Exam 2: Measuring Macroeconomic Performance: Saving and Wealth

The following table describes Buffy's abilities to produce either weapons or food each hour. -The data indicate that it takes Buffy __________ minutes to produce a weapon and __________ minutes to produce a unit of food.

In terms of the production possibilities curve,productive efficiency is represented by

The following table describes Buffy's abilities to produce either weapons or food each hour. -The opportunity cost of an extra unit of food is

For a nation that finds it has a comparative advantage in producing good Z,it is likely that the size of the comparative advantage will

A circular flow diagram of an economy shows that

An inefficient point is

Point G is a(n)__________ point in relation to the production possibilities curve.

If the production possibilities curve is smoothly bowed out (concave to the origin),the underlying economy is probably a

-Sam possesses an absolute advantage in

Suppose that a further increase in specialization allows a country to increase total output by 10% but,afterward,it was discovered that work absenteeism increased by 30%.This is likely an example of

Refer to the graph below.As you move from point B to point A,

Refer to the graph below.Given Mary and Paul's production possibilities tables for answering economics and math problems,which curve represents their combined production possibilities curve if they take advantage of their comparative advantages?

To say that an individual possesses an absolute advantage in the production of software means that he

An isolated economy has ____________ possibilities for specialization when compared to the possibilities available to an easily accessible economy.

The production possibilities curve shows

Economic growth can generally be represented by _______________ the production possibilities curve.

-Sam's opportunity cost of producing an extra pair of pants is

If you move from a point on the production possibilities curve to a point inside the production possibilities curve,it follows that

-Which of the following statements is the most appropriate?