Exam 2: Measuring Macroeconomic Performance: Saving and Wealth

Point F is __________ while point G is __________.

-The opportunity cost of an extra acoustic guitar for Mark is

Maria can produce 100 pounds of tomatoes or 25 pounds of squash in her garden each summer,while Tonya can produce 50 pounds of tomatoes or 25 pounds of squash.If the production possibilities curves are drawn with tomatoes on the vertical axis and squash on the horizontal axis,then the absolute values of the slope of Maria's and Tonya's production possibilities curves,respectively,are

In general,individuals should specialize in producing those goods for which they have a(n)

Which of the following statements illustrates that the idea of comparative advantage is embedded in the circular flow diagram?

Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below. -Suppose Smith and Jones begin at the point of producing 0 computers and 220 calculators in one hour.If they wish to produce 2 computers and 200 calculators in one hour,then Smith will spend __________ and Jones will spend __________.

A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is termed a(n)

Under certain assumptions,the model of comparative advantage predicts that maximum output can be achieved if each person produces goods or services where

Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below. -For any efficient point with at least 10 computers and less than 120 calculators,Smith will __________ and Jones will __________.

Smith and Jones comprise a two-person economy.Their hourly rates of production are shown below. -Suppose Smith and Jones begin at the point of producing 16 computers and 0 calculators in one hour.If they wish to produce 14 computers and 40 calculators in one hour,then Smith will spend __________ and Jones will spend __________.

The opportunity cost to Becky of producing 20 units of butter is

-According to data,Jenny has an absolute advantage in

-Refer to the graph above.Given Vineetstan's production possibility curve,when moving from point B to point C the opportunity cost of reading articles in terms of listening to CDs is

The fundamental reason that a production possibilities curve has a negative slope is that

If an economy takes advantage of the comparative advantage of some resources over others,the slope of its production possibilities curve is likely to be

-Because Bobby Jo and Mary Lou have __________ opportunity costs,they can experience __________ from specialization.

The following table describes Buffy's abilities to produce either weapons or food each hour. -If weapons were on the vertical axis and food on the horizontal,the y-intercept would be __________ and the x-intercept would be __________.

The Principle of Increasing Opportunity Cost indicates that the proper sequence of resource usage to expand production is to

In one 8-hour workday,Hector can produce 25 court appeals or 5 new lawsuits.If appeals are on the vertical axis,the slope of his production possibilities curve is

The major cost,or penalty,imposed by increasing specialization is