Exam 2: Resource Utilization

We could increase the production of both heart transplants and round-the-world trips if we moved to point T from point

The United States was able to produce temporarily outside its production possibilities curve for several years during World War II by doing which of the following?

Which one of the following resources is not underemployed?

Referring to a production possibilities curve and the goods being compared,depict the economic event.The increase in government spending due to World War II pulls the U.S.economy out of a depression to full employment of resources (guns vs.butter).

Statement I.Full employment and full production mean exactly the same thing. Statement II.You can attain full employment without attaining full production,but you cannot attain full production without attaining full employment.

Who of the following is not an entrepreneur?

-Place point X on the graph to indicate an unemployment rate of 10 percent.

-What is the opportunity cost of going from point A to point B?

Our basic economic problem would be solved if

As we move along a production possibilities curve and acquire larger and larger amounts of one good (e.g. ,guns),the sacrifices of the alternative good (e.g. ,butter)become larger and larger.This is an illustration of

We can increase our rate of economic growth by

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

Which of the following is the most accurate statement?

Which of the following is an example of opportunity cost?

Our economy ______________ operates on its production possibility curve.

Statement I.Entrepreneurial ability is not a resource. Statement II.Virtually all of our resources are buried under the ground.

In the American economy,the central figure is the _______________.

The increasing cost in the law of increasing cost is a(n)____________ cost.

Referring to a production possibilities curve and the goods being compared,depict the economic event.The literacy rate increases among workers (capital goods vs.consumer goods).

Which statement is true?