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

Figure 2-4 shows various points on three different production possibilities frontiers for a nation. -Refer to Figure 2-4.A movement from ________ could occur because of an influx of immigrant labor.

Figure 2-8 above shows the production possibilities frontier for Vidalia,a nation that produces two goods,roses and orchids. -Refer to Figure 2-8.If Vidalia chooses to produce 50 dozen roses,how many orchids can it produce to maximize production?

One Cande One Sailbat Guaternala 10 hours 60 hours Honduras 15 hours 75 hours Table 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras. -Refer to Table 2-12.What is Honduras's opportunity cost of producing one sailboat?

One Cande One Sailbat Guaternala 10 hours 60 hours Honduras 15 hours 75 hours Table 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras. -Refer to Table 2-12.Guatemala has a comparative advantage in the production of

Figure 2-6 -Refer to Figure 2-6.If the economy is currently producing at point E,what is the opportunity cost of moving to point B?

If a brewery wants to raise funds to purchase a new fermenting vat,it does so in the

An organization of producers that limits the amount of a good produced is known as a

Minnie Mickey Hats 40 50 Urrbrellas 10 5 Table 2-18 shows the output per week of two people,Minnie and Mickey.They can either devote their time to making hats or making umbrellas. -Refer to Table 2-18.What is Minnie's opportunity cost of making a hat?

Figure 2-4 shows various points on three different production possibilities frontiers for a nation. -Refer to Figure 2-4.A movement from X to Y

The recession of 2007-2009 would most likely be represented in a production possibilities frontier graph by

Figure 2-8 above shows the production possibilities frontier for Vidalia,a nation that produces two goods,roses and orchids. -Refer to Figure 2-8.If Vidalia chooses to produce 40 dozen orchids,how many roses can it produce to maximize production?

One Motorcycle One Guitar Ireland 20 hours 4 hours Scotland 8 hours 2 hours Table 2-14 shows the number of labor hours required to produce a motorcycle and a guitar in Ireland and Scotland. -Refer to Table 2-14.What is Scotland's opportunity cost of producing one guitar?

An increase in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point inside the frontier.

If the production possibilities frontier is ________,then opportunity costs are constant as more of one good is produced.

Fred Barney Pogo Sticks 24 28 Unicycles 8 14 Table 2-10 shows the output per month of two people,Fred and Barney.They can either devote their time to making pogo sticks or making unicycles. -Refer to Table 2-10.What is Barney's opportunity cost of making a pogo stick?

One Cande One Sailbat Guaternala 10 hours 60 hours Honduras 15 hours 75 hours Table 2-12 shows the number of labor hours required to produce a canoe and a sailboat in Guatemala and Honduras. -Refer to Table 2-12.If the two countries specialize and trade,who should export sailboats?

Economic growth is represented on a production possibilities frontier model by the production possibilities frontier

Which of the following statements about an entrepreneur is false?

Once the copyright on a book expires

Minnie Mickey Hats 40 50 Urrbrellas 10 5 Table 2-18 shows the output per week of two people,Minnie and Mickey.They can either devote their time to making hats or making umbrellas. -Refer to Table 2-18.What is Mickey's opportunity cost of making a hat?