Information system

Topics: Supply and demand, Consumer theory, Goods Pages: 23 (3772 words) Published: October 1, 2014
Question 1
1 out of 1 points

According to the graph below, if a country is currently producing at point X, the opportunity cost of producing another consumer good is

 

Selected Answer:
 
20 capital goods
Answers:
 
20 capital goods

More than 20 capital goods

Fewer than 20 capital goods

20 consumer goods

Fewer than 20 consumer goods

Question 2
1 out of 1 points

The basic economic problem of all countries is the existence of

Selected Answer:
 
Limited resources and unlimited wants
Answers:
Tax increases and budget deficits

 
Limited resources and unlimited wants

Unemployment and inflation

Government and private industry

Unions and monopoly firms

Question 3
1 out of 1 points

A student earns $17 per hour at a part-time job.  In order to attend a concert, she will have to take off three hours without pay.  If she values the concert at $100, what is the highest price that she would pay to buy a ticket for the concert?

Selected Answer:
 
49
Answers:
17

 
49

51

100

151
 

Question 4
1 out of 1 points

 UNITS OF MANUFACTURED GOODS AND SERVICE GOODS PRODUCED IN ONE HOUR OF LABOR Country
Manufactured Goods
Service Goods
A
100 units
300 units
B
75 units
150 units

 
According to the information shown in the table above, which of the following statements in true?

Selected Answer:
 
Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods Answers:
Country A has both an absolute and a comparative advantage in manufactured goods

 
Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods

Country B has a comparative advantage in service goods, but no absolute advantage in either good

Country A has an absolute advantage in service goods, but a comparative advantage in manufactured goods

Country A has an absolute advantage in manufactured goods, but without more information, we cannot tell which product has a comparative advantage

Question 5
1 out of 1 points

The diagram below shows an economy’s current production possibilities curve for capital goods and consumer goods.  If society chooses point B over point A, society is choosing

 

Selected Answer:
 
More future consumption in exchange for less current consumption Answers:
 
More future consumption in exchange for less current consumption

More current capital goods in exchange for less future consumption

More future and current consumption

Less future consumption in exchange for more current consumption

Less current consumption goods in exchange for less future consumption  

Question 6
1 out of 1 points

Opportunity cost is defined as the

Selected Answer:
 
The highest-valued alternative a decision maker forgoes
Answers:
Monetary value of resources currently available

Total value of all goods not produced in a market

Value of consumer surplus plus producer surplus

Actual out-of-pocket expenses incurred in producing a good or service

 
The highest-valued alternative a decision maker forgoes

Question 7
1 out of 1 points

The Table below shows the amount of labor required to produce a unit of corn, and a unit of shoes in the two countries.  If corn and shoes are produced under constant cost conditions and there are no tariffs and transportation costs,

 
 
 
Brazil
Spain
Corn
2 hours of labor
4 hours of labor
Shoes
8 hours of labor
12 hours of labor

 
what pattern of international trade between Spain and Brazil is most likely to emerge?

Selected Answer:
 
Brazil will export corn and import shoes
Answers:
Brazil will export both corn and shoes

Spain will export both corn and shoes

No mutually beneficial trade can occur

 
Brazil will export corn and import shoes...
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