Exam 2: Model Building and Gains From Trade

use the Table below to answer the following questions : -Suppose that Solange and Jay-Z could each make either New York-style pizza or Philly cheesesteaks.Given an eight-hour workday,which of the following would permit them to consume outside their respective production possibilities frontiers (PPFs)?

Physicists can conduct experiments to study subatomic particles,even though no one has ever seen or photographed a subatomic particle.Experimental psychologists can study emotions,even though no one has ever seen or photographed an emotion.How can there be experiments in these areas of study? What are the implications for the science of economics?

use the figures below to answer the following questions " -Which allocation point in the short-run production possibilities frontier (PPF)will lead to no growth in the long-run PPF?

Why doesn't our society invest more resources into the production of capital goods to enhance the level of growth in our future production possibilities frontier (PPF)?

The important act of holding all other variables constant while examining a particular variable is known as

use the figure below to answer the following questions : the accompanying figure -Unemployed resources are evident at

use the figure above to answer the following questions : -In the figure,point E is

On a particular Saturday,Mark Zuckerberg and Bill Gates can either plant trees or spread mulch in their gardens.Their maximum output per day is listed in the following table,along with spaces where you can calculate the opportunity cost. -Based on this scenario,who has an absolute advantage in spreading mulch?

Which statement best describes the opportunity cost evident in the production possibilities frontier (PPF)for the accompanying figure?

Is it always better to forgo current consumption in order to invest more in capital goods that will provide more growth in society's production possibilities frontier (PPF)and make us better off in the future?

Which of the following is a normative statement?

use the figure below to answer the following questions : the figure depict the production possibilities frontiers (PPFs)for two people who can allocate the same amount of time between making pizzas and making stromboli. -What is Kenzi's opportunity cost of making 1 stromboli?

Which statement best describes the absolute advantage as shown in the graphs?

What does it mean when society is operating inside the production possibilities frontier (PPF)?

Which of the following is a normative statement?