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41301In a market, the demanders are the _, and the suppliers are the _.

41302Buyers and sellers of a particular good comprise the:

41303In order to understand how the price of a good is determined in the free market, one must account for the desires of:

41304Suppose you bought three tickets to a concert in advance at the University ticket window. At the last minute one friend cancelled, so you could use only two of those tickets. You scalped, or sold, the third ticket just outside the entrance to the concert

41305The entire group of buyers and sellers of a particular good or service makes up:

41306A good example of central planning at work in the U.S. would be:

41307In Cuba, a bureaucratic committee makes the production decisions for the country’s firms and factories. Therefore, Cuba is an example of a:

41308Which of the following is NOT a condition for maximizing total economic surplus in a particular market?

41309If, in a particular market, all unexploited opportunities have been realized, one can conclude that:

41310When two people agree to a price in a negotiation, we can assume that:

41311Assume that Joe is willing to produce another hamburger that costs $1 to make. Mary is hungry and is willing to buy a hamburger for $3. According to the No Cash on the Table Principle, Joe and Mary:

41312Refer to the figure above. Assume the market is originally at point W. Movement to point Z is a combination of:

41313Refer to the figure above. Assume the market is originally at point W. Movement to point Y is a combination of:

41314If a market is in equilibrium and demand increases while supply decreases, the change in the equilibrium price is _ and the change in the equilibrium quantity is _.

41315When the supply of a good decreases, consumers will eventually:

41316Which of the following is NOT a determinant of demand for gasoline?

41317According to Table 02-01, Pat’s opportunity cost of delivering a pizza is making:

41318According to Table 02-01, Pat’s opportunity cost of making a pizza is delivering:

41319According to Table 02-01, Corey’s opportunity cost of delivering of a pizza is making:

41320According to Table 02-01, Corey’s opportunity cost of making of a pizza is delivering:

41321Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. What is the opportunity cost to Cathy

41322Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is c

41323Suppose it takes Paul 3 hours to bake a cake and 2 hours to move the lawn, and suppose it takes Tom 2 hours to bake a cake and 1 hour to mow the lawn. Which of the following statements is correct?

41324Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?

41325Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?

41326Refer to the table below. Julia’s opportunity cost of making a cake is:

41327Refer to the table below. Julia’s opportunity cost of making a pie is:

41328Refer to the table below. Martha’s opportunity cost of making a cake is:

41329Refer to the table below. Martha’s opportunity cost of making of a pie is:

41330If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then __ has a(n advantage in producing shoes.

41331If a nation has the lowest opportunity cost of producing a good, that nation has a(n in the production of that good.

41332Larry has a comparative advantage over his classmates in writing term papers if he:

41333If you have a comparative advantage in a particular task, then:

41334If a nation can produce a more computers per year than any other nation, that nation has a(n advantage in the production of computers.

41335When a U.S. firm engages in outsourcing, it benefits _ and harms _.

41336Outsourcing is a term increasingly used to refer to the act of:

41337When a nation reduces the barriers to international trade:

41338If country A can produce more of practically everything than can country B, then which of the following statements is true?

41339You are the Minister of Trade for a small island country with the following annual PPC. You are negotiating a trade agreement with a neighboring island with the following annual PPC. If you offer to give the other island 1 coconut for every 4 fish they gi

41340You are the Minister of Trade for a small island country with the following annual PPC. You are negotiating a trade agreement with a neighboring island with the following annual PPC. What’s the minimum number of fish you would be willing to accept in exch

41341You are the Minister of Trade for a small island country with the following annual PPC. You are negotiating a trade agreement with a neighboring island with the following annual PPC. If the other island’s delegate offers to give you 2 fish for every 1 coc

41342You are the Minister of Trade for a small island country with the following annual PPC. You are negotiating a trade agreement with a neighboring island with the following annual PPC. As soon as you see the other island’s PPC, you realize there are:

41343If a nation restricts imports, it will:

41344Which of the following is NOT a reason why there are gains to specialization?

