Exam 2: Scarcity, Choice, and Economic Systems

Figure 2-12 Bob Tam Political Jokes per day 10 11 Celebrity Jakes per day 2 12 -Suppose Bob and Tom are writing jokes for a their new TV show.Suppose there are two types of jokes,political jokes and jokes about celebrities.The number of jokes that can be produced by each person in each category are listed in Figure 2-12.From this table they should

In a market economy,most of what we consume is obtained by

Productivity efficiency in saving lives

Along a society's production possibilities frontier,

When there is an improvement in technology,holding all else constant,

Figure 2-8 -Assume that U.S.agricultural land is used either to raise cotton for clothing or to grow wheat.Curve FG in Figure 2-8 represents the current production possibilities frontier for cotton and wheat.What could cause the production possibilities frontier to shift from FG to FH?

If Arthur has a comparative advantage in sewing and Susan has a comparative advantage in accounting,then

The social problem of resource allocation requires society to decide

Combinations of goods outside the production possibilities curve

Bill can cook dinner in 45 minutes and mow the lawn in 1.5 hours.Eileen can cook dinner in 1.5 hours and mow the lawn in 2 hours.Which of the following statements is correct?

The specialization of labor

A method of allocating scarce resources is a necessary component of

Figure 2-1 -Figure 2-1 illustrates the trade-off for a particular student between time spent studying per week and income per week from working part-time.What is the opportunity cost for this person of moving from point b to point a?

An economy with a government planning commission that provides explicit instructions for resource allocation is an example of

One way to increase economic efficiency in saving lives is to

Jenni can change a car's oil in 10 minutes and clean a bathroom in 20 minutes.Rob can change a car's oil in 20 minutes and clean a bathroom in 10 minutes.Therefore,

If Japan could produce more steel in a year than the United States using the same amount of resources,then

Which of the following is an essential feature of any economic system?

The world's total output will be greater the more self-sufficient each of the world's economies becomes.

Production is productively efficient when