Exam 3: The Economic Problem

-The table above shows a nation's production possibilities frontier.If the nation chooses to increase the production of robots from 2 to 3 and it is on its PPF,it will have to forgo ________ pizzas.

By specialising and trading,a country is able to

-In the table above,Jack's comparative advantage is producing ________ and Jill's comparative advantage is producing ________.

Other things being equal,if Mexico devotes more resources to train its population than Spain,

In a production possibilities frontier graph,the cost of producing more units of a good is measured by the

For country Gamma,the opportunity cost for producing 1 computer is 10 tonnes of steel.For country Beta,the opportunity cost for producing 1 computer is 6 tonnes of steel.Which country has the comparative advantage in the production of steel?

-The figure above shows a nation's production possibilities frontier.In the figure,point B shows

A production possibilities frontier shows

Specialisation and trade make a country better off because,with trade,the country can consume at a point

-The above figure shows the production possibility frontier for a country.Suppose the country is producing at point A.What would be the opportunity cost to increase the production of rice to 12 tonnes?

-The figure above shows the production possibilities frontier for a country.How does the opportunity cost of station wagons forgone per SUV gained moving from point C to point B compare with the movement from point B to point A?

-In the above figure,Jack's opportunity cost of producing 1 litre of soft drink is ________ of bottled water.

Which of the following is correct about comparative advantage?

A country produces only cans of soup and ballpoint pens.If the country produces on its bowed outward PPF and increases the production of cans of soup,the opportunity cost of additional

-Suppose that Germany,France,Estonia and India all have the same production possibilities,illustrated in the figure above.Based on the production points in the figure,which country is most likely to expand its PPF to PPF₁?

-The above figure shows the PPF for a country that produces computers and computer factories.Which of the following would most likely shift the PPF from PPF₀ in one year to PPF₁in the next?

To increase its economic growth,a nation should

Which of the following statements is correct?

-The figure above illustrates a small country's production possibilities frontier.Moving from point A to point B,the per unit opportunity cost of a tablet is ________ per tablet.

A bowed out production possibilities frontier shows