Question 1

-The above figure shows the production possibility frontier for a country.What is the opportunity cost to move from point D to point B?

Accepted Answer

A)  12 tons of rice 
B)  15 thousand bottles of wine 
C)  6 thousand bottles of wine 
D)  9 thousand bottles of wine 
E)  Nothing, it is a free lunch. 
A)  12 tons of rice 
B)  15 thousand bottles of wine 
C)  6 thousand bottles of wine 
D)  9 thousand bottles of wine 
E)  Nothing, it is a free lunch.

Question 2

"Because the United States is the largest economy in the world and can produce anything it needs domestically,there are no gains from trade for the United States." Is the previous statement correct or incorrect?

Accepted Answer

The statement is incorrect.The

Question 3

-The figure above shows the production possibilities frontier for a country.A combination of 2 million gallons of milk and 2 million gallons of ice cream is

Accepted Answer

A)  unattainable. 
B)  attainable and production efficient. 
C)  attainable and production inefficient. 
D)  attainable but more than production efficient. 
E)  More information is needed to determine if the point is attainable or not. 
A)  unattainable. 
B)  attainable and production efficient. 
C)  attainable and production inefficient. 
D)  attainable but more than production efficient. 
E)  More information is needed to determine if the point is attainable or not.

-The above figure shows the production possibility frontier for a country.What is the opportunity cost to move from point D to point B?

"Because the United States is the largest economy in the world and can produce anything it needs domestically,there are no gains from trade for the United States." Is the previous statement correct or incorrect?

-The figure above shows the production possibilities frontier for a country.A combination of 2 million gallons of milk and 2 million gallons of ice cream is

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

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Exam 3: The Economic Problem

-The above figure shows the production possibility frontier for a country.What is the opportunity cost to move from point D to point B?

"Because the United States is the largest economy in the world and can produce anything it needs domestically,there are no gains from trade for the United States." Is the previous statement correct or incorrect?

-The figure above shows the production possibilities frontier for a country.A combination of 2 million gallons of milk and 2 million gallons of ice cream is

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