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    in the country beta it takes two hours of labor to produce a unit of tea and four hours of labor to produce a unit of bread. in the country zeta it takes three hours of labor to produce a unit of tea and nine hours of labor to produce a unit of bread. which of the following is true?

    James

    Guys, does anyone know the answer?

    get in the country beta it takes two hours of labor to produce a unit of tea and four hours of labor to produce a unit of bread. in the country zeta it takes three hours of labor to produce a unit of tea and nine hours of labor to produce a unit of bread. which of the following is true? from EN Bilgi.

    AP MACRO UNIT 1 ASSESS

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    QUIZ

    AP MACRO UNIT 1 ASSESS

    AP MACRO UNIT 1 ASSESS 59%

    40 11th - 12th Social Studies Deleted User 3 years

    32 Qs

    1. Multiple-choice 2 minutes Q.

    In a mixed economy, the three basic economic questions are answered by whom?

    answer choices

    A central planning agency

    A private planning agency

    An international planning agency

    markets and the government

    large corporations and small businesses

    2. Multiple-choice 2 minutes Q.

    If one-fourth of a nation’s wheat crop is destroyed by a flood in a given season, then the price of wheat and the quantity sold will change in which of the following ways?

    answer choices

    Price- decrease, quantity no change

    Price- decrease, quantity- increase

    Price- increase, quantity- decrease

    Price- increase, quantity- increase

    Price- no change, quantity- increase

    3. Multiple-choice 2 minutes Q.

    Which of the following likely results in a permanent increase (outward shift) in a nation’s productive capacity (rightward shift of the PPF)?

    answer choices

    a. a decline in the birth rate

    b. decline in adult literacy rates

    c. widespread relocation of manufacturing firms to low-wage nations

    d. national investment in capital resources like computers

    e. a global increase in the price of oil

    4. Multiple-choice 2 minutes Q.

    Nation X can produce 3 units of paper or 9 units of crepes. Nation Y can produce 5 units of paper or 5 units of crepes. Which of the following is true?

    answer choices

    a. Nation X has comparative advantage in paper production and should trade paper to Nation Y in exchange for crepes

    b. Nation X has comparative advantage in crepe production and should trade crepes to Nation Y in exchange for paper

    Nation X has absolute advantage in paper production and Nation Y has absolute advantage in crepe production. No trade is possible.

    d. Nation Y has absolute advantage in paper production and Nation X has absolute advantage in crepe production. No trade is possible.

    e. Nation Y has comparative advantage in crepe production and should trade paper Nation X in exchange for crepes.

    5. Multiple-choice 2 minutes Q.

    A change in which of the following can affect the growth (PPF) of a country?

    I. The quantity and quality of a country’s labor force (workers)

    II. Technology

    III. Spending on capital goods/resources

    answer choices I only III Only I and II only II and III only I, II, and III 6. Multiple-choice 30 seconds Q.

    Economics is most accurately described as the study of

    answer choices money

    how to make choices give our resources

    financial institutions

    how to promote scarcity

    how firms maximize profits

    7. Multiple-choice 1 minute Q.

    The value of the best alternative forgone when a decision is made defines

    answer choices economic goods opportunity cost scarcity trade-off

    comparative advantage

    8. Multiple-choice 1 minute Q.

    If the country is currently producing at Point D, it can produce more consumer goods by doing which of the following?

    answer choices Moving to point A Moving to point C Moving to point I Moving to Point E 9. Multiple-choice 1 minute Q.

    Which of the following statements about the production possibilities curve is true?

    answer choices

    (A) Point A is not attainable in a developed society.

    (B) Point D is not attainable given the society’s resources.

    (C) The relative position of Points C and D reflect production alternatives or choices

    (D) Elimination of unemployment will move the production possibilities curve to the right, closer to Point G.

    (E) Point G lies outside the production possibilities curve because it represents a combination of resources that is not possible

    10. Multiple-choice 30 seconds Q.

    The opportunity cost of moving from Pt E to Pt D is

    answer choices 200 Capital Goods 20 Consumer Goods 400 Capital Goods 10 Consumer Goods 50 Consumer Goods 11. Multiple-choice 1 minute Q.

    If demand for a good or service decreases, the equilibrium price and quantity are most likely to change in which of the following ways?

    answer choices

    Price- increase, Quantity- increase

    Price- increase, Quantity- decrease

    Price- decrease, Quantity- decrease

    Price- decrease, Quantity- increase

    Price- no change, Quantity- no change

    12. Multiple-choice 1 minute Q.

    An increase in the price of peanut butter will cause the demand curve for jelly to shift in which of the following directions?

    answer choices

    (A) To the right, because peanut butter is a product that the government says is good for you

    (B) To the right, if jelly is purchased by people with lower incomes and peanut butter is a luxury good for them

    (C) To the right, if peanut butter and jelly are complementary goods

    (D) To the left, if peanut butter and jelly are complementary goods

    (E) To the left, if peanut butter and jelly are substitute goods

    Source : quizizz.com

    Let MU s be the marginal utility of a sandwich MU h be the marginal utility of a

    Let MU s be the marginal utility of a sandwich MU h be the marginal utility of a from HUMANITITES 101 at Modern American School

    Let mu s be the marginal utility of a sandwich mu h

    Modern American School

    HUMANITITES 101 mgnis 56 100% (2)

    This preview shows page 39 - 43 out of 56 pages.

