Exam 2: Resource Utilization

Hypothetical Production Schedule for Two-Product Economy Units of Units of Point Hamburgers Milk Shakes A 0 10 B 1 5 C 2 3 D 3 1 E 4 0 -What is the opportunity cost of moving from point B to point A?

-Assuming the inner curve is our current production possibilities frontier,our economy usually operates at ____.

If the unemployment rate is 5 percent (full employment),our economy is operating

Statement I: When the unemployment rate is five percent,we are inside our production possibilities frontier. Statement II: Full production means that the nation's resources are being allocated in the most efficient manner possible.

Examples of employment discrimination would include

-If the economy is at point R,most likely this economy is experiencing _________.

Which one of the following is the most accurate?

Hypothetical Production Schedule for Two-Product Economy Units of Units of Point Hamburgers Milk Shakes A 0 10 B 1 5 C 2 3 D 3 1 E 4 0 -What is the opportunity cost of moving from point A to point B?

The main effect of employment discrimination is

Which statement is true?

-If war breaks out and the economy is at full employment,we would move from

Referring to a production possibilities curve and the goods being compared,depict the economic event.The Soviet Union entered World War II at a full employment production level (guns vs.butter).

The value of the next best alternative defines __________________.

Which of the following is not a factor of production?

The opportunity cost of spending four hours at a movie theater watching a double feature the night before a final exam would be

In 1943-1945

Hypothetical Production Schedule for a Two-Product Economy Units\nobreakspaceof Units\nobreakspaceof Points Consumer Goods Capital Goods 0 30 15 24 27 18 36 12 42 6 45 0 -If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside)the production possibilities curve.

Improving the education level of the labor force will

Which of the following events in U.S.history did not create economic growth (shift the production possibilities curve outward)?

Referring to a production possibilities curve and the goods being compared,depict the economic event.Assuming the United States was producing at full employment levels in the late 1980s,peace breaks out as the Cold War ends (guns vs.butter).