Exam 2: Trade-Offs, Comparative Advantage, and the Market System

All of the following are considered intellectual property except

Table 2-5 Production choices for Nadia's Neckware Choice Quantity of Ascots Produced Quantity of Bowties Produced A 32 0 B 24 6 C 16 12 D 8 18 E 0 24 -Refer to Table 2-5.Assume Nadia's Neckties only produces ascots and bowties.Nadia faces ________ opportunity costs in the production of ascots and bowties.

Table 2-16 One Cell Phone Lumber (per board foot) Estonia 40 hours 8 hours Finland 16 hours 4 hours Table 2-16 shows the number of labor hours required to produce a cell phone and a board foot of lumber in Estonia and Finland. -Refer to Table 2-16.What is Finland's opportunity cost of producing one cell phone?

Table 2-3 Production Choices for Dina's Diner Choice Quantity of Sliders Produced Quantity of Hot Wings Produced A 160 0 B 120 50 C 80 100 D 40 150 E 0 200 -Refer to Table 2-3.Assume Dina's Diner only produces sliders and hot wings.A combination of 120 sliders and 100 hot wings would appear

Table 2-17 James Lucy Wagons 16 18 Tricycles 32 24 Table 2-17 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. -Refer to Table 2-17.What is James's opportunity cost of making a tricycle?

Which of the following is an example of spending on factors of production in the circular flow model?

If the opportunity cost of producing more of one good increases as more of that good is produced,then the production method is inefficient.

A worker is hired in a

Figure 2-12 Figure 2-12 shows the production possibilities frontiers for Tahiti and Bora Bora. Each country produces two goods, milk and honey. -Refer to Figure 2-12.What is the opportunity cost of producing one gallon of honey in Tahiti?

The ability to exercise control over one's own resources within the confines of the law refers to

Which of the following is not a factor of production?

Any output combination outside a production possibilities frontier is associated with unused or underutilized resources.

According to the production possibilities model,if more resources are allocated to the production of physical and human capital,then all of the following are likely to happen except

Suppose your expenses for this term are as follows: tuition: $10,000,room and board: $6,000,books and other educational supplies: $1,000.Further,during the term,you can only work part-time and earn $8,000 instead of your full-time salary of $20,000.What is the opportunity cost of going to college this term,assuming that your room and board expenses would be the same even if you did not go to college?

Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Mendonca, an agrarian nation that produces two goods, meat and vegetables. -Refer to Figure 2-2.What is the opportunity cost of one pound of vegetables?

The primary purpose of patents and copyrights is to

Figure 2-14 Figure 2-14 shows the production possibilities frontiers for Greenland and Iceland. Each country produces two goods, snow cones and popsicles. -Refer to Figure 2-14.What is the opportunity cost of producing 1 snow cone in Greenland?

Figure 2-10 -Refer to Figure 2-10.If the economy is currently producing at point C,what is the opportunity cost of moving to point B?

Figure 2-4 Figure 2-4 shows various points on three different production possibilities frontiers for a nation. -Refer to Figure 2-4.Consider the following events: A.a decrease in the unemployment rate B.general technological advancement C.an increase in consumer wealth Which of the events listed above could cause a movement from V to W?

The payment received by suppliers of entrepreneurial skills is called profit.