Exam 2: Economic Tools and Economic Systems

If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours,then:

The figure below shows the production possibilities frontier for Good A and Good B.In the figure below,if all the economy's resources are used efficiently to produce only good A,then the economy will be at point: Figure 2.2

The opportunity cost of going to college consists of more than just the tuition that will be paid.

An economy's production possibilities frontier:

The figure below shows the production possibilities frontier for Good A and Good B.In the figure below,which of the following points represents an inefficient use of the economy's resources? Figure 2.2

If one person has an absolute advantage in producing both of two goods,then that person:

One flaw of pure capitalism is that a person who owns no resources could starve.

The primary differences in economic structure among different countries relate to ownership of resources and the manner in which economic activities are coordinated.

The following figure shows the production possibilities frontier for Good A and Good B.In the figure below,point f represents: Figure 2.2

Hans can do 4 loads of laundry per hour,and he can type 6 pages per hour.Maria can do 12 loads of laundry per hour,and she can type 8 pages per hour.Hans' opportunity cost of typing one page is:

Opportunity cost is the difference between the benefits and the costs of a choice.

It is possible for one person to have an absolute advantage in something even if she has no comparative advantage in anything.

The division of labor:

The economic question of "what to produce" is often referred to as the distribution question.

The figure below shows the production possibilities frontier for Good A and Good B.In the figure below,if all the economy's resources are used efficiently to produce only good B,then the economy will be at point: Figure 2.2

Comparative advantage refers to:

A production possibilities frontier can shift outward for all of the following reasons except:

Which of the following would shift the production possibilities frontier outward?

A point outside the production possibilities frontier:

A test is scheduled for Monday morning,and you went to a party on Sunday night.If you hadn't attended the party,you could have studied for the test or gone to a movie.Which of the following is true regarding your opportunity cost?