Exam 2: Comparative Advantage

Suppose 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?

Refer to the table below.Pat's opportunity cost of making a pizza is delivering:

If a linear, two­good production possibilities curve has a slope of ‒2, then:

You 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 give you, then they will:

The benefits to specialization are even greater when two trading partners have:

You 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 exchange for a coconut?

Refer to the figure below.For Pat, the opportunity cost of planting one bulb is removing:

Economic growth can result from a(n):

Refer to the table above.______ has the comparative advantage in making pies and ______ the comparative advantage in making cakes.

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

Refer to the figure below.The opportunity cost of producing one bushel of corn is:

Any combination of goods that can be produced with currently available resources is an:

Suppose 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?

Refer to the figure below.As the production of pizza increases, the opportunity cost of producing pizza:

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

Refer 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:

The figure below shows Becky's daily production possibilities curve for dresses and skirts. Of the labeled points, only ______ are efficient.

Regarding specialization, it is generally true that:

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

Moe 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.