts Table 2-10 Table 2-10 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles. Refer to Table 2-10. Which of the following statements is true?

! ^ Barney has an absolute advantage in making both products.

Question 11 0 / 1 pts Figure 2-6 Refer to Figure 2-6. If the economy is currently producing at point D, what is the opportunity cost of moving to point B? You Answered

0 hammers

Question 7 1 / 1 pts Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables. Refer to Figure 2-2. What is the opportunity cost of one pound of meat?

1 and 1/3 pounds of vegetables

Question 19 1 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Denmark consume?

150

Question 16 1 / 1 pts Table 2-10 Table 2-10 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles. Refer to Table 2-10. What is Barney's opportunity cost of making a unicycle? Correct!

2 pogo sticks

Question 20 0 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many hats will Belize consume?

250

Question 22 1 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Belize consume? Correct!

270

Question 14 1 / 1 pts Table 2-10 Table 2-10 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles. Refer to Table 2-10. What is Fred's opportunity cost of making a unicycle?

3 pogo sticks

Question 6 1 / 1 pts Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables. Refer to Figure 2-2. What is the opportunity cost of one pound of vegetables?

3/4 found of meat

Question 23 1 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Denmark gain compared to the "without trade" numbers?

30

Question 8 0 / 1 pts Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables. Refer to Figure 2-2. Suppose Mendonca is currently producing 60 pounds of vegetables per period. How much meat is it also producing, assuming that resources are fully utilized?

75 pounds of meat

Question 21 1 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. If the actual terms of trade are 1 hat for 1.8 clocks and 150 hats are traded, how many clocks will Denmark consume? Correct!

930

Question 15 1 / 1 pts Table 2-10 Table 2-10 shows the output per month of two people, Fred and Barney. They can either devote their time to making pogo sticks or making unicycles. Refer to Table 2-10. Which of the following statements is true?

Barney has a comparative advantage in making unicycles and Fred in making pogo sticks.

Question 9 1 / 1 pts Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables. Refer to Figure 2-2. If Mendonca chooses to produce 120 pounds of meat, how much vegetables can it produce to maximize production?

Correct! 0 pounds of vegetables

Question 25 1 / 1 pts Exports are domestically produced goods and services

Correct! sold to other countries.

Question 17 1 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. Which country has an absolute advantage in producing clocks? Correct!

Denmark

Question 18 1 / 1 pts Table 9-11 Denmark and Belize can produce both clocks and hats. Each country has a total of 200 available labor hours for the production of clocks and hats. Table 9-11 shows the output per hour of work, the production and consumption quantities without trade, and the production numbers with trade. Refer to Table 9-11. Which country has a comparative advantage in producing clocks?

Denmark

1 / 1 pts The production possibilities frontier model shows that

if all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good.

Question 24 1 / 1 pts A tariff is a tax imposed by a government on

imports.

Question 3 1 / 1 pts Figure 2-1 Refer to Figure 2-1. Point A is

inefficient in that not all resources are being used.

Question 12 1 / 1 pts Figure 2-7 Apple recently announced that the company is exploring the electric vehicle market, and is looking to produce vehicles as early as 2020. Assume Apple chooses to produce both traditional electric-engine vehicles and self-driving electric-engine vehicles. Figure 2-7 shows changes to its production possibilities frontier in response to new developments and different strategic production decisions. Refer to Figure 2-7. Suppose worker productivity increases so that the total number of vehicles produced increases as the company adds more machinery, workers, and changes the layout of the factory. This is best represented by the

movement from G to H in Graph B.

Question 4 1 / 1 pts Figure 2-1 Refer to Figure 2-1. Point B is

technically efficient.

Question 2 1 / 1 pts The principle of opportunity cost is that

the economic cost of using a factor of production is the alternative use of that factor that is given up.

Question 10 1 / 1 pts Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables. Refer to Figure 2-2. The linear production possibilities frontier in the figure indicates that

the tradeoff between meat and vegetables is constant.

Question 5 1 / 1 pts Figure 2-1 Refer to Figure 2-1. Point C is

unattainable with current resources.