    69.Let MUsbe the marginal utility of a sandwich, MUhbe the marginal utility of a hot dog, Psbe theprice of a sandwich, and Phbe the price of a hot dog. When the price of the goods is zero, Pat eatsa sandwich. When Pat has to pay, she eats a hot dog. When Pat has to pay, which of the followingis necessarily true?

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    AP MicroeconomicsTest BookletUnit 1 - Basic economic concepts

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    Micro: Unit 1 Flashcards

    Study with Quizlet and memorize flashcards terms like Individuals in any society must make choices regarding the types of goods and services to be produced because, The study of economics exists because people are confronted with the basic problem of, the basic economic problem of all countries is the existence of and more.

    Micro: Unit 1

    11 studiers in the last hour

    Individuals in any society must make choices regarding the types of goods and services to be produced because

    Click card to see definition 👆

    resources are scarce and human wants are unlimited

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    The study of economics exists because people are confronted with the basic problem of

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    scarcity

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    1/27 Created by yelhsaoac

    Terms in this set (27)

    Individuals in any society must make choices regarding the types of goods and services to be produced because

    resources are scarce and human wants are unlimited

    The study of economics exists because people are confronted with the basic problem of

    scarcity

    the basic economic problem of all countries is the existence of

    limited resources and unlimited wants

    Which of the following is associated with a command economy?

    Public ownership of the means of production

    Assume there are two goods in a market economy. The amount of each good produced is determined by

    buyers and sellers' interactions in the market for each good

    In contrast to a market economy, a command economy relies on which of the following?

    the government to allocate resources

    As a factor of production, capital refers to

    tools and machinery used to produce goods and services

    An economy produces two goods: X and Y. Its production possibilities curve is linear with the intercept on the Y axis at 1,000 units and the intercept on the X axis at 100 units. Which of the following statements is correct?

    There is a constant opportunity cost with each unit of good X costing 10 units of good Y

    Assume an economy uses one input, labor, to produce two goods, X and Y, with constant opportunity cost. Which of the following would cause a parallel shift to the right of the production possibilities curve

    An increase in the amount of labor available for production

    Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the origin?

    increasing opportunity cost

    An outward shift of a production possibilities curve can be caused by

    improving technology

    Cindy and Martin both sew t-shirts in a small factory. Using the same resources, Martin can sew twelve t-shirts and Cindy can sew nine t-shirts in one day. Which of the following can be concluded from the given information?

    Martin has an absolute advantage in sewing t-shirts.

    Which of the following statements regarding specialization and trade is true?

    With specialization and trade, a country can consume beyond its production possibilities curve.

    In the country Beta it takes two hours of labor to produce a unit of tea and four hours of labor to produce a unit of bread. In the country Zeta it takes three hours of labor to produce a unit of tea and nine hours of labor to produce a unit of bread. Which of the following is true?

    Country Beta has the lower opportunity cost in producing bread and therefore a comparative advantage in producing bread.

    Suppose that in one week Sam can knit 5 sweaters or make 4 blankets and Rob can knit 10 sweaters or make 6 blankets. Which of the following is true?

    Sam has a comparative advantage in making blankets.

    Which of the following best explains why individuals and societies must make choices when presented with alternatives?

    Resources are scarce

    Which of the following is an example of a scarce factor of production?

    airplanes

    Which of the following is an example of a nonrival resource?

    solar engery

    A power company decides to use wind turbines to provide electricity instead of coal. Which basic economic question does this decision answer in a free market economy?

    how will goods and services be produced

    Compared to a market economy, in a command economy there is greater

    government involvement in the allocation of resources

    Which of the following economic systems primarily relies on prices for allocating resources and goods?

    free- market

    Because of conflict and political instability in Country Y , millions of its citizens emigrate to Country X. Which of the following best explains what will happen to Country X's production possibilities curve (PPC)

    ppc will shift outwards overtime

    If Nation X produces coffee at a higher opportunity cost than Nation Y, which of the following is true?

    Nation Y must have a comparative advantage in producing coffee

    Nation Alpha can produce either 3 units of good X or 1 unit of good Y with one hour of labor, whereas nation Beta can produce either 4 units of good X or 2 units of good Y with one hour of labor. Assuming that labor is the only input, which of the following is true?

    Beta has an absolute advantage in the production of good X

    Nation Aga can produce either 3 units of good X or 1 unit of good Y with one hour of labor, while nation Kaza can produce either 4 units of good X or 2 units of good Y with one hour of labor. Assuming that labor is the only input, mutually beneficial exchange can take place between Aga and Kaza if

    Aga exchanges 212212 units of good XX for 1 unit of good Y.

    Cost-benefit analysis assumes rational agents do which of the following?

    Source : quizlet.com

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