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Which of the following is the most accurate statement about production

Resolved Question:

Which of the following is the most accurate statement about
production possibilities?
A. An economy can produce at any point inside or outside
a production possibilities frontier.
B. An economy can produce only on the production
possibilities frontier.
C. An economy can produce at any point on or inside the
production possibilities frontier, but not outside the
frontier.
D. An economy can produce at any point inside the
production possibilities frontier, but not on or outside
the frontier.

The production possibilities frontier shows the opportunity cost
of obtaining more of one good as the
A. amount of the other good that must be given up.
B. number of dollars that must be spent to produce it.
C. amount of resources that must be devoted to its production.
D. cost to consumers of buying the additional amount produced.
If a rancher is better at producing hamburgers, and a farmer is better at producing French
fries,
A. the rancher and the farmer can be better off if each specializes in the production of
the good he or she is best at producing.
B. the rancher and the farmer can be better off if each specializes in the production
of the good he or she is best at producing, then trades.
C. neither can be made better off unless he or she specializes first.
D. it’s not clear whether either can be made better off through trade.

A cookie shop in a mall is open from 9 A.M. to 7 P.M. Monday through Friday. The cost of
making and selling cookies averages $0.50 per cookie. At 6:30 P.M. Friday evening, the
owner still has several dozen unsold cookies. The cookies won’t be sellable on Monday.
A. The owner should reduce the price of the cookies, and keep reducing the price so
that all the cookies are sold by closing time, even if the price falls below $0.50 each.
B. The owner should reduce the price of the cookies, but shouldn’t sell any for less
than $0.50.
C. The owner should sell as many cookies as possible at the normal price, then discard
the rest.
D. The owner should sell as many cookies as possible at $0.50 per cookie, then make
fewer cookies in the future.

Which of the following is the most correct statement about the scientific method?
A. The scientific method is useful in determining physical laws, but not very useful in
other applications.
B. The scientific method is useful in determining physical laws and in the biological
sciences, but not useful in the social sciences.
C. The scientific method is useful in the natural and biological sciences, and in
economics, but not in “nonquantitative” social sciences.
D. The scientific method is useful in all sciences.

Language commonly used by economists includes terms such as
A. axioms, vector spaces, and fuzzy sets.
B. ego, id, and cognitive dissonance.
C. supply, demand, and comparative advantage.
D. torts, venue, and promissory estoppel.

Which of the following is the most accurate statement about centrally planned economies?
A. In centrally planned economies, planners decided what goods and services were
produced and how much was produced, but not who produced and consumed them.
B. In centrally planned economies, planning and markets played equally important roles.
C. The collapse of communism in the Soviet Union and Eastern Europe wasn’t related
to central economic planning.
D. Most countries that once had centrally planned economies have abandoned that
system and are trying to develop market economies.
Labor hours needed to make 1 unit of
Beer T-shirts
In Mexico 10 15
In Canada 12 24
Look at the table that’s shown in Figure A-1. According to the table, which of the following
statements is accurate?
A. Mexico has an absolute advantage in both goods, and Canada has a comparative
advantage in T-shirts.
B. Mexico has an absolute advantage in neither good, and Canada has a comparative
advantage in both goods.
C. Mexico has an absolute advantage in both goods, and Canada has a comparative
advantage in beer.
D. Mexico has an absolute advantage in beer, and Canada has a comparative advantage
in T-shirts.

According to the table, which of the following statements is accurate?
A. If Mexico and Canada trade based on the principle of comparative advantage, Mexico
will export T-shirts, and Canada will import T-shirts.
B. If Mexico and Canada trade based on the principle of comparative advantage, Mexico
will export T-shirts, and Canada will import beer.
C. If Mexico and Canada trade based on the principle of comparative advantage, Mexico
will export beer, and Canada will import beer.
D. If Mexico and Canada trade based on the principle of comparative advantage, Mexico
will export beer, and Canada will import T-shirts.

Which of the following is the best definition of economics?
A. Economics is the study of how people save money.
B. Economics is the study of what people buy with their money.
C. Economics is the study of how people interact with their environment.
D. Economics is the study of how people manage scarce resources.

