\(\begin{array}{c} \begin{array}{lll} \text { Mary's production in 1 day }\\ \hline \text { Dresses }\quad 8\\ \text { Jackets } \quad 12\\ \end{array} \begin{array}{lll} \text { Mark's production in 1 day }\\ \hline \text { Dresses }\quad 24\\ \text { Jackets } \quad 16\\ \end{array} \end{array}\) -In the table above,how many jackets must Mark forgo for every dress he makes?

A) 1 jacket B) 16 jackets C) 2/3 of a jacket D) 1 1/2 jackets E) 24 dresses A) 1 jacket B) 16 jackets C) 2/3 of a jacket D) 1 1/2 jackets E) 24 dresses

\(\begin{array}{c} \begin{array}{c} \hline\ \text { Production } \\ \text {point}\\ \hline\text {A}\\ \text {B}\\ \text {C}\\ \text {D}\\ \end{array} \begin{array}{c} \hline \text { Food } \\ \text { (pounds) }\\ \hline 24 & \text { and } \\ 16 & \text { and } \\ 8 & \text { and } \\ 0 & \text { and } \end{array} \begin{array}{c} \hline \text { Clothing}\\ \text { (pounds)}\\ \hline \text {0}\\ \text {4}\\ \text {8}\\ \text {12}\\ \end{array} \begin{array}{c} \hline \text { Production }\\ \text { point } \\ \hline A \\ B \\ C \\ D \end{array} \begin{array}{c} \hline \text { Food}\\ \text { (pounds)}\\ \hline 45 & \text { and }\\ 30 & \text { and }\\ 15 & \text { and } \\ 0 & \text { and } \end{array} \begin{array}{c} \hline \text { Clothing}\\ \text { (pounds)}\\ \hline \text {0}\\ \text {5}\\ \text {10}\\ \text {15}\\ \end{array} \end{array}\) -In the table above,Jill's opportunity cost for 1 pound of food is ________ and her opportunity cost for 1 pound of clothing is ________.

A) 1 pound of clothing; 4 pounds of food B) 1/2 of a pound of clothing; 2 pounds of food C) 1/3 of a pound of clothing; 3 pounds of food D) 2 pounds of clothing; 2 pounds of food E) 1 pound of food; 1 pound of clothing A) 1 pound of clothing; 4 pounds of food B) 1/2 of a pound of clothing; 2 pounds of food C) 1/3 of a pound of clothing; 3 pounds of food D) 2 pounds of clothing; 2 pounds of food E) 1 pound of food; 1 pound of clothing

Exam 3: The Economic Problem

-The above figure shows the production possibility frontier for a country.Suppose the country is producing at point D.What would be the opportunity cost to move to point C?

(Multiple Choice)

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(78)

Question 201

How can a combination of goods be unattainable?

(Essay)

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Question 202

Mary's production in 1 day Dresses 8 Jackets 12 Mark's production in 1 day Dresses 24 Jackets 16 -In the table above,how many jackets must Mark forgo for every dress he makes?

(Multiple Choice)

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Question 203

If a nation has an absolute advantage in producing a good,then it

(Multiple Choice)

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Question 204

-Suppose that Germany,France,Estonia,and India all have the same production possibilities,illustrated in the figure above.Based on the production points in the figure,India is most likely to expand its PPF to

(Multiple Choice)

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Question 205

-Deb and Pete have volunteered to help their favorite charity mail out fundraiser information.The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes.What is Deb's opportunity cost of assembling 1 packet?

(Multiple Choice)

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Question 206

Why is it likely that the United States has an absolute advantage in goods and yet it still ends up importing them from other countries?

(Essay)

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Question 207

In one hour John can produce 20 loaves of bread or 16 cakes.In one hour Phyllis can produce 30 loaves of bread or 15 cakes.Which of the following statements is true?

(Multiple Choice)

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Question 208

If there is increasing opportunity cost,then when moving downward on a production possibilities frontier,the opportunity cost of the good on the horizontal axis ________ as more of the good is produced.

(Multiple Choice)

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Question 209

\ Production point A B C D Food (pounds) 24 and 16 and 8 and 0 and Clothing (pounds) 0 4 8 12 Production point A B C D Food (pounds) 45 and 30 and 15 and 0 and Clothing (pounds) 0 5 10 15 -In the table above,Jill's opportunity cost for 1 pound of food is and her opportunity cost for 1 pound of clothing is .

(Multiple Choice)

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Question 210

Once you find the opportunity cost of producing one unit of a good,to find the opportunity cost of producing the other good,you must

(Multiple Choice)

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Question 211

The United States is one of the richest nations in the world,

(Multiple Choice)

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Question 212

The United States has an absolute advantage in producing sugar over all of the other sugar producing countries.Does this fact mean that we should not import any sugar from the other countries?

(Essay)

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Question 213

Which of the following statements is correct?

(Multiple Choice)

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Question 214

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 215

When a nation is producing on its production possibilities frontier,if more resources are used to produce one good,then the production of other goods

(Multiple Choice)

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Question 216

-The figure above shows the production possibilities frontiers for the United Kingdom and France.What is the opportunity cost of one bushel of wheat for the United Kingdom?

(Multiple Choice)

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Question 217

Production possibilities frontiers usually curve out and away from the origin.The implication is

(Multiple Choice)

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Question 218

In the movie Cast Away,Tom Hanks plays a FedEx efficiency expert stranded on a deserted island.While on the island,he divides his time between catching fish,gathering coconuts,painting,and building a raft.Suppose that these were Mr.Hanks' only activities.Did he face an opportunity cost from pursuing any of these activities? Why or why not?

(Essay)

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Question 219

If workers in Mexico produce fewer goods and services per hour than workers in the United States in all areas of production,then

(Multiple Choice)

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Question 220

-The above figure shows the production possibility frontier for a country.Suppose the country is producing at point D.What would be the opportunity cost to move to point C?

How can a combination of goods be unattainable?

Mary's production in 1 day Dresses 8 Jackets 12 Mark's production in 1 day Dresses 24 Jackets 16 -In the table above,how many jackets must Mark forgo for every dress he makes?

If a nation has an absolute advantage in producing a good,then it

-Suppose that Germany,France,Estonia,and India all have the same production possibilities,illustrated in the figure above.Based on the production points in the figure,India is most likely to expand its PPF to

-Deb and Pete have volunteered to help their favorite charity mail out fundraiser information.The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes.What is Deb's opportunity cost of assembling 1 packet?

Why is it likely that the United States has an absolute advantage in goods and yet it still ends up importing them from other countries?

In one hour John can produce 20 loaves of bread or 16 cakes.In one hour Phyllis can produce 30 loaves of bread or 15 cakes.Which of the following statements is true?

If there is increasing opportunity cost,then when moving downward on a production possibilities frontier,the opportunity cost of the good on the horizontal axis ________ as more of the good is produced.

Once you find the opportunity cost of producing one unit of a good,to find the opportunity cost of producing the other good,you must

The United States is one of the richest nations in the world,

The United States has an absolute advantage in producing sugar over all of the other sugar producing countries.Does this fact mean that we should not import any sugar from the other countries?

Which of the following statements is correct?

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.

When a nation is producing on its production possibilities frontier,if more resources are used to produce one good,then the production of other goods

-The figure above shows the production possibilities frontiers for the United Kingdom and France.What is the opportunity cost of one bushel of wheat for the United Kingdom?

Production possibilities frontiers usually curve out and away from the origin.The implication is

If workers in Mexico produce fewer goods and services per hour than workers in the United States in all areas of production,then

Getting Started

The U.S.and Global Economies

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters