Question 1

Figure 2-11  
-Refer to Figure 2-11. Which of the following events would explain the shift of the production possibilities frontier from A to B?

Accepted Answer

A) The economy's citizens developed an enhanced taste for books. 
B) The economy experienced a technological advance in the production of books. 
C) More capital became available in the economy. 
D) More labor became available in the economy. 
A) The economy's citizens developed an enhanced taste for books. 
B) The economy experienced a technological advance in the production of books. 
C) More capital became available in the economy. 
D) More labor became available in the economy.

Question 2

The point where both x and y are zero is known as the

Accepted Answer

A) origin. 
B) null. 
C) zero coordinate. 
D) center. 
A) origin. 
B) null. 
C) zero coordinate. 
D) center.

Question 3

The opportunity cost of something is what you give up to get it.

Accepted Answer

A) True 
 B)False

Question 4

When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Accepted Answer

A) True 
 B)False

Question 5

Figure 2-6  
-Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is

Accepted Answer

A) 120 pillows. 
B) 120 blankets. 
C) 120 blankets and 120 pillows. 
D) 200 blankets. 
A) 120 pillows. 
B) 120 blankets. 
C) 120 blankets and 120 pillows. 
D) 200 blankets.

Figure 2-11 -Refer to Figure 2-11. Which of the following events would explain the shift of the production possibilities frontier from A to B?

The point where both x and y are zero is known as the

The opportunity cost of something is what you give up to get it.

When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Figure 2-6 -Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is

Ten Principles of Economics

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: The Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers in Microeconomics

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Exam 2: Thinking Like an Economist

Figure 2-11 -Refer to Figure 2-11. Which of the following events would explain the shift of the production possibilities frontier from A to B?

The point where both x and y are zero is known as the

The opportunity cost of something is what you give up to get it.

When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Figure 2-6 -Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is

Ten Principles of Economics

Interdependence and the Gains From Trade

The Market Forces of Supply and Demand

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: The Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers in Microeconomics

Filters