-In the above figure, once on PPF2, a country would grow slowest by producing at point

A) A. B) B. C) C. D) D. A) A. B) B. C) C. D) D.

Production possibilities \[\begin{array} { | l | l | l | } \hline \text { Possibility } & \begin{array} { l } \text { Pizza (per } \\ \text { hour) } \end{array} & \begin{array} { l } \text { Soda } \\ \text { (cases per } \\ \text { hour) } \end{array} \\ \hline \text { A } & 0 & 100 \\ \hline \text { B } & 1 & 95 \\ \hline \text { C } & 2 & 80 \\ \hline \text { D } & 3 & 60 \\ \hline \text { E } & 4 & 35 \\ \hline \text { F } & 5 & 0 \\ \hline \end{array}\] -In the above table, the production of 3 pizzas and 35 cases of soda is

A) possible only if there is inflation. B) feasible but would involve unemployed or misallocated resources. C) impossible unless more resources become available. D) possible only if the economy produces with maximum efficiency. A) possible only if there is inflation. B) feasible but would involve unemployed or misallocated resources. C) impossible unless more resources become available. D) possible only if the economy produces with maximum efficiency.

\[\begin{array} { | l | l | l | } \hline \text { Point } & \begin{array} { l } \text { Production } \\ \text { chocolate } \\ \text { bars } \end{array} & \begin{array} { l } \text { Production } \\ \text { cans of cola } \end{array} \\ \hline \text { A } & 0 & 100 \\ \hline \text { B } & 10 & 90 \\ \hline \text { C } & 20 & 70 \\ \hline \text { D } & 30 & 40 \\ \hline \text { E } & 40 & 0 \\ \hline \end{array}\] -The above table shows production points on Sweet-Tooth Land?s production possibilities frontier. Which of the following statements is TRUE?

A) Producing 20 chocolate bars and 80 cans of cola is attainable, but inefficient. B) Producing 40 chocolate bars and 0 cans of cola is unattainable and inefficient. C) Producing 0 chocolate bars and 100 cans of cola is both attainable and efficient. D) Producing 30 chocolate bars and 38 cans of cola is only attainable with an increase in technology. A) Producing 20 chocolate bars and 80 cans of cola is attainable, but inefficient. B) Producing 40 chocolate bars and 0 cans of cola is unattainable and inefficient. C) Producing 0 chocolate bars and 100 cans of cola is both attainable and efficient. D) Producing 30 chocolate bars and 38 cans of cola is only attainable with an increase in technology.

Exam 2: The Economic Problem

Jake takes 40 minutes to fry a chicken and 10 minutes to toast a slice of bread. His brother Elwood takes 60 minutes to fry a chicken and 4 minutes to toast a slice of bread. Calculate each brotherʹs opportunity cost. Who has a comparative advantage in which activity? Explain. Will the brothers gain if they specialize?

(Essay)

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Question 421

-Refer to the production possibilities frontier figure above. Which of the following movements requires the largest opportunity cost, in terms of good X forgone, per extra unit of good Y?

(Multiple Choice)

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Question 422

Chinaʹs State Council has encouraged more spending to ʺimprove transportation links and other infrastructure... .ʺ It will also ʺstep up its spending on vocational training and other educational programs for adults.ʺ Suppose that capital goods are on the vertical axis while consumption goods are on the horizontal axis of Chinaʹs PPF. As a result of enacting the policies, Chinaʹs PPF will

(Multiple Choice)

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Question 423

An expansion of the production possibilities frontier is

(Multiple Choice)

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Question 424

-In the above figure, once on PPF₂, a country would grow slowest by producing at point

(Multiple Choice)

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Question 425

-As Rainclouds Inc. moves downward along its production possibilities frontier, illustrated in the figure above, the opportunity cost of a raincoat________ .

(Multiple Choice)

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Question 426

Increasing opportunity cost implies that

(Multiple Choice)

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Question 427

Production possibilities Possibility Pizza (per hour) Soda (cases per hour) A 0 100 B 1 95 C 2 80 D 3 60 E 4 35 F 5 0 -In the above table, the production of 3 pizzas and 35 cases of soda is

(Multiple Choice)

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Question 428

Draw a production possibilities frontier between beans and peas. Label the unattainable points, the attainable points with fully employed resources, and the attainable points with unemployed resources.

(Essay)

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Question 429

-In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Which of the following statements about comparative advantage is correct?

(Multiple Choice)

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Question 430

Point Production chocolate bars Production cans of cola A 0 100 B 10 90 C 20 70 D 30 40 E 40 0 -The above table shows production points on Sweet-Tooth Land?s production possibilities frontier. Which of the following statements is TRUE?

(Multiple Choice)

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Question 431

Which of the following is NOT illustrated by a production possibilities frontier?

(Multiple Choice)

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Question 432

-Refer to the production possibilities frontier figure above. Which of the following movements requires the largest opportunity cost, in terms of good X forgone, per extra unit of good Y?

An expansion of the production possibilities frontier is

-In the above figure, once on PPF₂, a country would grow slowest by producing at point

-As Rainclouds Inc. moves downward along its production possibilities frontier, illustrated in the figure above, the opportunity cost of a raincoat________ .

Increasing opportunity cost implies that

Production possibilities Possibility Pizza (per hour) Soda (cases per hour) A 0 100 B 1 95 C 2 80 D 3 60 E 4 35 F 5 0 -In the above table, the production of 3 pizzas and 35 cases of soda is

Draw a production possibilities frontier between beans and peas. Label the unattainable points, the attainable points with fully employed resources, and the attainable points with unemployed resources.

-In one day, Brandon can either plow 10 acres or plant 20 acres. In one day, Christopher can either plow 14 acres or plant 14 acres. Which of the following statements about comparative advantage is correct?

Point Production chocolate bars Production cans of cola A 0 100 B 10 90 C 20 70 D 30 40 E 40 0 -The above table shows production points on Sweet-Tooth Land?s production possibilities frontier. Which of the following statements is TRUE?

Which of the following is NOT illustrated by a production possibilities frontier?

What Is Economics

Demand and Supply

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers: the Keynesian Model

U.S Inflation, Unemployment, and Business Cycle

Fiscal Policy

Monetary Policy

International Trade Policy

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