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
Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. Get started for free!
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
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?
Related Textbook Solutions
See more Solutions
©
Principles of Microeconomics
Mankiw Solutions
©
Principles of Macroeconomics
Mankiw Solutions
© Macroeconomics Hubbard/O'Brien Solutions
© Economics Brue/McConnell Solutions
© Economics Today Miller Solutions
©
Essentials of Economics
Brue/McConnell Solutions
©
Economics Today: The Macro View
Miller Solutions
©
Economics Today: The Micro View
Miller Solutions
© Microeconomics Krugman/Wells Solutions
©
Economics, Brief Edition
Brue/McConnell Solutions
©
Exploring Microeconomics
Sexton Solutions
© Macroeconomics Parkin Solutions
© Microeconomics Parkin Solutions
© Exploring Economics Sexton Solutions
© Microeconomics Brue/McConnell Solutions
©
The Macro Economy Today
Gebhardt/Schiller Solutions
© Economics Hubbard/O'Brien Solutions
©
Essentials of Economics
Hubbard/O'Brien
AP MicroeconomicsTest BookletUnit 1 - Basic economic concepts
Upload your study docs or become a
Course Hero member to access this document
Upload your study docs or become a
Course Hero member to access this document
End of preview. Want to read all 56 pages?
Upload your study docs or become a
Course Hero member to access this document
Term Fall Professor Haya Gammoh Tags Economics Report
Students who viewed this also studied
Students who viewed this also studied Related Q&A
Bookmarked 0 Recently viewed
HUMANITITES 101
Unit1 Basic Microecon concepts ( Answered ).pdf
Viewing now
Interested in Unit1 Basic Microecon concepts ( Answered ).pdf
?
Bookmark it to view later.
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
Click again to see term 👆
The study of economics exists because people are confronted with the basic problem of
Click card to see definition 👆
scarcity
Click again to see term 👆
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?
Guys, does anyone know the answer?