Exam 2: Resource Utilization

If we are currently at point T,we can get to point S in the long run

The opportunity cost of moving from point T to point Q would be

Why did the U.S.temporarily operate outside the production possibilities frontier in 1942,1943,and 1944?

Which statement is true?

Which of the following would an economist classify as capital?

Referring to a production possibilities curve and the goods being compared,depict the economic event.Widespread use of the assembly line revolutionizes U.S.industry in the early 20th century (capital vs.consumer goods).

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 D to point C?

During World War II,a nation's opportunity cost of devoting resources to the war effort was _____________.

Statement I.Employment discrimination causes underemployment. Statement II.The concept of opportunity cost has little validity in the global economy.

Which statement is true?

An outward shift in the entire production possibilities frontier

If a nation is currently operating at a point inside its production possibilities curve,it

Place point Q on the graph to indicate an unemployment rate of 100 percent,point R to indicate full employment and point S to indicate where our economy usually operates.

Which of the following is(are)the main factor(s)spurring economic growth?

-Place point X on the graph to indicate full employment,point Y to indicate economic growth and point Z to indicate a bad depression.

-If the economy were producing at point F,

Each of the following is an example of an economic resource except

The economic problem refers to

To raise our rate of economic growth,we need more and better _______ as well as more and better _______.

The law of increasing costs states that