Refer to the table below. According to the table, Martha has the absolute advantage in: \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Time to } \\ \text { Make a Pie } \end{array} & \begin{array} { c } \text { Time to } \\ \text { Make a Cake } \end{array} \\ \hline \text { Martha } & 60 \text { minutes } & 80 \text { minutes } \\ \hline \text { Julia } & 50 \text { minutes } & 60 \text { minutes } \\ \hline \end{array}\]

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

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Calculators } \\ \text { Per Hour } \end{array} & \begin{array} { c } \text { Computers } \\ \text { Per Hour } \end{array} \\ \hline \text { Smith } & 100 & 10 \\ \hline \text { Jones } & 120 & 6 \\ \hline \end{array}\] The opportunity cost of making a calculator for Smith is ______ and for Jones it is ______.

A) 0.10 computers; 0.05 computers B) 10 computers; 20 computers C) 1 computer; 0.5 computers D) 0.6 computers; 1.2 computers A) 0.10 computers; 0.05 computers B) 10 computers; 20 computers C) 1 computer; 0.5 computers D) 0.6 computers; 1.2 computers

Refer to the table below. Based on their comparative advantages, Pat should specialize in _______, and Corey should specialize in _______. \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Pizzas } \\ \text { Made } \\ \text { Per Hour } \end{array} & \begin{array} { c } \text { Pizzas } \\ \text { Delivered } \\ \text { Per Hour } \end{array} \\ \hline \text { Corey } & 12 & 6 \\ \hline \text { Pat } & 10 & 15 \\ \hline \end{array}\]

A) delivering pizza; making pizza B) making pizza; delivering pizza C) neither making pizza nor delivering pizza; both making pizza and delivering pizza D) both making pizza and delivering pizza; neither making pizza nor delivering pizza A) delivering pizza; making pizza B) making pizza; delivering pizza C) neither making pizza nor delivering pizza; both making pizza and delivering pizza D) both making pizza and delivering pizza; neither making pizza nor delivering pizza

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. \[\begin{array} { | l | c | c | } \hline & \begin{array} { c } \text { Calculators } \\ \text { Per Hour } \end{array} & \begin{array} { c } \text { Computers } \\ \text { Per Hour } \end{array} \\ \hline \text { Smith } & 100 & 10 \\ \hline \text { Jones } & 120 & 6 \\ \hline \end{array}\] If Smith and Jones are dividing their time efficiently and producing more than 10 computers and fewer than 120 calculators per hour, then Smith will ______ and Jones will ______.

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

Exam 2: Comparative Advantage

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

(Multiple Choice)

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Question 101

Refer to the figure below. It is efficient for this farmer to:

(Multiple Choice)

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Question 102

Regarding specialization, it is generally true that:

(Multiple Choice)

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Question 103

Refer to the table below. According to the table, Martha has the absolute advantage in: Time to Make a Pie Time to Make a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

(Multiple Choice)

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Question 104

Refer to the figure below. Moving from point B to point A, the opportunity cost of 25 more salads is:

(Multiple Choice)

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Question 105

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. Calculators Per Hour Computers Per Hour Smith 100 10 Jones 120 6 The opportunity cost of making a calculator for Smith is and for Jones it is .

(Multiple Choice)

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Question 106

The figure below shows the production possibilities curve for the island of Genovia: If 500 cars are produced in Genovia, a maximum of ______ tons of agricultural products can be produced.

(Multiple Choice)

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Question 107

Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:

(Multiple Choice)

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Question 108

If a nation can produce a more computers per year than any other nation, that nation has a(n) ______ advantage in the production of computers.

(Multiple Choice)

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Question 109

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

(Multiple Choice)

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Question 110

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 111

A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a(n):

(Multiple Choice)

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Question 112

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

(Multiple Choice)

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Question 113

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

(Multiple Choice)

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Question 114

Refer to the table below. Based on their comparative advantages, Pat should specialize in _, and Corey should specialize in _. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

(Multiple Choice)

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Question 115

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

(Multiple Choice)

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Question 116

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. Calculators Per Hour Computers Per Hour Smith 100 10 Jones 120 6 If Smith and Jones are dividing their time efficiently and producing more than 10 computers and fewer than 120 calculators per hour, then Smith will and Jones will .

(Multiple Choice)

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Question 117

Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?

(Multiple Choice)

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Question 118

Consider a graph of a production possibilities curve. If a producer is operating at an inefficient point, then that producer:

(Multiple Choice)

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Question 119

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 120

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

Refer to the figure below. It is efficient for this farmer to:

Regarding specialization, it is generally true that:

Refer to the table below. According to the table, Martha has the absolute advantage in: Time to Make a Pie Time to Make a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

Refer to the figure below. Moving from point B to point A, the opportunity cost of 25 more salads is:

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. Calculators Per Hour Computers Per Hour Smith 100 10 Jones 120 6 The opportunity cost of making a calculator for Smith is and for Jones it is .

The figure below shows the production possibilities curve for the island of Genovia: If 500 cars are produced in Genovia, a maximum of ______ tons of agricultural products can be produced.

Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:

If a nation can produce a more computers per year than any other nation, that nation has a(n) ______ advantage in the production of computers.

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

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:

A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a(n):

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

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

Refer to the table below. Based on their comparative advantages, Pat should specialize in _, and Corey should specialize in _. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

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

Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?

Consider a graph of a production possibilities curve. If a producer is operating at an inefficient point, then that producer:

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

Externalities and Property Rights

The Economics of Information

Labor Markets, Poverty, and Income Distribution

The Environment, Health, and Safety

Public Goods and Tax Policy

Filters

Exam 2: Comparative Advantage

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

Refer to the figure below. It is efficient for this farmer to:

Regarding specialization, it is generally true that:

Refer to the table below. According to the table, Martha has the absolute advantage in: Time to Make a Pie Time to Make a Cake Martha 60 minutes 80 minutes Julia 50 minutes 60 minutes

Refer to the figure below. Moving from point B to point A, the opportunity cost of 25 more salads is:

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. Calculators Per Hour Computers Per Hour Smith 100 10 Jones 120 6 The opportunity cost of making a calculator for Smith is ______ and for Jones it is ______.

The figure below shows the production possibilities curve for the island of Genovia: If 500 cars are produced in Genovia, a maximum of ______ tons of agricultural products can be produced.

Suppose that Nepal invests less in new factories and equipment than does the United States. This will likely cause:

If a nation can produce a more computers per year than any other nation, that nation has a(n) ______ advantage in the production of computers.

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

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:

A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a(n):

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

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

Refer to the table below. Based on their comparative advantages, Pat should specialize in _______, and Corey should specialize in _______. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15

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

Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?

Consider a graph of a production possibilities curve. If a producer is operating at an inefficient point, then that producer:

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

Externalities and Property Rights

The Economics of Information

Labor Markets, Poverty, and Income Distribution

The Environment, Health, and Safety

Public Goods and Tax Policy

Filters

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. Calculators Per Hour Computers Per Hour Smith 100 10 Jones 120 6 The opportunity cost of making a calculator for Smith is and for Jones it is .

Refer to the table below. Based on their comparative advantages, Pat should specialize in _, and Corey should specialize in _. Pizzas Made Per Hour Pizzas Delivered Per Hour Corey 12 6 Pat 10 15