Refer to the accompanying table. Based on their comparative advantage, Martha should specialize in making ________ while Julia should specialize in making ________. \[\begin{array} { | l | c | c | } \hline & \text { Tirue to Make a Pie } & \text { Tirne to Muke a Cake } \\ \hline \text { Martha } & 60 \text {minutes } & 80 \text { minutes } \\ \hline \text { Julia } & 50 \text { minutes } & 60 \text { minutes } \\ \hline \end{array}\]

A) pies; cakes B) cakes; pies C) neither pies nor cakes; both pies and cakes D) both pies and cakes; neither pies nor cakes A) pies; cakes B) cakes; pies C) neither pies nor cakes; both pies and cakes D) both pies and cakes; neither pies nor cakes

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. \[\begin{array} { | l | r | r | } \hline & \text { Calculatars Per Haur } & \text { Camputers Per Haur } \\ \hline \text { Brith } & 100 & 10 \\ \hline \text { Jones } & 120 & 6 \\ \hline \end{array}\] If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.

A) split his time between computers and calculators; produce only calculators B) produce only calculators; split his time between computers and calculators C) produce only calculators; produce only computers D) produce only computers; produce only calculators A) split his time between computers and calculators; produce only calculators B) produce only calculators; split his time between computers and calculators C) produce only calculators; produce only computers D) produce only computers; produce only calculators

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: \(\begin{array}{l|r|r|r} \hline & \text { Cars Sold } & \text { Trucks Sold } \\ \hline \text { Larry } & 10 & 5 \\ \hline \text { Joe } & 9 & 9 \\ \hline \text { Ralph } & 3 & 12 \\ \hline \end{array}\) Based on last month's data, Joe's opportunity cost of selling a car is ________ than Ralph's, and Joe's opportunity cost of selling a car is ________ than Larry's.

A) less; greater B) greater; less C) less; less D) greater; greater A) less; greater B) greater; less C) less; less D) greater; greater

Refer to the accompanying table. Martha's opportunity cost of making of a pie is: \[\begin{array} { | l | c | c | } \hline & \text { Time ta Make a Pie } & \text { Tirne to Muke a Cake } \\ \hline \text { Martha } & 60 \text { minutes } & 80 \text { minutes } \\ \hline \text { Julia } & 50 \text { minutes} & 60 \text { minutes } \\ \hline \end{array}\]

A) 3/4 of a cake. B) 4/3 of a cake. C) 8 cakes. D) 80 cakes. A) 3/4 of a cake. B) 4/3 of a cake. C) 8 cakes. D) 80 cakes.

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: \(\begin{array}{l|r|r|r} \hline & \text { Cars Sold } & \text { Trucks Sold } \\ \hline \text { Larry } & 10 & 5 \\ \hline \text { Joe } & 9 & 9 \\ \hline \text { Ralph } & 3 & 12 \\ \hline \end{array}\) Based on last month's data, Larry's opportunity cost of selling a truck is selling:

A) 10 cars. B) 1/2 of a car. C) 1 car. D) 2 cars. A) 10 cars. B) 1/2 of a car. C) 1 car. D) 2 cars.

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: \(\begin{array}{l|r|r|r} \hline & \text { Cars Sold } & \text { Trucks Sold } \\ \hline \text { Larry } & 10 & 5 \\ \hline \text { Joe } & 9 & 9 \\ \hline \text { Ralph } & 3 & 12 \\ \hline \end{array}\) Based on last month's data, Ralph's opportunity cost of selling a truck is selling:

A) 4 cars. B) 1/3 of a car. C) 3 cars. D) 1/4 of a car. A) 4 cars. B) 1/3 of a car. C) 3 cars. D) 1/4 of a car.

Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. \[\begin{array} { | l | r | r | } \hline & \text { Total Tans Per Day } & \text { Number of Miners } \\ \hline \text { Mother Iuode } & 100 & 25 \\ \hline \text { Bcrapirng Bottorn } & 30 & 10 \\ \hline \text { Middle Drift } & 75 & 15 \\ \hline \end{array}\] Suppose Earth Movers & Shakers needs to fill an order for 60 tons of ore in a single day. If it has no other orders for that day, it should:

A) take it all from Mother Lode. B) take it all from Middle Drift. C) take 30 tons from Scraping Bottom and 30 tons from Middle Drift. D) take 20 tons from each of the three mines. A) take it all from Mother Lode. B) take it all from Middle Drift. C) take 30 tons from Scraping Bottom and 30 tons from Middle Drift. D) take 20 tons from each of the three mines.

Exam 2: Comparative Advantage

Refer to the accompanying table. Based on their comparative advantage, Martha should specialize in making while Julia should specialize in making . Tirue to Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

(Multiple Choice)

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Question 41

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculatars Per Haur Camputers Per Haur Brith 100 10 Jones 120 6 If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will and Jones will .

