Refer to the accompanying table. Martha's opportunity cost of making a cake 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 pie. B) 4/3 of a pie. C) 6 pies. D) 60 pies. A) 3/4 of a pie. B) 4/3 of a pie. C) 6 pies. D) 60 pies.

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

A) 6 pizzas. B) 12 pizzas. C) 2 pizzas. D) 1/2 of a pizza. A) 6 pizzas. B) 12 pizzas. C) 2 pizzas. D) 1/2 of a pizza.

Exam 2: Comparative Advantage

Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The absolute value of the slope of the production possibilities curve between points A and B equals:

(Multiple Choice)

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Question 121

Suppose Colin brews beer and makes cheese. If Colin can increase his production of beer without decreasing his production of cheese, then he is producing at an:

(Multiple Choice)

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Question 122

Refer to the accompanying table. Martha's opportunity cost of making a cake 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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Question 123

When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:

(Multiple Choice)

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Question 124

The accompanying figure shows the production possibilities curve for the island of Genovia: The opportunity cost of producing a car in Genovia is:

(Multiple Choice)

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Question 125

The idea that tradeoffs have to be made when resources are scarce is reflected in the fact that:

(Multiple Choice)

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Question 126

The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts. The maximum number of dresses that Becky can make in a day is represented by point:

(Multiple Choice)

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Question 127

Refer to the accompanying figure. At point D, the opportunity cost of making milk is:

(Multiple Choice)

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Question 128

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 the other island has a total of coconuts and fish.

(Multiple Choice)

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Question 129

If a given production combination is known to be attainable, then it:

(Multiple Choice)

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Question 130

Refer to the accompanying figure. If Pat and Chris were to specialize in the task in which each has a comparative advantage:

(Multiple Choice)

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Question 131

In a two-person, two-good economy, the gains to specialization will be larger when:

(Multiple Choice)

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Question 132

Economic growth can result from a(n):

(Multiple Choice)

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Question 133

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 the other island's delegate offers to give you 2 fish for every 1 coconut you give them, you will:

(Multiple Choice)

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Question 134

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

(Multiple Choice)

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Question 135

A country is most likely to have a comparative advantage in the production of cars if:

(Multiple Choice)

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Question 136

Refer to the accompanying figure. The opportunity cost of producing one bushel of wheat is:

(Multiple Choice)

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Question 137

Larry has a comparative advantage over his classmates in writing term papers if he:

(Multiple Choice)

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Question 138

Which of the following jobs is least likely to be outsourced?

(Multiple Choice)

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Question 139

If a linear, two-good production possibilities curve has a slope of ‒2, then:

(Multiple Choice)

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Question 140

Showing 121 - 140 of 163

Exam 2: Comparative Advantage

Suppose Colin brews beer and makes cheese. If Colin can increase his production of beer without decreasing his production of cheese, then he is producing at an:

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

The accompanying figure shows the production possibilities curve for the island of Genovia: The opportunity cost of producing a car in Genovia is:

The idea that tradeoffs have to be made when resources are scarce is reflected in the fact that:

The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts. The maximum number of dresses that Becky can make in a day is represented by point:

Refer to the accompanying figure. At point D, the opportunity cost of making milk is:

If a given production combination is known to be attainable, then it:

Refer to the accompanying figure. If Pat and Chris were to specialize in the task in which each has a comparative advantage:

In a two-person, two-good economy, the gains to specialization will be larger when:

Economic growth can result from a(n):

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 the other island's delegate offers to give you 2 fish for every 1 coconut you give them, you will:

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

A country is most likely to have a comparative advantage in the production of cars if:

Refer to the accompanying figure. The opportunity cost of producing one bushel of wheat is:

Larry has a comparative advantage over his classmates in writing term papers if he:

Which of the following jobs is least likely to be outsourced?

If a linear, two-good production possibilities curve has a slope of ‒2, then:

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

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