Question 1

Scarcity implies choice.Explain

Accepted Answer

Society cannot produce all the goods and

Question 2

Below is a production possibilities curve for a large tract of prairie farm land.
  
-Refer to the graph above to answer this question.Which of the following statements would be correct if the land was producing 200 units of rye and 100 units of wheat?

Accepted Answer

A) Some of the land might be idle. 
B) The most appropriate technology may not be in use. 
C) There may be inefficiencies in production. 
D) Some of the land might be idle,the most appropriate technology may not be in use,and there may inefficiencies in production. 
A) Some of the land might be idle. 
B) The most appropriate technology may not be in use. 
C) There may be inefficiencies in production. 
D) Some of the land might be idle,the most appropriate technology may not be in use,and there may inefficiencies in production.

Question 3

Suppose two identical economies with the same production possibility curve.If country A produces more capital goods relative to country B,which country will grow faster? Explain.

Accepted Answer

Country A will have higher eco

Question 4

What is the distinction between a positive and a normative statement?

Accepted Answer

A) Positive statements are assertions that can be tested with data,whereas normative statements are based on a value system of beliefs. 
B) Normative statements are assertions that can be tested with data,whereas positive statements are based on a value system of beliefs. 
C) The distinction depends on the context in which each statement is used. 
D) Positive statements are correct statements of fact,whereas normative statements are incorrect. 
A) Positive statements are assertions that can be tested with data,whereas normative statements are based on a value system of beliefs. 
B) Normative statements are assertions that can be tested with data,whereas positive statements are based on a value system of beliefs. 
C) The distinction depends on the context in which each statement is used. 
D) Positive statements are correct statements of fact,whereas normative statements are incorrect.

Question 5

_____________ efficiency refers to 'getting the most for the least'.

Accepted Answer

A) Technical 
B) Economic 
C) Allocative 
D) Productive 
A) Technical 
B) Economic 
C) Allocative 
D) Productive

Question 6

What is the controversy with economic growth?

Accepted Answer

A) Economic growth leads to higher income. 
B) Economic growth leads to greater leisure time. 
C) Economic growth leads to increase pollution. 
D) Economic growth leads to greater job satisfaction. 
A) Economic growth leads to higher income. 
B) Economic growth leads to greater leisure time. 
C) Economic growth leads to increase pollution. 
D) Economic growth leads to greater job satisfaction.

Question 7

What is fundamental question is implied by the following statement: Social policies are needed to ensure that no individual lives in poverty.

Accepted Answer

A) What to produce? 
B) How to produce? 
C) For whom? 
D) How much competition? 
E) How much command? 
A) What to produce? 
B) How to produce? 
C) For whom? 
D) How much competition? 
E) How much command?

Question 8

All of the following except one are factors of production.Which is the exception?

Accepted Answer

A) Land. 
B) Labour. 
C) Capital. 
D) Money. 
E) Enterprise. 
A) Land. 
B) Labour. 
C) Capital. 
D) Money. 
E) Enterprise.

Question 9

Using the table below,identify and explain the four factors of production and the names given to payments received by each.

Accepted Answer

The answer of Using the table below,identify and explain the...

Question 10

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 B,what is the opportunity cost of one more quark as output changes from point B to A?

Accepted Answer

A) 0.04 quirks. 
B) 4 quirks. 
C) 400 quirks. 
D) 1 quirk. 
E) 0.4 quirks. 
A) 0.04 quirks. 
B) 4 quirks. 
C) 400 quirks. 
D) 1 quirk. 
E) 0.4 quirks.

Question 11

All of the following except one are considered to be among the three fundamental questions in economics? Which one is the exception?

Accepted Answer

A) What to produce? 
B) How much competition? 
C) How to produce? 
D) For whom? 
A) What to produce? 
B) How much competition? 
C) How to produce? 
D) For whom?

Question 12

Discuss the pros and cons of taking from the rich and giving to the poor.

