Exam 2: The Economic Problem: Scarcity and Choice

Refer to the information provided in Table 2.1 below to answer the following questions. Table 2.1 -Refer to Table 2.1.For Mark,the opportunity cost of writing one TV commercial is

An economy that is producing on the production possibility frontier at some point other than the output of efficient allocation is

An economy in which individual people and firms pursue their own self-interest without any central direction or regulation is a(n)

The concept of opportunity cost is based on the principle of

The production possibility frontier is a graph that shows

Refer to the information provided in Figure 2.6 below to answer the questions that follow. Figure 2.6 -Refer to Figure 2.6.If the economy is at ppf^{1,a change in consumer preferences would be shown by a}

Refer to the information provided in Figure 2.5 below to answer the questions that follow. Figure 2.5 -Refer to Figure 2.5.The marginal rate of transformation in moving from Point A to Point B is

An institution through which buyers and sellers interact and engage in exchange is

The "economic problem" is that given scarce resources,how do large societies go about answering the basic economic questions of what will be produced,how it will be produced,and who will get it.

Which of the following statements is FALSE?

Which of the following would an economist classify as capital?

In a laissez-faire economy,________ what gets produced,how it is produced,and who gets it.

The process by which resources are transformed into useful forms is

Refer to the information provided in Figure 2.6 below to answer the questions that follow. Figure 2.6 -Refer to Figure 2.6.Economic growth is represented by a

The opportunity cost of investment in capital is forgone present consumption because

Refer to the information provided in Figure 2.1 below to answer the questions that follow. Figure 2.1 -Refer to Figure 2.1.Macroland's production possibility frontier is bowed out from the origin due to

Refer to the information provided in Figure 2.4 below to answer the questions that follow. Figure 2.4 -According to Figure 2.4,as the economy moves from Point A to Point E,the opportunity cost of motorcycles,measured in terms of hybrid cars,

If someone has a comparative advantage in growing pineapples,

Economic growth shifts a society's production possibility frontier away from the origin.

Outputs in the production process are