During the 1980s, policymakers attempted to stabilize the economy by setting targets for
monetary growth, then adjusted policy as needed in an effort to meet the targets. For
economic scientists, this period provided primarily which of the following?
A. An opportunity to criticize government policy
B. A natural experiment in the economic system
C. More consulting opportunities
D. More investment opportunities
Labor hours needed to make 1 pound of
Meat Potatoes
Farmer 10 5
Rancher 4 1
Look at the table that’s illustrated in Figure A-2. According to the table, which of the
following statements is accurate?
A. The rancher has an absolute advantage in meat, and the farmer has a comparative
advantage in meat.
B. The rancher has an absolute advantage in meat, and the farmer has a comparative
advantage in potatoes.
C. The rancher has an absolute advantage in meat, and the farmer has a comparative
advantage in neither good.
D. The rancher has an absolute advantage in potatoes, and the farmer has a comparative
advantage in potatoes.

An economist studies the effects of a change in government policy on the economy by
making
A. the same assumptions regardless of the policy.
B. the same assumptions regardless of the time horizon.
C. different assumptions for different policies, but not for different time horizons.
D. different assumptions for different policies and for different time horizons.

College-age athletes who drop out of school to play professional sports are
A. making a bad economic decision, because they can’t play forever.
B. well aware that their opportunity cost of attending college is very high.
C. unaware of their opportunity cost of attending college.
D. underestimating the value of a college education.

A circular-flow diagram consists of two loops that illustrate the organization of the
economy. What part of the economy does each of these loops represent?
A. One loop represents the flow of goods; the other loop represents the flow of services.
B. One loop represents the flow of goods and services; the other loop represents the
flow of dollars.
C. One loop represents the flow of capital goods; the other loop represents the flow of
consumer goods.
D. One loop represents the flow of dollars; the other loop represents the flow of financial
assets.

Sometimes, public policies have unintended effects on society because
A. the courts don’t enforce the policies.
B. individuals in society don’t always understand the policies.
C. the policies may alter private incentives in ways not considered by policymakers.
D. public policies always reward the politically powerful.
When a society decides that businesses must reduce pollution, there’s
A. a tradeoff only if some businesses are forced to close.
B. a tradeoff because of reduced incomes to the business owners, workers,
and customers.
C. no tradeoff for society as a whole, since the cost of reducing pollution falls
only on the businesses affected by the requirements.
D. no tradeoff, since everyone benefits from reduced pollution.

Labor hours needed to make
One Car One Airplane
In United States 40 160
In Japan 50 150

Look at the table that’s illustrated in Figure A-3. The opportunity cost of one airplane
for the United States is
A. 160 labor hours. C. 4 cars.
B. 1/4 car. D. 3 cars.

According to the table in Figure A-3, if the United States and Japan trade based on the
principle of comparative advantage,
A. the United States will export cars, and Japan will export airplanes.
B. the United States will export airplanes, and Japan will export cars.
C. the United States will export cars, and Japan will export cars.
D. the United States will export airplanes, and Japan will export airplanes.

Which of the following is not a topic of study in macroeconomics?
A. The impact of minimum-wage laws on employment in the fast-food industry
B. The impact of monetary policy on the rate of inflation
C. The effect of changes in saving rates on GDP
D. The effect of tax policy on the rate of economic growth
An economist would tell you that prices are
A. the outcome of some haphazard process.
B. not to be relied on as a method of allocating society’s
scarce resources.
C. the result of the millions of business and consumer
decisions.
D. the responsibility of government planners.

A market demand is
A. a vertical summation of individual demand curves.
B. a horizontal summation of individual demand curves.
C. not responsive to change in tastes and preferences.
D. determined solely by the number of buyers in the market
Buyers generally buy more of a good when the prices of
A. substitutes for the good fall.
B. substitutes for the good rise.
C. substitutes for the good remain fixed.
D. complements of the good rise.

Government drug interdiction tends to increase drug-related crime because the
A. demand for such drugs tends to be very inelastic.
B. demand for such drugs tends to be very elastic.
C. total amount of money needed to buy the amount of drugs desired decreases.
D. number of addicts grows.

Suppose that John receives a pay increase.We would expect John’s demand for
A. normal goods to remain unchanged.
B. inferior goods to decrease.
C. luxury goods to decrease.
D. normal goods to decrease.

Holding all else constant, a higher price for ski lift tickets would be expected to
A. increase the number of skiers.
B. increase the incidence of ski injuries.
C. decrease ski sales.
D. decrease the demand for other winter recreational activities.

When policymakers set prices by legal decree,
A. they obscure the signals that normally guide the allocation of society’s resources.
B. they improve the efficiency of resource allocation in society.
C. they’re able to use all of the information the market uses in determining prices.
D. it saves the taxpayer money.

