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

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

Table 2-1 Production Choices for Dina's Diner -Refer to Table 2-1.Assume Dina's Diner only produces sliders and hot wings.A combination of 20 sliders and 60 hot wings would appear

Table 2-7 Table 2-7 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 2-7.Which of the following statements is true?

Figure 2-10 -Refer to Figure 2-10.In the circular flow diagram,economic agents M represent

Table 2-9 Table 2-9 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand. -Refer to Table 2-9.Japan has a comparative advantage in the production of

When you purchase a new surfboard you do so in the

Which of the following are represented by the same flow in the circular flow model?

To compete in the automobile market,Tesla must make many strategic decisions such as whether to introduce a new car model,how to sell and service its cars,and where to advertise.At Tesla's Fremont,California plant,managers must decide on the monthly production quantities of their S and X models.In making this decision,the managers

Table 2-1 Production Choices for Dina's Diner -Refer to Table 2-1.Dina faces ________ opportunity costs in the production of sliders and hot wings.

Table 2-5 Table 2-5 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 2-5.If the two countries specialize and trade,who should export lumber?

A decrease in the labor force shifts the production possibilities frontier inwards over time.

The circular flow model demonstrates

Figure 2-1 -Refer to Figure 2-1.________ is (are)inefficient in that not all resources are being used.

An outward shift of a nation's production possibilities frontier can occur due to

Figure 2-3 -Refer to Figure 2-3.Carlos Vanya grows tomatoes and strawberries on his land.A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation.Which of the graphs in Figure 2-3 represent his production possibilities frontier?

Figure 2-2 Figure 2-2 above shows the production possibilities frontier for Vidalia,a nation that produces two goods,roses and orchids. -Refer to Figure 2-2.What is the opportunity cost of one dozen orchids?

Table 2-6 Table 2-6 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 2-6.What is James's opportunity cost of making a wagon?

Table 2-9 Table 2-9 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand. -Refer to Table 2-9.If the two countries specialize and trade,who should export wristwatches?

Figure 2-8 Figure 2-8 shows the production possibilities frontiers for Costa Rica and Guatemala.Each country produces two goods,pineapples and coconuts. -Refer to Figure 2-8.Which country has a comparative advantage in the production of coconuts?

All of the following are considered intellectual property except