41345Economic growth can result from a(n):

41346The figure below shows Avery’s weekly production possibilities curve for scarves. For Avery, the opportunity cost of making a red scarf is:

41347Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown below. If Moe moves from Point A to point C, his grade in Physics will go down by __ his grade in economics

41348Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown below. According to Moe’s PPC, moving from a 70 to an 80 in economics:

41349Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown below. Both of Moe’s professors require at least a 65 to pass and a 90 to earn an A. Which of the following

41350Refer to the figure below. Moving from point B to point A, the opportunity cost of 25 more salads is:

41351Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below.Suppose Smith and Jones begin by producing 100 calculators per hour; as Smith and Jones choose to efficiently produce fewer computers and more calculators, _ s

41352Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below.If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will _ and Jone

41353Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. If Smith and Jones are dividing their time efficiently and producing more than 10 computers and fewer than 120 calculators per hour, then Smith will _ and Jon

41354Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below.Suppose Smith and Jones begin by producing 0 computers and 220 calculators per hour. If they wish to produce 2 computers and 200 calculators per hour efficient

41355Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below.Suppose Smith and Jones begin by producing 16 computers and 0 calculators per hour. If they wish to produce 14 computers and 40 calculators per hour efficientl

41356Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. If Smith and Jones devote all of their resources to producing computers, then the maximum number of computers they can produce in an hour is:

41357Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below.The opportunity cost of making a calculator for Smith is _ and for Jones it is _.

41358In a two-person, two-good economy, the gains to specialization will be larger when:

41359If a linear, two-good production possibilities curve has a slope of ?2, then:

41360Generally, on a linear two-good production possibilities curve, the opportunity cost of the good measured on the vertical axis is:

41361Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis.

41362Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis.

41363If a given production combination is efficient, then it must be:

41364If a given production combination is known to be attainable, then it:

41365Consider a graph of a production possibilities curve. If a producer is operating at an inefficient point, then that producer:

41366On a graph of a production possibilities curve, an inefficient point is:

41367On a graph of a production possibilities curve, if a point is attainable, then it:

41368Refer to the figure below. If Pat and Chris were to specialize in the task in which each has a comparative advantage:

41369The figure below shows Becky’s daily production possibilities curve for dresses and skirts. The maximum number of skirts that Becky can make in a day is represented by point:

41370The figure below shows Becky’s daily production possibilities curve for dresses and skirts.The maximum number of dresses that Becky can make in a day is represented by point:

41371The slope of a production possibilities curve is _ because _.

41372The figure below shows the production possibilities curve for the island of Genovia: If 500 cars are produced in Genovia, a maximum of __ tons of agricultural products can be produced.

41373The figure below shows the production possibilities curve for the island of Genovia: The opportunity cost of producing a car in Genovia is:

41374If a country is producing at point where an increase in the production of one good requires a reduction in the production of another good, then it must be producing at an:

41375A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a(n):

41376The United States generally has a comparative advantage in the development of technology because it has:

41377The emergence of English as the de facto world language has __ a comparative advantage in the production of books, movies and popular music:

41378A country is most likely to have a comparative advantage in the production of cars if:

41379In general, individuals and nations should specialize in producing those goods for which they have a(n):

41380The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:

41381Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, Joe’s opportunity cost of selling a car is _ than Ralph’s, and Joe’s opportunity cost of selling a car is _ than

41382Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table:Based on last month’s data, Ralph’s opportunity cost of selling a truck is selling:

41383Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, Joe’s opportunity cost of selling a truck is selling:

41384Dent ‘n’ Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Based on last month’s data, Larry’s opportunity cost of selling a truck is selling:

41385The number of U.S. households with access to the Internet is growing rapidly. Compared to 50 years ago, one would predict that when considering a major purchase, people today will gather:

41386The field of economics that would be most concerned with a recent fall in interest rates is:

41387A study of the impact of various government policies on economic growth would be considered:

41388A study that deals with the salaries of university professors would be considered:

41389In deciding how many guitars to buy for his shop before the Christmas season, Mark is making a(n decision.

41390An editorial in the paper argues that a person only should be allowed to attend school if the marginal cost of educating that person is less than the marginal benefit of educating that person. The writer’s reasoning is an application of:

41391The Incentive Principle states that a person:

41392The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.How many times a month should you get your car washed?

41393You want to buy a TV that regularly costs $250. You can either buy the TV from a nearby store or from a store that’s downtown. Relative to going to the nearby store, driving downtown involves additional time and gas. The downtown store, however, has a 10%

41394Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to

41395Jack has a ticket to see Bo Bice for which he paid $30 yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, five different people offer him $70 for his ticket. Jack decides to keep his ticket. At th

41396The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

41397The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

41398The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

41399The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

41400The following table shows the relationship between the speed of a computer’s CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed b

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