Exam 2: Some Tools of Economic Analysis

If Jason can wash a car in 20 minutes and wash a dog in 10 minutes and Megan can wash a car in 15 minutes and wash a dog in 15 minutes,which of the following statements is true?

The following figure shows the production possibilities frontier for Good A and Good B.In the figure below,point f represents:

The division of labor increases productivity because:

When drawing a production possibilities frontier for two goods,all of the following are usually assumed except one.Which is the exception?

Which of the following is measured along one axis of the production possibilities frontier diagram?

If Helen can paint one room in the time it takes her to bake 40 cakes and Josh can paint one room in the time it takes him to bake 60 cakes,Helen's opportunity cost of baking one cake is:

Hans can do 4 loads of laundry per hour,and he can type 6 pages per hour.Maria can do 12 loads of laundry per hour,and she can type 8 pages per hour.Hans' opportunity cost of doing one load of laundry is:

A university should not disband its football team since it has already paid for the stadium.

Money facilitates trade because:

The figure below shows the production possibilities frontiers for rice and T-shirts for two countries,Costa Rica and United States.According to the figure below,in Costa Rica,the opportunity cost of 1 ton of rice is:

An economy's production possibilities frontier:

The figure below shows the production possibilities frontier for Good A and Good B.In the figure below,if all the economy's resources are used efficiently to produce only good B,then the economy will be at point:

Opportunity cost is defined as the:

If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours,then:

An improvement in technology used to produce goods would:

In economics,specialization means:

Comparative advantage refers to:

The law of increasing opportunity cost explains why:

-The figure given below has four graphs showing the production possibilities frontier for capital goods and consumer goods.Which of the graphs below best illustrates the impact on the production possibilities frontier of a decrease in unemployment?

A production possibilities frontier will shift inward if there is an increase in the size of the labor force.