Exam 2: Resource Utilization

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

The opportunity cost for a student of attending college for a year is measured by

Which statement is true?

Which statement is the most accurate?

According to the law of increasing costs,as the United States expends more of its resources on reducing air pollution,

The reason that opportunity costs arise is that

Which statement is true?

Which one of the following resources is not underemployed?

Resources include

-If the economy were producing at point A and moved to point B the opportunity cost in terms of lost production of robots would be

In the 1950s

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 would an economist classify as capital?

The existence of unemployment can be illustrated on a production possibilities curve by a(n)

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).

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

In order to raise our rate of economic growth we would need to

Statement I.Labor and capital are resources. Statement II.Scarcity has been largely eliminated from our economy.

We temporarily operated outside our production possibilities frontier in