Question 1

-The above table shows the tons of steel and concrete that can be produced by the United States and France in an hour. From the data in the table

Accepted Answer

A)  France has a comparative advantage in the production of concrete. 
B)  the United States has a comparative advantage in the production of concrete. 
C)  France has an absolute advantage in the production of concrete. 
D)  the United States has a comparative advantage in the production of both goods. 
A)  France has a comparative advantage in the production of concrete. 
B)  the United States has a comparative advantage in the production of concrete. 
C)  France has an absolute advantage in the production of concrete. 
D)  the United States has a comparative advantage in the production of both goods.

Question 2

-Refer to the production possibilities frontier in the figure above. Suppose a country is producing at point a. A movement to point ________ means that the country ________.

Accepted Answer

A)  d; must give up 20 million capital goods 
B)  e; is not operating efficiently 
C)  d; gives up 10 million consumer goods 
D)  b; is producing at an inefficient point 
A)  d; must give up 20 million capital goods 
B)  e; is not operating efficiently 
C)  d; gives up 10 million consumer goods 
D)  b; is producing at an inefficient point

Question 3

In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has ________ advantage in producing ________.

Accepted Answer

A)  an absolute; shoes 
B)  a comparative; shoes 
C)  an absolute; bookshelves 
D)  a comparative; bookshelves 
A)  an absolute; shoes 
B)  a comparative; shoes 
C)  an absolute; bookshelves 
D)  a comparative; bookshelves

-The above table shows the tons of steel and concrete that can be produced by the United States and France in an hour. From the data in the table

-Refer to the production possibilities frontier in the figure above. Suppose a country is producing at point a. A movement to point means that the country .

In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has advantage in producing .

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 Business Cycle, Inflation, and Deflation

Fiscal Policy

Monetary Policy

International Trade Policy

Filters

Exam 2: The Economic Problem

-The above table shows the tons of steel and concrete that can be produced by the United States and France in an hour. From the data in the table

-Refer to the production possibilities frontier in the figure above. Suppose a country is producing at point a. A movement to point ________ means that the country ________.

In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has ________ advantage in producing ________.

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 Business Cycle, Inflation, and Deflation

Fiscal Policy

Monetary Policy

International Trade Policy

Filters

-Refer to the production possibilities frontier in the figure above. Suppose a country is producing at point a. A movement to point means that the country .

In one week Alice can produce 5 pairs of shoes or 4 bookshelves while Roger can produce 10 pairs of shoes or 6 bookshelves. Alice has advantage in producing .