Exam 1: Economics: the Core Issues

Which of the following is not a factor of production?

Which of the following is true about the combination of mops and brooms represented by point E in Figure 1.3 and using PP1?

Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S.capacity,ceteris paribus. Table 1.2 Production Possibilities for Bombers Combination Number of B- 1 Bombers Opportunity cost(Foregone Stealth) Number of Stealth Bombers Opportunity cost (Foregone B-1) A 20 195 35 180 45 150 50 100 NA On the basis Table 1.2,if the economy is currently producing at point C,what is the opportunity cost of producing at point B?

When a curve shifts,the underlying relationship between the two variables has changed.

A line that slopes downward from left to right has a

In Figure 1.5,at which of the following points would the opportunity cost of producing more doughnuts be greatest?

The Economy Tomorrow on "Harnessing the Sun" states that the percentage of electricity that is generated from burning oil and coal is:

The role of the entrepreneur in an economy is to

A point on a nation's production possibilities curve represents

Production possibilities in an economy decrease as more resources and better technology are utilized.

Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S.capacity,ceteris paribus.Complete the table by calculating the required opportunity costs for both the B-1 and Stealth bombers. Table 1.2 Production Possibilities for Bombers Combination Number of B- 1 Bombers Opportunity cost(Foregone Stealth) Number of Dtealth Bombers Opportunity cost (Foregone B-1) A 20 NA 195 B 35 180 C 45 150 50 100 NA The highest opportunity cost in Table 1.2 for B-1 bombers in terms of Stealth bombers is

A linear function can be distinguished by

Refer to the World View article titled "North Korea's Food Shortage Grows." If North Korea reduces the size of its military and produces more food,this is most consistent with

Opportunity cost may be defined as the

Given that resources are scarce,

Which of the following will cause the production possibilities curve to shift inward?

Using Figure 1.3 and starting from PP1,an increase in the capacity to produce can be represented by a movement from

Which of the following is true about the combination of televisions and smartphones represented by point F in Figure 1.4?

Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S.capacity,ceteris paribus. Table 1.2 Production Possibilities for Bombers Combination Number of B- 1 Bombers Opportunity cost(Foregone Stealth) Number of Stealth Bombers Opportunity cost (Foregone B-1) A 20 NA 195 B 35 180 C 45 150 D 50 100 NA On the basis of Table 1.2,what is gained by producing at point B rather than point A?

A movement from point F to point D in Figure 1.3 results in