Exam 2: The Economic Problem: Scarcity and Choice

Refer to the information provided in Figure 2.3 below to answer the questions that follow. Figure 2.3 -Refer to Figure 2.3. The law of ________ opportunity costs is best depicted by the production possibilities frontier in Panel A.

Free

(Multiple Choice)

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Question 1

Correct Answer:

Verified

Points outside a production possibility frontier represent inefficiency.

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(True/False)

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Question 2

Correct Answer:

Verified

False

Refer to the information provided in Figure 2.6 below to answer the questions that follow. Figure 2.6 -Refer to Figure 2.6. Which of the following will shift an economy's production possibility frontier from ppf¹ to ppf²?

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(Multiple Choice)

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Question 3

Correct Answer:

Verified

Refer to the information provided in Table 2.2 below to answer the following questions. Table 2.2 -Refer to Table 2.2. Which of the following statements is true?

(Multiple Choice)

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Question 4

No market economies exist without government involvement and government regulation.

(True/False)

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Question 5

Which of the following statements is false?

(Multiple Choice)

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Question 6

In terms of the production possibility frontier, ________ would best be shown by the production possibility frontier shifting outward.

(Multiple Choice)

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Question 7

Refer to the information provided in Figure 2.1 below for the economy of Macroland 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

(Multiple Choice)

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Question 8

If a society is producing at a point along its production possibility frontier, then the society

(Multiple Choice)

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Question 9

Refer to the information provided in Figure 2.5 below to answer the questions that follow. Figure 2.5 -Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 plasma televisions could be produced, production of LCD televisions would have to be reduced by

(Multiple Choice)

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Question 10

A command economy eliminates markets.

(True/False)

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Question 11

The process by which resources are transformed into useful forms is

(Multiple Choice)

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Question 12

Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the questions that follow. Figure 2.2 -Refer to Figure 2.2. Point B represents a situation of

(Multiple Choice)

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Question 13

A command economy is one in which a central government sets output targets, incomes, and prices.

(True/False)

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Question 14

Refer to the information provided in Table 2.2 below to answer the following questions. Table 2.2 -Refer to Table 2.2. For Molly, the opportunity cost of designing four tattoos is ________ avatar designs.

(Multiple Choice)

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Question 15

Refer to the information provided in Table 2.1 below to answer the following questions. Table 2.1 -Refer to Table 2.1. To maximize total production,

(Multiple Choice)

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Question 16

In their pure forms, laissez-faire economies and command economies do not exist in the world.

(True/False)

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Question 17

Refer to the information provided in Figure 2.4 below to answer the questions that follow. Figure 2.4 -According to Figure 2.4, Point F

(Multiple Choice)

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Question 18

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

(Multiple Choice)

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Question 19

An improvement in technology will cause the

(Multiple Choice)

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Question 20

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Exam 2: The Economic Problem: Scarcity and Choice

Refer to the information provided in Figure 2.3 below to answer the questions that follow. Figure 2.3 -Refer to Figure 2.3. The law of ________ opportunity costs is best depicted by the production possibilities frontier in Panel A.

Points outside a production possibility frontier represent inefficiency.

Refer to the information provided in Figure 2.6 below to answer the questions that follow. Figure 2.6 -Refer to Figure 2.6. Which of the following will shift an economy's production possibility frontier from ppf1 to ppf2?

Refer to the information provided in Table 2.2 below to answer the following questions. Table 2.2 -Refer to Table 2.2. Which of the following statements is true?

No market economies exist without government involvement and government regulation.

Which of the following statements is false?

In terms of the production possibility frontier, ________ would best be shown by the production possibility frontier shifting outward.

Refer to the information provided in Figure 2.1 below for the economy of Macroland 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

If a society is producing at a point along its production possibility frontier, then the society

Refer to the information provided in Figure 2.5 below to answer the questions that follow. Figure 2.5 -Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 plasma televisions could be produced, production of LCD televisions would have to be reduced by

A command economy eliminates markets.

The process by which resources are transformed into useful forms is

Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the questions that follow. Figure 2.2 -Refer to Figure 2.2. Point B represents a situation of

A command economy is one in which a central government sets output targets, incomes, and prices.

Refer to the information provided in Table 2.2 below to answer the following questions. Table 2.2 -Refer to Table 2.2. For Molly, the opportunity cost of designing four tattoos is ________ avatar designs.

Refer to the information provided in Table 2.1 below to answer the following questions. Table 2.1 -Refer to Table 2.1. To maximize total production,

In their pure forms, laissez-faire economies and command economies do not exist in the world.

Refer to the information provided in Figure 2.4 below to answer the questions that follow. Figure 2.4 -According to Figure 2.4, Point F

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

An improvement in technology will cause the

The Scope and Method of Economics

Demand, Supply, and Market Equilibrium

Demand and Supply Applications

Introduction to Macroeconomics

Measuring National Output and National Income

Unemployment, Inflation, and Long-Run Growth

Aggregate Expenditure and Equilibrium Output

The Government and Fiscal Policy

Money, the Federal Reserve, and the Interest Rate

The Determination of Aggregate Output, the Price Level, and the Interest Rate

Policy Effects and Cost Shocks in the Asad Model

The Labor Market in the Macroeconomy

Financial Crises, Stabilization, and Deficits

Household and Firm Behavior in the Macroeconomy: a Further Look

Long-Run Growth

Alternative Views in Macroeconomics

International Trade, Comparative Advantage, and Protectionism

Open-Economy Macroeconomics: the Balance of Payments and Exchange Rates

Economic Growth in Developing Economies

Critical Thinking About Research

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Refer to the information provided in Figure 2.6 below to answer the questions that follow. Figure 2.6 -Refer to Figure 2.6. Which of the following will shift an economy's production possibility frontier from ppf¹ to ppf²?