Lou and Alex live together and share household chores.They like to cook some meals ahead of time and eat leftovers.Suppose that in one hour Lou and Alex can do the following: \[\begin{array} { | l | l | l | } \hline & \text { Alex } & \text { Lou } \\ \hline \text { Whole Hour Cleaning } & 3 \text { rooms } & 5 \text { rooms } \\ \hline \text { Whole Hour Cooking } & 3 \text { meals } & 4 \text { meals } \\ \hline 1 / 2 \text { hour, Each Activity } & 1.5 \text { rooms; } 1.5 \text { meals } & 2.5 \text { rooms; } 2 \text { meals } \\ \hline \end{array}\] For Alex,the opportunity cost of cleaning one room is ____ meal(s);for Lou the opportunity cost of cleaning one room is _____ 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 B

Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below. \(\begin{array}{ccc} \underline{\text { Good }}&\underline{\text { Smith }} & \underline{\text { Jones }} \\ \text { Computers } & 10 & 6 \\ \text { Calculators } & 100 & 120 \end{array}\) Refer to the table above.The opportunity cost of making an extra calculator for Smith is __________ and for Jones it is __________.

A) 0.10 computers;0.05 computers B) 10 computers;6 computers C) 1 computer;0.5 computers D) 0.6 computers;1.2 computers A) 0.10 computers;0.05 computers B) 10 computers;6 computers C) 1 computer;0.5 computers D) 0.6 computers;1.2 computers A

Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below. \(\begin{array}{ccc} \underline{\text { Good }}&\underline{\text { Smith }} & \underline{\text { Jones }} \\ \text { Computers } & 10 & 6 \\ \text { Calculators } & 100 & 120 \end{array}\) Refer to the table above.Suppose Smith and Jones begin by producing 100 calculators per hour;as Smith and Jones choose to efficiently produce fewer computers and more calculators,__________ devotes more time to calculators because his __________.

A) Smith;absolute advantage is larger B) Jones;absolute advantage is smaller C) Jones;opportunity costs are lower D) Smith;opportunity costs are lower A) Smith;absolute advantage is larger B) Jones;absolute advantage is smaller C) Jones;opportunity costs are lower D) Smith;opportunity costs are lower

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

A) 10 fewer cars sold. B) 1/2 car not sold. C) 1 fewer car sold. D) 2 fewer cars sold. A) 10 fewer cars sold. B) 1/2 car not sold. C) 1 fewer car sold. D) 2 fewer cars sold.

Earth Movers & Shakers operates 3 iron ore mines.This table shows their daily production rates and the current number of miners at each mine.All of the miners work for the same wage and each miner in any given mine produces the same number of tons as each other miner in that mine. \[\begin{array} { | l | l | l | } \hline \text { Mine } & \text { Tons } & \begin{array} { l } \text { Number of } \\ \text { Miners } \end{array} \\ \hline \text { Mother Lode } & 100 & 25 \\ \hline \text { Scraping Bottom } & 30 & 10 \\ \hline \text { Middle Drift } & 75 & 15 \\ \hline \end{array}\] By taking the first tons from ______,Earth Movers & Shakers is producing consistent with the _____ Principle.

A) Mother Lode;Low Hanging Fruit B) Middle Drift;Compromise C) Middle Drift;Low Hanging Fruit D) Scraping Bottom;Cost Minimizing A) Mother Lode;Low Hanging Fruit B) Middle Drift;Compromise C) Middle Drift;Low Hanging Fruit D) Scraping Bottom;Cost Minimizing