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Question 1
1 out of 1 points
Mike and Sandy are two woodworkers who both make tables and chairs. In one
month, Mike can make 4 tables or 20 chairs, while Sandy can make 6 tables or 18
chairs. Given this, we know that:
Selected Answer:
b.
b.
Question 2
1 out of 1 points
TABLE A*
Pound of
Beef
Andia
20
12
Zardia
15
10
* Assume that Andia and Zardia can switch between producing wheat and producing beef
at a constant rate.
Refer to Table A. Assume that Andia and Zardia each has 360 minutes available.
If each person divides his time equally between the production of wheat and
beef, then total production is:
Selected Answer:
c.
c.
Question 3
1 out of 1 points
FIGURE 1
Refer to Figure 1. If the production possibilities frontiers shown are each for one
day of production, then which of the following combinations of tacos and burritos
could Arturo and Dina together produce in a given day?
Selected Answer:
b.
b.
200 tacos and 150 burritos. Together, they could make 600 tacos and
150 burritos. For more information, see lesson on Topic 4:
Comparative Advantage and Specialization; subtopic The Benefits of
Trading.
Question 4
1 out of 1 points
As a student, Anne spends 40 hours per week writing term papers and
completing homework assignments. On one axis of her production possibilities
frontier is the number of term papers written per week. On the other axis is the
number of homework assignments completed per week. Annes production
a.
a.
Question 5
1 out of 1 points
a.
command
Correct Answer:
a.
command
Response RATIONALE: In command economies, resource allocation is
Feedback determined by central planners rather than in the market. Decisions
:
Question 6
1 out of 1 points
In most societies, dollar price acts as the main rationing device. If dollar price
were not the main rationing device, would there still be a need for some
rationing device to take its place?
Selected
Answer:
b.
b.
of other rationing devices are distributing equal shares, first-comefirst-served, or even by age. For more information, see Lesson on
Topic 1: Scarcity and Opportunity Cost; subtopic Decisions and Their
Costs.
Question 7
1 out of 1 points
d.
d.
Question 8
1 out of 1 points
a.
country 1's PPF lies further to the right than country 2's PPF.
Correct Answer:
a.
country 1's PPF lies further to the right than country 2's PPF.
Response RATIONALE: A country with a greater output would have a PPF further
Feedback: to the right of one with lower economic output. For more information,
Question 9
1 out of 1 points
The economy moves from point A, where it produces 100X and 200Y, to point B,
where it produces 200X and 150Y. It follows that:
Selected Answer:
d.
b and c
Correct Answer:
d.
b and c
Response
Feedback
:
Question 10
1 out of 1 points
Jose has one evening in which to prepare for two exams and can employ two
possible strategies:
Strategy
Score in Economics
Score in Statistics
94
79
77
90
c.
11.
Correct Answer:
c.
11.
Response RATIONALE: The opportunity cost of anything is what you must give
Feedback up to obtain it. Since Jose might have scored a 90 on his statistics
:
Question 1
1 out of 1 points
FIGURE 2
a.
a.
Question 2
1 out of 1 points
FIGURE 1
Refer to Figure 1. If Dina must work 0.25 hour to produce each taco, then her
production possibilities frontier is based on how many hours of work?
Selected Answer:
d.
100 hours
Correct Answer:
d.
100 hours
Response
Feedback:
RATIONALE: 400 tacos x 0.25 hour = 100 hours. The PPF represents
100 hours of Dinas labor. For more information, see lesson on Topic
4: Comparative Advantage and Specialization; subtopic The Benefits
of Trading.
Question 3
1 out of 1 points
FIGURE 1
Refer to Figure 1. If Arturo and Dina both spend all of their time producing tacos,
then total production is:
Selected Answer:
c.
c.
Question 4
1 out of 1 points
FIGURE 1
Refer to Figure 1. If Arturo and Dina each divides his/her time equally between
the production of tacos and burritos, then total production is:
Selected Answer:
c.
c.
Question 5
1 out of 1 points
Workers building railroads by hand in the 1800s was an example of a(n) ____
intensive form of production.
Selected Answer:
d.
labor
Correct Answer:
d.
labor
Response RATIONALE: Each nation tends to use the production processes that
Feedback conserve its relatively scarce (and thus relatively more expensive)
:
resources and use more of its relatively abundant resources. The best
method is the least-cost method. Labor-intensive methods will be
used where capital is relatively scarce, and capital-intensive methods
will be used where labor is relatively scarce. For more information, see
lesson on Topic 2: Economic Systems, subtopic Market Economies
versus Central Planning.
Question 6
1 out of 1 points
In most societies, dollar price acts as the main rationing device. If dollar price
were notthe main rationing device, would there still be a need for some rationing
device to take its place?
Selected
Answer:
b.
b.
of other rationing devices are distributing equal shares, first-comefirst-served, or even by age. For more information, see Lesson on
Topic 1: Scarcity and Opportunity Cost; subtopic Decisions and Their
Costs.
Question 7
1 out of 1 points
The headline in the newspaper reads "County Supervisors Debate Building New
Schools." The headline relates closest to which economic concept?
Selected Answer:
d.
Choice
Correct Answer:
d.
Choice
Response RATIONALE: Because goods and services are scarce, people must
Feedback: make choices. Making decisions requires comparing the costs and
Question 8
1 out of 1 points
c.
c.
Question 9
1 out of 1 points
a.
a.
Question 10
1 out of 1 points
The economy moves from point A, where it produces 100X and 200Y, to point B,
where it produces 200X and 150Y. It follows that:
Selected Answer:
e.
b and c
Correct Answer:
e.
b and c
Response
Feedback
: