Exam 2: The Economic Problem

Intellectual property ________.

Use the figure below to answer the following questions. Figure 2.1.1 -Complete the following sentence.In Figure 2.1.1,

The production possibilities frontier shows

Debra has an absolute advantage in producing a good when she

If Harold must decrease production of some other good to increase production of good X,then Harold

A production possibilities frontier is negatively sloped because

Use the figure below to answer the following questions. Table 2.3.1 The planets of Vulcan and Romulus each produce goods X and Y. The following table gives points on their production possibilities frontiers. -Refer to Table 2.3.1.For Romulus,the opportunity cost of producing an additional unit of X is

Trade is organized using the social institutions of all of the following except

Use the information below to answer the following questions. Fact 2.3.3 In one hour,Sue can produce 50 caps or 10 jackets,and Tessa can produce 70 caps or 7 jackets. -Refer to Fact 2.3.3.Sue's opportunity cost of producing a cap is ________ jackets and Tessa's opportunity cost of producing a cap is ________ jackets.

Jane produces only corn and cloth.If her preferences for corn and cloth change,then

The bowed-out (concave)shape of a production possibilities frontier illustrates

As consumption of a good increases,

Use the figure below to answer the following questions. Figure 2.1.2 -Refer to the production possibilities frontier in Figure 2.1.2.If 6 units of X are produced,then

There are two goods,X and Y.If the opportunity cost of producing good X is lower for Pam than for Gino,then

Individuals A and B can both produce goods X and Y.Individual A has a comparative advantage in the production of X if

In general,the greater the proportion of resources devoted to technological research in an economy,the

Use the information below to answer the following questions. Fact 2.3.1 In an eight-hour day,Andy can produce either 24 loaves of bread or 8 kilograms of butter.In an eight-hour day,Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. -Refer to Fact 2.3.1.The opportunity cost of producing 1 kilogram of butter is

The opportunity cost of shifting the production possibilities frontier outward is

Use the information below to answer the following questions. Fact 2.3.1 In an eight-hour day,Andy can produce either 24 loaves of bread or 8 kilograms of butter.In an eight-hour day,Rolfe can produce either 8 loaves of bread or 8 kilograms of butter. -Consider Fact 2.3.1.After specialization,total consumption

Consider the following household.In 5 hours,Bob can cook 5 meals or clean 6 rooms.In 5 hours,Mary can cook 30 meals or clean 10 rooms.Select the best statement.