Exhibit 2-1 \[\begin{array} { l r r } & \text { Hans } & \text { Maria } \\ \hline \text { Loads of laundry per hour } & 4 & 12 \\ \text { Pages typed per hour } & 6 & 8 \end{array}\] -Refer to the exhibit.What is Hans' opportunity cost of doing a load of laundry?

A) 12 typed pages B) 8 typed pages C) 1 1/2 typed pages D) 2/3 of a typed page A) 12 typed pages B) 8 typed pages C) 1 1/2 typed pages D) 2/3 of a typed page

Exhibit 2-1 \[\begin{array} { l r r } & \text { Hans } & \text { Maria } \\ \hline \text { Loads of laundry per hour } & 4 & 12 \\ \text { Pages typed per hour } & 6 & 8 \end{array}\] -Refer to the exhibit.What are Hans and Maria's trading opportunities?

A) Maria has an absolute and a comparative advantage in typing. B) Maria has an absolute and a comparative advantage in doing laundry. C) Hans has an absolute and a comparative advantage in typing. D) Hans has an absolute advantage in doing laundry. A) Maria has an absolute and a comparative advantage in typing. B) Maria has an absolute and a comparative advantage in doing laundry. C) Hans has an absolute and a comparative advantage in typing. D) Hans has an absolute advantage in doing laundry.

Exam 2: Economic Tools and Economic Systems

If all resources are used efficiently to produce goods and services, where on the production possibilities frontier will a nation will find itself producing?

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(Multiple Choice)

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Question 1

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How does money facilitate trade?

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(Multiple Choice)

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Question 2

Correct Answer:

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Suppose James trades a ginger snap cookie for a chocolate chip cookie.What is James engaging in?

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

Which of the following best describes the Canadian economy?

(Multiple Choice)

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Question 4

Which of the following best describes the mixed capitalist economy?

(Multiple Choice)

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Question 5

Which of the following best describes the concept of sunk costs?

(Multiple Choice)

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Question 6

Which of the following can NOT be shown using the production possibilities frontier?

(Multiple Choice)

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Question 7

Exhibit 2-1 Hans Maria Loads of laundry per hour 4 12 Pages typed per hour 6 8 -Refer to the exhibit.What is Hans' opportunity cost of doing a load of laundry?

(Multiple Choice)

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Question 8

Which of the following is characteristic of a pure command system?

(Multiple Choice)

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Question 9

In the period of one week, Tetah can knit 15 sweaters or bake 480 cookies.What is Tetah's opportunity cost per sweater?

(Multiple Choice)

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Question 10

Which statement describes the usefulness of the production possibilities frontier?

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Question 11

For each room she paints, Helen gives up the opportunity to bake 40 cakes.Josh can paint one room in the time it takes him to bake 60 cakes.What is the opportunity cost of a cake for Josh?

(Multiple Choice)

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Question 12

Janis mows the lawn in 1 hour and types a paper in 1 hour.Kristen mows the lawn in 2 hours and types a paper in 1 hour.Which statement best describes Janis's comparative advantage?

(Multiple Choice)

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Question 13

Suppose there is an improvement in technology.Which statement best reflects what would happen to a production possibilities frontier?

(Multiple Choice)

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Question 14

Exhibit 2-1 Hans Maria Loads of laundry per hour 4 12 Pages typed per hour 6 8 -Refer to the exhibit.What are Hans and Maria's trading opportunities?

(Multiple Choice)

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Question 15

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

(Multiple Choice)

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Question 16

Suppose Rashida has the choice of working full time during the summer or going to summer school full time.The cost of summer tuition and books are $3200.If Rashida worked, she could make $7,000.Her rent is $1,000 for the summer, regardless of her choice.What is the opportunity cost of going to summer school?

(Multiple Choice)

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Question 17

Suppose there is an improvement in technology.Which statement best reflects what would happen to a production possibilities frontier?

(Multiple Choice)

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Question 18

Which economic question is answered by the decision to produce butter instead of guns?

(Multiple Choice)

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Question 19

Which of the following is an example of specialization?

(Multiple Choice)

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Question 20

Showing 1 - 20 of 152

If all resources are used efficiently to produce goods and services, where on the production possibilities frontier will a nation will find itself producing?

How does money facilitate trade?

Suppose James trades a ginger snap cookie for a chocolate chip cookie.What is James engaging in?

Which of the following best describes the Canadian economy?

Which of the following best describes the mixed capitalist economy?

Which of the following best describes the concept of sunk costs?

Which of the following can NOT be shown using the production possibilities frontier?

Exhibit 2-1 Hans Maria Loads of laundry per hour 4 12 Pages typed per hour 6 8 -Refer to the exhibit.What is Hans' opportunity cost of doing a load of laundry?

Which of the following is characteristic of a pure command system?

In the period of one week, Tetah can knit 15 sweaters or bake 480 cookies.What is Tetah's opportunity cost per sweater?

Which statement describes the usefulness of the production possibilities frontier?

For each room she paints, Helen gives up the opportunity to bake 40 cakes.Josh can paint one room in the time it takes him to bake 60 cakes.What is the opportunity cost of a cake for Josh?

Janis mows the lawn in 1 hour and types a paper in 1 hour.Kristen mows the lawn in 2 hours and types a paper in 1 hour.Which statement best describes Janis's comparative advantage?

Suppose there is an improvement in technology.Which statement best reflects what would happen to a production possibilities frontier?

Exhibit 2-1 Hans Maria Loads of laundry per hour 4 12 Pages typed per hour 6 8 -Refer to the exhibit.What are Hans and Maria's trading opportunities?

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

Suppose there is an improvement in technology.Which statement best reflects what would happen to a production possibilities frontier?

Which economic question is answered by the decision to produce butter instead of guns?

Which of the following is an example of specialization?

The Art and Science of Economic Analysis

Economic Decision Makers

Demand, Supply, and Markets

Algebraic Approach to Demand, Supply, and Equilibrium

Introduction to Macroeconomics

Tracking the Canadian Economy

Unemployment and Inflation

Productivity and Growth

Aggregate Expenditure and Aggregate Demand

Aggregate Supply

Fiscal Policy

Money and the Financial System

Banking and the Money Supply

Monetary Theory and Policy in an Open Economy

Macro Policy Debate: Active or Passive

International Finance

International Trade

Economic Development

Understanding Graphs

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