Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. \[\begin{array} { | l | c | c | } \hline & \text { Time ta Make a Pie } & \text { Tirne to Muke a Cake } \\ \hline \text { Martha } & 60 \text { minutes} & 80 \text { minutes } \\ \hline \text { Julia } & 50 \text {minutes } & 60 \text { minutes } \\ \hline \end{array}\]

A) Martha; Martha B) Julia; Julia C) Martha; Julia D) Julia; Martha A) Martha; Martha B) Julia; Julia C) Martha; Julia D) Julia; Martha

Refer to the accompanying table. Corey's opportunity cost of making of a pizza is delivering: \(\begin{array}{|l|r|r|} \hline & \text { Pizzas Made Per Hour } & \text { Pizzas Delivered Per Hour } \\ \hline \text { Corey } & 12 & 6 \\ \hline \text { Pat } & 10 & 15 \\ \hline \end{array}\)

A) 2 pizzas. B) 3/2 of a pizza. C) 2/3 of a pizza. D) 1/2 of a pizza. A) 2 pizzas. B) 3/2 of a pizza. C) 2/3 of a pizza. D) 1/2 of a pizza.

Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The accompanying table shows the number of rooms they can each clean and the number of meals they can each cook in an hour. \[\begin{array} { | l | c | c | } \hline & \text { Ronrs Cleaned Per Haur } & \text { Meals Caked Per Haur } \\ \hline \text { Lou } & 5 & 4 \\ \hline \text { Alex } & 3 & 3 \\ \hline \end{array}\] If Alex and Lou work out an efficient arrangement for these two chores, then under that arrangement:

A) Alex and Lou each would do half of the cooking and half of the cleaning. B) Alex would do all of the cleaning, while Lou would do all the cooking. C) Lou would do all of the cleaning and all of the cooking. D) Lou would do all of the cleaning, while Alex would do all of the cooking. A) Alex and Lou each would do half of the cooking and half of the cleaning. B) Alex would do all of the cleaning, while Lou would do all the cooking. C) Lou would do all of the cleaning and all of the cooking. D) Lou would do all of the cleaning, while Alex would do all of the cooking.

Refer to the accompanying table. ________ has the comparative advantage in making pizza, and ________ has the comparative advantage in delivering pizza. \(\begin{array}{|l|r|r|} \hline & \text { Pizzas Made Per Hour } & \text { Pizzas Delivered Per Hour } \\ \hline \text { Corey } & 12 & 6 \\ \hline \text { Pat } & 10 & 15 \\ \hline \end{array}\)

A) Corey; Corey B) Pat; Pat C) Pat; Corey D) Corey; Pat A) Corey; Corey B) Pat; Pat C) Pat; Corey D) Corey; Pat

Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The accompanying table shows the number of rooms they can each clean and the number of meals they can each cook in an hour. \[\begin{array} { | l | c | c | } \hline & \text { Ronrs Cleaned Per Haur } & \text { Meals Caked Per Haur } \\ \hline \text { Lou } & 5 & 4 \\ \hline \text { Alex } & 3 & 3 \\ \hline \end{array}\] For Alex, the opportunity cost of cleaning one room is making ________ meal(s); for Lou the opportunity cost of cleaning one room is making ________ meal(s).

A) 4; 4 B) 1; 4/5 C) 1; 5/4 D) 3; 5 A) 4; 4 B) 1; 4/5 C) 1; 5/4 D) 3; 5

Exam 2: Comparative Advantage

Refer to the accompanying table. has the comparative advantage in making pies and the comparative advantage in making cakes. Time ta Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

(Multiple Choice)

5.0/5

(35)

Question 61

Refer to the accompanying table. Corey's opportunity cost of making of a pizza is delivering: Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

(Multiple Choice)

4.8/5

(38)

Question 62

Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The accompanying table shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Ronrs Cleaned Per Haur Meals Caked Per Haur Lou 5 4 Alex 3 3 If Alex and Lou work out an efficient arrangement for these two chores, then under that arrangement:

(Multiple Choice)

4.8/5

(36)

Question 63

Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure. The Principle of Increasing Opportunity Cost is reflected in the fact that the opportunity cost going from 70 to 80 in economics is:

(Multiple Choice)

4.8/5

(36)

Question 64

Refer to the accompanying figure. The opportunity cost of making an additional salad:

(Multiple Choice)

4.9/5

(34)

Question 65

The fundamental reason firms outsource is that:

(Multiple Choice)

4.8/5

(32)

Question 66

Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure. Both of Moe's professors require at least a 65 to pass and a 90 to earn an A. Which of the following is true?