The downward-sloping demand curve reflects which of the following statements?
A. The price is positively related to the quantity supplied.
B. There’s an inverse relationship between price and quantity demanded.
C. There’s a direct relationship between price and quantity demanded.
D. When the price falls, buyers willingly buy less.

A perfectly elastic demand curve will be
A. vertical and parallel to the vertical axis.
B. horizontal and parallel to the horizontal axis.
C. downward-sloping to the right.
D. upward-sloping to the right.
The minimum wage isn’t of great concern to those workers who are skilled and
experienced, but the minimum wage level does significantly impact
A. the market for female labor. C. the market for black workers.
B. the market for white workers. D. the market for teenage labor.

Which of the following statements about the labor market is correct?
A. Workers determine the supply of labor, and firms determine the demand for labor.
B. Workers determine the demand for labor, and firms determine the supply of labor.
C. Workers determine the supply of labor, and government determines the demand
for labor.
D. Firms determine the demand for labor, and government determines the supply of labor.

Holding the nonprice determinants of quantity supplied constant, a change in price would
A. result in a change in supply.
B. result in a shift of demand.
C. result in a movement along a stable supply curve.
D. have no effect on the quantity supplied.

Which of the following statements about the minimum wage is correct?
A. Typical studies find little relationship between changes in the minimum wage and
changes in teenage employment.
B. Typical studies find that each 1 percent increase in the minimum wage reduces
teenage employment by 1 percent.
C. Typical studies find that each 1 percent increase in the minimum wage increases
teenage wages by 1 percent.
D. Typical studies find a substantial drop in teenage employment as a result of an
increase in the minimum wage.

Which of the following statements about the workings of supply and demand is correct?
A. A cold snap hits Florida, resulting in lower orange juice prices in supermarkets.
B. Warm weather in New England in the summer results in higher hotel prices in
the Caribbean.
C. A war breaks out in the Middle East, causing gasoline prices in the United States
to fall.
D. Hog farmers produce an overabundance of hogs, causing the price of ham to
decrease sharply.

When demand is elastic in a current price range,
A. an increase in price would decrease total revenue because the reduction in quantity
demanded is so great that it more than offsets the increase in price.
B. an increase in price would increase total revenue because the reduction in the
quantity demanded is so great that it more than offsets the increase in price.
C. a decrease in price would decrease total revenue because less would be sold.
D. a decrease in price wouldn’t affect the total revenue.
A legal maximum price at which a good can be sold is a price
A. floor. C. support.
B. stabilization. D. ceiling.

Assuming a linear demand curve, we would expect lower prices to correspond with
A. a more price-sensitive demand. C. greater total revenue.
B. a less price-sensitive demand. D. lower total revenue.

At $10 each, the demand for a certain good is 10,000 units. If the price increases to $12,
the demand changes to 9,000 units. How does this price change affect total revenue?
A. It increases by $8,000. C. It increases by $20,000.
B. It decreases by $8,000. D. It decreases by $20,000.

Which of the following statements is correct?
A. Rationing by long lines is inefficient, because it wastes buyers’ time.
B. Rationing by long lines is efficient, because those who are willing to wait the longest
get the goods.
C. Rationing by long lines is the only way scarce goods can be distributed.
D. Rationing by long lines is necessary only if price ceilings aren’t binding.

From the law of supply, it follows that
A. lower prices result in a greater output supplied.
B. higher prices result in a smaller output supplied.
C. higher prices shift the supply curve to the right.
D. lower prices result in a smaller output supplied.
Submitted: 5 years ago.
Category: Homework
Expert:  Gaurav replied 5 years ago.
I have answered all except 5 questions.
The answers are marked in BOLD

Answers
Expert:  Gaurav replied 5 years ago.
THIS ANSWER IS LOCKED!
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Gaurav, Engineer
Category: Homework
Satisfied Customers: 136
Experience: I am an Engineer with major in IT, working in a IT services firm in the financial sector for 5 years
Gaurav and 9 other Homework Specialists are ready to help you
Expert:  Gaurav replied 5 years ago.
If you are satisfied with the answers please accept. Meanwhile i am working on you other questions also.
Customer: replied 5 years ago.
quite a few of these questions have the wrong answers....
Expert:  Gaurav replied 5 years ago.
Could you point the ones that u think are incorrect.

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