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247101Refer to the table below. _ has the comparative advantage in making pies and _ the comparative advantage in making cakes.
247102Refer to the table below. Julia’s opportunity cost of making a cake is:
247103Refer to the table below. Julia’s opportunity cost of making a pie is:
247104Refer to the table below. Martha’s opportunity cost of making a cake is:
247105Refer to the table below. Martha’s opportunity cost of making of a pie is:
247106Refer to the table below. According to the table, Julia has the absolute advantage in:
247107Refer to the table below. According to the table, Martha has the absolute advantage in:
247108If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then __ has a(n advantage in producing shoes.
247109If a nation has the lowest opportunity cost of producing a good, that nation has a(n in the production of that good.
247110Larry has a comparative advantage over his classmates in writing term papers if he:
247111If you have a comparative advantage in a particular task, then:
247112If a nation can produce a more computers per year than any other nation, that nation has a(n advantage in the production of computers.
247113If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:
247114If Al has an absolute advantage over Beth in preparing meals, then:
247115An individual has an absolute advantage in producing pizzas if that individual:
247116Which of the following jobs is least likely to be outsourced?
247117All else equal, the jobs that are the least likely to be outsourced are those that:
247118When a U.S. firm engages in outsourcing, it benefits _ and harms _.
247119The fundamental reason firms outsource is that:
247120Outsourcing is a term increasingly used to refer to the act of:
247121According to the textbook, NAFTA was expected to help which country exploit its comparative advantage in the production of goods made by unskilled labor?
247122According to the textbook, the evidence indicates that NAFTA has:
247123The benefits to specialization are even greater when two trading partners have:
247124When a nation reduces the barriers to international trade:
247125One concern regarding the North American Free Trade Agreement (NAFT was that it would lead:
247126One reason there is political opposition to international trade is that:
247127As the differences in opportunity costs between the U.S. and its trading partners increase, the potential gains from specialization and trade __.
247128If country A can produce more of practically everything than can country B, then which of the following statements is true?
247129You 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
247130You 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
247131You 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
247132You 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:
247133Regarding specialization, it is generally true that:
247134If a nation restricts imports, it will:
247135Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:
247136An increase in an economy’s productive resources will lead the production possibilities curve to:
247137Which of the following is NOT a reason why there are gains to specialization?
247138Economic growth can result from a(n):
247139The figure below shows Avery’s weekly production possibilities curve for scarves.Avery’s PPC would shift outward if she:
247140The figure below shows Avery’s weekly production possibilities curve for scarves. For Avery, the opportunity cost of making a red scarf is:
247141Refer to the figure below. If this economy were currently operating at point D, then in order to make more movies:
247142Refer to the figure below. This economy would be operating at point B if:
247143Refer to the figure below. At point D, the opportunity cost of making milk is:
247144Refer to the figure below. For the nation whose PPC is shown, it must be true that:
247145Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown below.Moe needs to earn at least an 80 in both economics and physics to keep his scholarship. Given his cur
247146Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown below.The Principle of Increasing Opportunity Cost is reflected in the fact that the opportunity cost going
247147Moe 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
247148Moe 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:
247149Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown below. Which of the following is true?
247150Moe 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
247151The benefits of specialization can be used to explain why:
247152You have noticed that your next-door neighbor, Mary, always works in the garden, and her husband, Joe, always walks the dog. You conclude that if Joe and Mary are efficient, then it must be the case that:
247153The Principle of Increasing Opportunity Costs states that:
247154Production possibilities curves for large economies are generally bow-shaped because:
247155Refer to the figure below. The opportunity cost of increasing medical care from 200 to 400 units is __ the opportunity cost of increasing medical care from 400 to 600 units.
247156Refer to the figure below. If this economy is currently producing at point C, then the opportunity cost of providing 100 additional units of medical care would be:
247157Refer to the figure below. Suppose that the government requires that resources be used efficiently. Which of the following would the government definitely not allow?
247158Refer to the figure below. Which of the following is true?
247159Refer to the figure below. As the production of pizza increases, the opportunity cost of producing pizza:
247160Refer to the figure below. If this restaurant goes from producing 20 to 25 pizzas per hour, then which of the following statements is true?
247161Refer to the figure below. The opportunity cost of making an additional salad:
247162Refer to the figure below. Moving from point B to point A, the opportunity cost of 25 more salads is:
247163Refer to the figure below. Moving from point C to point B, the opportunity cost of 25 more salads is:
247164Refer to the figure below. Relative to point B, at point C this restaurant is:
247165Refer to the figure below. If this restaurant makes 75 salads in one hour, then what’s the maximum number of pizzas it can make in that same hour?
247166Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine’s total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of t
247167Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine’s total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of t
247168Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine’s total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of t
247169Smith 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
247170Smith 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
247171Smith 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
247172Smith 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
247173Smith 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
247174Smith 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:
247175Smith 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 _.
247176According to the Principle of Increasing Opportunity Cost, in expanding the production of any good, we should start by utilizing the resources that:
247177In a two-person, two-good economy, the gains to specialization will be larger when:
247178The idea that tradeoffs have to be made when resources are scarce is reflected in the fact that:
247179If a linear, two-good production possibilities curve has a slope of ?2, then:
247180Generally, on a linear two-good production possibilities curve, the opportunity cost of the good measured on the vertical axis is:
247181Assume 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.
247182Assume 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.
247183Working efficiently, Jordan can write 3 essays and outline 4 chapters each week. It must be true that:
247184If a given production combination is efficient, then it must be:
247185If a given production combination is known to be attainable, then it:
247186Refer to the figure below. The opportunity cost of producing one bushel of wheat is:
247187Refer to the figure below. The opportunity cost of producing one bushel of corn is:
247188Refer to the figure below. It is efficient for this farmer to:
247189Refer to the figure below. Growing 1,000 bushels of wheat and no bushels of corn each year is:
247190Points that lie below the production possibilities curve are inefficient because:
247191Consider a graph of a production possibilities curve. If a producer is operating at an inefficient point, then that producer:
247192On a graph of a production possibilities curve, an inefficient point is:
247193Any combination of goods that can be produced with currently available resources is an:
247194On a graph of a production possibilities curve, if a point is attainable, then it:
247195Refer to the figure below. If Pat and Chris each spend half their time on each task, then:
247196Refer to the figure below. If Pat and Chris were to specialize in the task in which each has a comparative advantage:
247197Refer to the figure below. For Chris, the opportunity cost of planting one bulb is removing:
247198Refer to the figure below. For Chris, the opportunity cost of removing one bag of trash is planting:
247199Refer to the figure below. For Pat, the opportunity cost of planting one bulb is removing:
247200Refer to the figure below. For Pat, the opportunity cost of removing one bag of trash is planting:
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