Accepted Answer

Pros
· Government might be able to lower

Question 13

Using the following information,
   a)which method is more efficient,Method A or Method B?
b)which method is more efficient,Method A or Method C?

Accepted Answer

a)Method A is more efficient.Method A re

Question 14

Meridith had only $16 to spend this last weekend.She was,at first,uncertain about whether to go to two movies she had been wishing to see or to buy a new CD she had recently heard.In the end she went to the movies.Which of the following statements is correct?

Accepted Answer

A) The choice of the two movies and not the CD is an example of increasing costs. 
B) The opportunity cost of the two movies is one CD. 
C) The opportunity cost of the two movies is $16. 
D) The choice of two movies rather than one CD was a bad one. 
A) The choice of the two movies and not the CD is an example of increasing costs. 
B) The opportunity cost of the two movies is one CD. 
C) The opportunity cost of the two movies is $16. 
D) The choice of two movies rather than one CD was a bad one.

Question 15

Refer to the table above to answer this question.If Aipotu produces 240 rice,how many beans can it produce?

Accepted Answer

A) 30 beans 
B) 60 beans 
C) 100 beans 
D) 130 beans 
A) 30 beans 
B) 60 beans 
C) 100 beans 
D) 130 beans

Question 16

"Factors of production" is a term that can be used interchangeably with:

Accepted Answer

A) Models. 
B) Consumer goods. 
C) Either resources or inputs. 
D) Technologies. 
A) Models. 
B) Consumer goods. 
C) Either resources or inputs. 
D) Technologies.

Question 17

Figure 1.13 shows Mendork's production possibility curve for the only two goods that it produces-guns and butter.
  
-Refer to Figure 1.13 to answer this question.If Mendork's production is currently that indicated by point a,what is the cost of producing four more guns?

Accepted Answer

A) 1 tonne of butter. 
B) 2 tonnes of butter. 
C) 6 tonnes of butter. 
D) 10 tonnes of butter. 
A) 1 tonne of butter. 
B) 2 tonnes of butter. 
C) 6 tonnes of butter. 
D) 10 tonnes of butter.

Question 18

Below are some production possibilities data for the mystical land of Ghandor.
  
-Refer to the information above to answer this question.Suppose that Ghandor is currently producing combination D. What is the opportunity cost of producing an additional 10 units of Viners?

Accepted Answer

A) 1 unit of Arrows. 
B) 2 units of Arrows. 
C) 10 units of Arrows. 
D) 18 units of Arrows. 
A) 1 unit of Arrows. 
B) 2 units of Arrows. 
C) 10 units of Arrows. 
D) 18 units of Arrows.

Question 19

What fundamental question is implied by the following statement: The appropriate technology in one country can be quite different from the appropriate technology in another country.

Accepted Answer

A) What to produce? 
B) How to produce? 
C) For whom? 
D) How much competition? 
E) How much command? 
A) What to produce? 
B) How to produce? 
C) For whom? 
D) How much competition? 
E) How much command?

Question 20

Consider a farmer's production possibilities curve,with corn measured on the vertical axis,and soybeans on the horizontal.Describe the impact of each of the following on the curve:
(a)The farmer buys or rents more land.
(b)A higher yielding variety of corn seed is developed.
(c)The farmer hires 50 percent more farm workers.
(d)The price of soybeans increases.

Accepted Answer

(a)The entire curve should shift out,sin

Scarcity implies choice.Explain

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.Which of the following statements would be correct if the land was producing 200 units of rye and 100 units of wheat?

Suppose two identical economies with the same production possibility curve.If country A produces more capital goods relative to country B,which country will grow faster? Explain.

What is the distinction between a positive and a normative statement?

_____________ efficiency refers to 'getting the most for the least'.

What is the controversy with economic growth?

What is fundamental question is implied by the following statement: Social policies are needed to ensure that no individual lives in poverty.

