Exam 1: The Economic Problem

Below are some production possibilities data for the mystical land of Ghandor. -Refer to the above information to answer this question.Which of the above are macroeconomic concepts?

Define economics.

The following table shows the production possibilities for the country of Erewhon: -Refer to the table above to answer this question.What is the total cost of producing the first 10 units of wine?

Which of the following was argued by John Stuart Mill?

Below is a production possibilities curve involving tea and videos. -Refer to the graph above to answer this question.Assume that the economy is facing PPI and that the economy is currently producing the combination of tea and videos represented by point A.What is the opportunity cost of increasing the output of videos to 400,000?

Which of the following is true about economics?

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. -Refer to the graph above to answer this question.If new technology increased the output of quirks by 50%,how many quirks could be produced if 600 quarks were produced?

The graph below is Mendork's production possibility curve for the only two goods that it produces-quirks and quarks. -Refer to the graph above to answer this question.If Mendork's current production is at point A,what is the (approximate)cost of producing one more quirk?

What are the four basic ways that society can use to organize its economic affairs?

Tigris produces only two products: tennis balls and tennis racquets.Each worker comes with a fixed quantity of materials and capital,and the economy's labour force is fixed at 100 workers.The following table indicates the amounts of balls and racquets that can be produced daily with various quantities of labour: a)Can Tigris produce 200 balls and 60 racquets? b)What is the total cost of producing 150 balls? c)What is the total cost of producing 75 racquets? d)If Tigris is currently producing 230 balls,what is the cost of an additional 20 balls? e)If Tigris is currently producing 30 racquets,what is the cost of an additional 20 racquets?

Which of the following is correct?

All of the following except one are positive statements.Which is the exception?

Macroeconomics focuses on the outcomes of decisions by people and firms,whereas microeconomics is a study of how the major components of an economy interact.

Below are some production possibilities data for the mystical land of Ghandor. -All of the following except one are macroeconomic topics.Which is the exception?

The following table shows the production possibilities for the country of Erewhon: -Refer to the table above to answer this question.If Erewhon is producing 23 units of cheese,approximately how many units of wine can it produce?

What does the term technology mean to an economist?

What are the three fundamental questions in economics?

Productivity refers to which type of efficiency?

The following table shows the production possibilities for the country of Erewhon: -Refer to the table above to answer this question.If Erewhon is producing combination D,what is the cost of producing 1 more unit of cheese?

Which of the following statements concerning capitalism and socialism is false?