(Multiple Choice)

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Question 42

If a nation restricts imports, it will:

(Multiple Choice)

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Question 43

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks Sold Larry 10 5 Joe 9 9 Ralph 3 12 Based on last month's data, Joe's opportunity cost of selling a car is than Ralph's, and Joe's opportunity cost of selling a car is than Larry's.

(Multiple Choice)

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Question 44

Outsourcing is a term increasingly used to refer to the act of:

(Multiple Choice)

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Question 45

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: Both islands specialize exclusively in the product for which they have a comparative advantage. You have agreed to give 350 coconuts to the other island in exchange for 1,300 fish. After the trade, your island has a total of coconuts and fish.

(Multiple Choice)

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Question 46

Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour than can Maryann. Therefore:

(Multiple Choice)

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Question 47

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:

(Multiple Choice)

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Question 48

Which of the following is NOT a reason why there are gains to specialization?

(Multiple Choice)

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Question 49

The benefits of specialization can be used to explain why:

(Multiple Choice)

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Question 50

Refer to the accompanying figure. The opportunity cost of increasing medical care from 200 to 400 units is ________ the opportunity cost of increasing medical care from 400 to 600 units.

(Multiple Choice)

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Question 51

Refer to the accompanying table. Martha's opportunity cost of making of a pie is: Time ta Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

(Multiple Choice)

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(41)

Question 52

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks Sold Larry 10 5 Joe 9 9 Ralph 3 12 Based on last month's data, Larry's opportunity cost of selling a truck is selling:

(Multiple Choice)

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Question 53

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks Sold Larry 10 5 Joe 9 9 Ralph 3 12 Based on last month's data, Ralph's opportunity cost of selling a truck is selling:

(Multiple Choice)

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Question 54

Points that lie below the production possibilities curve are inefficient because:

(Multiple Choice)

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Question 55

Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tans Per Day Number of Miners Mother Iuode 100 25 Bcrapirng Bottorn 30 10 Middle Drift 75 15 Suppose Earth Movers & Shakers needs to fill an order for 60 tons of ore in a single day. If it has no other orders for that day, it should:

(Multiple Choice)

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Question 56

According to the textbook, the evidence indicates that NAFTA has:

(Multiple Choice)

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Question 57

The United States was unable to maintain its dominance in the production of televisions because:

(Multiple Choice)

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Question 58

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

(Multiple Choice)

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Question 59

If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then has a(n) advantage in producing shoes.

(Multiple Choice)

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Question 60

Exam 2: Comparative Advantage

Refer to the accompanying table. Based on their comparative advantage, Martha should specialize in making ________ while Julia should specialize in making ________. Tirue to Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

If a nation restricts imports, it will:

Outsourcing is a term increasingly used to refer to the act of:

Ginger and Maryann are lost in the jungle, where the only things to eat are mangoes and fish. Ginger can gather more mangoes per hour than Maryann and can also catch more fish per hour than can Maryann. Therefore:

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:

Which of the following is NOT a reason why there are gains to specialization?

The benefits of specialization can be used to explain why:

Refer to the accompanying figure. The opportunity cost of increasing medical care from 200 to 400 units is ________ the opportunity cost of increasing medical care from 400 to 600 units.

Refer to the accompanying table. Martha's opportunity cost of making of a pie is: Time ta Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks Sold Larry 10 5 Joe 9 9 Ralph 3 12 Based on last month's data, Larry's opportunity cost of selling a truck is selling:

Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks Sold Larry 10 5 Joe 9 9 Ralph 3 12 Based on last month's data, Ralph's opportunity cost of selling a truck is selling:

Points that lie below the production possibilities curve are inefficient because:

According to the textbook, the evidence indicates that NAFTA has:

The United States was unable to maintain its dominance in the production of televisions because:

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

If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then ________ has a(n)________ advantage in producing shoes.

Thinking Like an Economist

Supply and Demand

Elasticity

Demand

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

An Introduction to Behavioral Economics

Externalities, Property Rights, and the Environment

The Economics of Information

Labor Markets, Poverty, and Income Distribution

Public Goods and Tax Policy

International Trade and Trade Policy

Macroeconomics: The Birds Eye View of the Economy

Measuring Economic Activity: GDP and Unemployment

Measuring the Price Level and Inflation

Economic Growth, Productivity, and Living Standards

The Labor Market: Workers, Wages, and Unemployment

Saving and Capital Formation

Money Prices and the Federal Reserve

Financial Markets and International Capital Flows

Short-Term Economic Fluctuations: An Introduction

Spending and Output in the Short Run

Stabilizing the Economy: The Role of the Fed

Aggregate Demand, Aggregate Supply, and Inflation

Exchange Rates and the Open Economy

Filters

Refer to the accompanying table. Based on their comparative advantage, Martha should specialize in making while Julia should specialize in making . Tirue to Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then has a(n) advantage in producing shoes.