All of the following except one are factors of production.Which is the exception?

Using the table below,identify and explain the four factors of production and the names given to payments received by each.

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 B,what is the opportunity cost of one more quark as output changes from point B to A?

All of the following except one are considered to be among the three fundamental questions in economics? Which one is the exception?

Discuss the pros and cons of taking from the rich and giving to the poor.

Using the following information, a)which method is more efficient,Method A or Method B? b)which method is more efficient,Method A or Method C?

Meridith had only $16 to spend this last weekend.She was,at first,uncertain about whether to go to two movies she had been wishing to see or to buy a new CD she had recently heard.In the end she went to the movies.Which of the following statements is correct?

Refer to the table above to answer this question.If Aipotu produces 240 rice,how many beans can it produce?

"Factors of production" is a term that can be used interchangeably with:

Figure 1.13 shows Mendork's production possibility curve for the only two goods that it produces-guns and butter. -Refer to Figure 1.13 to answer this question.If Mendork's production is currently that indicated by point a,what is the cost of producing four more guns?

Below are some production possibilities data for the mystical land of Ghandor. -Refer to the information above to answer this question.Suppose that Ghandor is currently producing combination D. What is the opportunity cost of producing an additional 10 units of Viners?

What fundamental question is implied by the following statement: The appropriate technology in one country can be quite different from the appropriate technology in another country.

Demand and Supply: An Introduction

Demand and Supply: An Elaboration

Elasticity

Consumer Choice

A Firms Production Decisions and Costs in the Short Run

Costs in the Long Run

Perfect Competition

An Evaluation of Competitive Markets

Monopoly

Imperfect Competition

The Factors of Production

International Trade

Filters

Exam 1: The Economic Problem

Scarcity implies choice.Explain

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.Which of the following statements would be correct if the land was producing 200 units of rye and 100 units of wheat?

Suppose two identical economies with the same production possibility curve.If country A produces more capital goods relative to country B,which country will grow faster? Explain.

What is the distinction between a positive and a normative statement?

_____________ efficiency refers to 'getting the most for the least'.

What is the controversy with economic growth?

What is fundamental question is implied by the following statement: Social policies are needed to ensure that no individual lives in poverty.

All of the following except one are factors of production.Which is the exception?

Using the table below,identify and explain the four factors of production and the names given to payments received by each.

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 B,what is the opportunity cost of one more quark as output changes from point B to A?

All of the following except one are considered to be among the three fundamental questions in economics? Which one is the exception?

Discuss the pros and cons of taking from the rich and giving to the poor.

Using the following information, a)which method is more efficient,Method A or Method B? b)which method is more efficient,Method A or Method C?

Meridith had only $16 to spend this last weekend.She was,at first,uncertain about whether to go to two movies she had been wishing to see or to buy a new CD she had recently heard.In the end she went to the movies.Which of the following statements is correct?

Refer to the table above to answer this question.If Aipotu produces 240 rice,how many beans can it produce?

"Factors of production" is a term that can be used interchangeably with:

Figure 1.13 shows Mendork's production possibility curve for the only two goods that it produces-guns and butter. -Refer to Figure 1.13 to answer this question.If Mendork's production is currently that indicated by point a,what is the cost of producing four more guns?

Below are some production possibilities data for the mystical land of Ghandor. -Refer to the information above to answer this question.Suppose that Ghandor is currently producing combination D. What is the opportunity cost of producing an additional 10 units of Viners?

What fundamental question is implied by the following statement: The appropriate technology in one country can be quite different from the appropriate technology in another country.

Demand and Supply: An Introduction

Demand and Supply: An Elaboration

Elasticity

Consumer Choice

A Firms Production Decisions and Costs in the Short Run

Costs in the Long Run

Perfect Competition

An Evaluation of Competitive Markets

Monopoly

Imperfect Competition

The Factors of Production

International Trade

Filters