(Multiple Choice)

4.8/5

(30)

Question 67

Refer to the accompanying figure. For Pat, the opportunity cost of removing one bag of trash is planting:

(Multiple Choice)

4.8/5

(36)

Question 68

If Al has an absolute advantage over Beth in preparing meals, then:

(Multiple Choice)

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(35)

Question 69

If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:

(Multiple Choice)

4.9/5

(33)

Question 70

Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is correct?

(Multiple Choice)

4.8/5

(39)

Question 71

Refer to the accompanying table. has the comparative advantage in making pizza, and has the comparative advantage in delivering pizza. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

(Multiple Choice)

4.9/5

(47)

Question 72

Lou and Alex live together and share household chores. They like to cook some meals ahead of time and eat leftovers. The accompanying table shows the number of rooms they can each clean and the number of meals they can each cook in an hour. Ronrs Cleaned Per Haur Meals Caked Per Haur Lou 5 4 Alex 3 3 For Alex, the opportunity cost of cleaning one room is making meal(s); for Lou the opportunity cost of cleaning one room is making meal(s).

(Multiple Choice)

4.9/5

(39)

Question 73

Refer to the accompanying figure. If this restaurant makes 75 salads in one hour, then what's the maximum number of pizzas it can make in that same hour?

(Multiple Choice)

4.9/5

(34)

Question 74

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

(Multiple Choice)

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Question 75

The United States generally has a comparative advantage in the development of technology because it has:

(Multiple Choice)

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(40)

Question 76

Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure. If Moe moves from Point A to point C, his grade in Physics will go down by ________ his grade in economics.

(Multiple Choice)

4.7/5

(35)

Question 77

An individual has an absolute advantage in producing pizzas if that individual:

(Multiple Choice)

4.7/5

(38)

Question 78

The accompanying figure shows Avery's weekly production possibilities curve for scarves. For Avery, the opportunity cost of making a red scarf is:

(Multiple Choice)

4.9/5

(36)

Question 79

If Ana devotes all her time to making fudge, she can make 3 pounds of fudge an hour, and if she devotes all her time to making toffee, she can make 2 pounds of toffee an hour. If Leo devotes all his time to making fudge, he can make 4 pounds of fudge an hour, and if he devotes all his time to making toffee, he can make 5 pounds of toffee an hour. According to The Principle of Comparative Advantage, Ana and Leo will be able to produce more overall if:

(Multiple Choice)

4.7/5

(49)

Question 80

Exam 2: Comparative Advantage

Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time ta Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

Refer to the accompanying table. Corey's opportunity cost of making of a pizza is delivering: Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

Refer to the accompanying figure. The opportunity cost of making an additional salad:

The fundamental reason firms outsource is that:

Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure. Both of Moe's professors require at least a 65 to pass and a 90 to earn an A. Which of the following is true?

Refer to the accompanying figure. For Pat, the opportunity cost of removing one bag of trash is planting:

If Al has an absolute advantage over Beth in preparing meals, then:

If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:

Suppose Cathy and Lewis work in a bakery making pies and cakes. Suppose it takes Cathy 1.5 hours to make a pie and 1 hour to make a cake, and suppose it takes Lewis 2 hours to make a pie and 1.5 hours to make a cake. Which of the following statements is correct?

Refer to the accompanying table. ________ has the comparative advantage in making pizza, and ________ has the comparative advantage in delivering pizza. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

Refer to the accompanying figure. If this restaurant makes 75 salads in one hour, then what's the maximum number of pizzas it can make in that same hour?

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

The United States generally has a comparative advantage in the development of technology because it has:

Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure. If Moe moves from Point A to point C, his grade in Physics will go down by ________ his grade in economics.

An individual has an absolute advantage in producing pizzas if that individual:

The accompanying figure shows Avery's weekly production possibilities curve for scarves. For Avery, the opportunity cost of making a red scarf is:

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. has the comparative advantage in making pies and the comparative advantage in making cakes. Time ta Make a Pie Tirne to Muke a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

Refer to the accompanying table. has the comparative advantage in making pizza, and has the comparative advantage in delivering pizza. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15