Exam 2: Economic Models: Trade-Offs and Trade

Use the following to answer questions: -(Figure: Cold Drinks Sold and Temperature) Use Figure: Cold Drinks Sold and Temperature. If we move from point C to point E in the figure, the outside temperature has _____ degrees and the number of cold drinks sold has _____.

The point at which the axes of a graph intersect is called the:

In the product market, households buy goods and services.

Use the following to answer questions: \\ -(Figure: Guns and Butter) Use Figure: Guns and Butter. The combination of guns and butter at point H:

Use the following to answer questions: -(Figure: Demand and Supply of Shirts) Use Figure Demand and Supply of Shirts. If the line labeled S shows how many shirts per week will be offered for sale at various prices, then it is clear that, for supply, quantity and price are:

If an economy has to sacrifice only one unit of good X for each unit of good Y produced throughout the relevant range, then its production possibility frontier has a(n):

Use the following to answer questions: \\ -(Figure: Wine and Wheat) Use Figure: Wine and Wheat. If this economy is producing at point A, we know the economy is:

Assume an economy is operating on its production possibility frontier, which shows the production of military and civilian goods. If the output of military goods is increased, the output of civilian goods:

Use the following to answer questions: -(Figure: Good X and Good Y) Use Figure: Good X and Good Y. If we move from point C to point B in the figure, the x-variable has _____ units and the y-variable has _____ units.

Use the following to answer questions: -(Figure: Illustrating Slope) Use Figure: Illustrating Slope. In the graph, line 1 depicts X and Y to be:

If an economy is producing a level of output that is on its production possibility frontier, the economy has:

Taylor sees a bar graph showing the average weight of adult males over the past 200 years and concludes that men get more obese over time. Taylor's conclusion may be wrong since she did not consider:

The financial meltdown of 2008-2009:

Use the following to answer questions: \\ -(Figure: Labor Force Participation Rate) Use Figure: Labor Force Participation Rate. During 1970-1985, the labor force participation rate was _____ for women and _____ for men.

Use the following to answer questions: \\ -(Table: Comparative Advantage I) Use Table: Comparative Advantage I. Sweden has a comparative advantage in producing:

Use the following to answer questions: \\ -(Figure: Unemployment Rate over Time) Use Figure: Unemployment Rate over Time. In the time-series graph, as we move from 1991 to 1993, we see that the unemployment rate has _____ from approximately _____% to approximately _____%.

Use the following to answer questions: \\ -(Figure: Omar's Production Possibilities) Use Figure: Omar's Production Possibilities. The opportunity cost for Tom to move from point B on the curve to point A is:

In the circular-flow diagram, households buy _____ in the _____ market.

One of the controversies surrounding the United States' energy markets is the trade-off between energy production and clean air. Assuming clean air has value, the United States will be on its production possibility frontier if and only if:

Use the following to answer questions: \\ -(Figure: Comparative Advantage) Use Figure: Comparative Advantage. Westland has an absolute advantage in producing: