Exam 2: Choices and Trade-Offs in the Market

An example of a factor of production is

It is possible to have a comparative advantage in producing a good or service without having an absolute advantage.

Figure 2-3 Figure 2-3 shows various points on three different production possibility frontiers for a nation. -Refer to Figure 2-3.A movement from ________ is the result of negative technological change in plastic production.

Figure 2-1 -Refer to Figure 2-1.Point A is

If the opportunity cost of producing more of one good remains the same as more of that good is produced,then the production method is inefficient.

If a nation changes its laws to more actively enforce intellectual property rights,all of the following will most likely take place except

Figure 2-3 Figure 2-3 shows various points on three different production possibility frontiers for a nation. -Refer to Figure 2-3.A movement from ________ could occur because of an influx of immigrant labour.

When you purchase a new pair of jeans you do so in the

Figure 2-7 Figure 2-7 shows the production possibility frontiers for Pakistan and Indonesia.Each country produces two goods,cotton and cashews. -Refer to Figure 2-7.If the two countries have the same amount of resources and the same technological knowledge,which country has an absolute advantage in the production of cotton?

Table 2-1 Production choices for Tomaso's Trattoria -Refer to Table 2-1.Assume Tomaso's Trattoria only produces pizzas and calzones.Tomaso faces ________ opportunity costs in the production of pizzas and calzones.

Figure 2-1 -Refer to Figure 2-1.Point C is

The principle of opportunity cost is that

Table 2-8 Table 2-8 shows the number of labour hours required to produce a motorcycle and a guitar in Ireland and Scotland. -Refer to Table 2-8.Ireland has a comparative advantage in the production of

The production possibility frontier shows the ________ combinations of two products that may be produced in a particular time period with available resources.

Table 2-4 Table 2-4 shows the output per week of two jewelers,Serena and Haley.They can either devote their time to making bracelets or making necklaces. -Refer to Table 2-4.What is Haley's opportunity cost of making a bracelet?

All of the following countries come close to the free market benchmark except

Table 2-4 Table 2-4 shows the output per week of two jewelers,Serena and Haley.They can either devote their time to making bracelets or making necklaces. -Refer to Table 2-4.What is Haley's opportunity cost of making a necklace?

Table 2-3 Production Choices for Dina's Cafe -Refer to Table 2-3.Assume Dina's Cafe only produces sliders and hot wings.A combination of 120 sliders and 100 hot wings would appear

Figure 2-4 -Refer to Figure 2-4.If the economy is currently producing at point X,what is the opportunity cost of moving to point Y?

Consider the following items: A.the novel The DaVinci Code by Dan Brown B.the 'The Spirited Shipper,' an innovative wine shipping box C.a Swiss chef's award-winning recipe D.an original fabric design,for example,the fabric used for 'Coach' bags and luggage Which of the items listed is an example of intellectual property?