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Consumer Choice and Elasticity. Firms in Perfectly Competitive Markets. Unemployment and Inflation. Money, Banks, and the Federal Reserve System. Essentials of Economics, 6th Edition. View larger cover. Labor resources input include a. A skilled worker is an example of a. A factory is an example of a. Which of the following is true of resources? Capital resources include manual labor. Natural resources are produced by nature and are available at a zero price.

Labor includes the skills and training people acquire to use in production. Technological know-how is an example of a natural resource. Human capital is the technical term for a robot. Every society must deal with the problem of scarcity because a. Which of the following is an example of capital? Education b. Natural resources c. Training e. Stocks and bonds are examples of a.

Fundamentals of Economics / Edition 6

What accounts for specialization? People specialize when opportunity costs are at a maximum.


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People specialize when their opportunity costs are lowest. People do not specialize. People specialize in the activity that pays the highest wage. People specialize in the activity that they enjoy the most, no matter what the salary is.

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People a. Which of the following is false when speaking about a specialist? A specialist may be someone with many talents who enjoys one activity more than others. A specialist may be someone with many talents who is relatively better at one activity than others. A specialist is a person who is capable of doing only one thing. A specialist is someone whose opportunity cost of switching to an activity other than the one in which he or she is engaged is very high. A specialist may be someone who is not very good at what he or she does, but enjoys it so much that the opportunity cost of switching to another activity is very high.

Table 1. According to the data in Table 1. According to Table 1. Ohio should specialize in the production of cookies and trade with Iowa. Iowa should specialize in the production of cookies and trade with Ohio. Ohio should specialize in the production of chili and trade with Iowa. Neither state can benefit from trade.

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Country X should export coffee to country Y, but the two countries should not exchange sugar. Country X should export coffee to country Y, and country Y should export sugar to country X. Country X should export sugar to country Y, and country Y should export coffee to country X.

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Country X should export sugar and coffee to country Y. Country Y should export sugar and coffee to country X. In Table 1.

Fundamentals of Economics 6th edition by Boyes Melvin Test Bank by cndps8 - Issuu

If each country specializes according to comparative advantage, what will be the gains from trade? There is not enough information to say. Suppose that points A and B in Figure 1. If each country specializes according to comparative advantage, what are the potential gains to trade? According to Figure 1. A person has a comparative advantage in producing a good if that person a. Alan and Brian work at a baseball and softball manufacturing plant. Alan can produce either 10 baseballs or 4 softballs in an hour.


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Brian can produce either 8 baseballs or 2 softballs in an hour. According to Scenario 1. Figure 1. The PPC in Figure 1. The production possibilities curve illustrates a. According to the production possibilities schedule in Table 1.

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This economy could produce units of good A and 20 units of good B. The opportunity cost of producing more of good A decreases as the amount of good A produced increases. The opportunity cost of producing more of good B decreases as the amount of good B produced increases. This economy could produce 70 units of good A and 40 units of good B. If this economy were to fully and efficiently employ all its resources, it could provide units of good A and 80 units of good B.

If one moves from choice 2 to choice 3, the opportunity cost of 20 more units of good B is 20 units of good A. There are increasing opportunity costs associated with getting more of good B. If one moves from choice 3 to choice 4, the opportunity cost of 20 more units of good B is 30 units of good A. If one moves from choice 1 to choice 2, the opportunity cost of 20 more units of good B is 10 units of good A. Assume that our national economy is operating at a point on its bowed-out production possibilities curve.

When an economy is operating on its production possibilities curve, more production of one good means less production of another because a. In Figure 1. Point A b. Point B c.

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Point C d. Point D e. Point D in Figure 1. Point A, B, or C, whichever society prefers most. Economics is the study of the allocation of scarce resources and scarce time, and the ways in which people utilize those resources or that time. Choices must be made because of scarcity; people do not have enough time or money to get everything they want. According to economic analysis, in making a decision, an individual compares the benefits expected from one option with the benefits expected from other options.

Because of scarcity, we attempt to utilize our resources as efficiently as possible. If you have a choice about consuming bundle X or bundle Y, the opportunity cost of consuming bundle X is bundle Y. If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the two apples is the candy bar plus the three oranges. The total cost of attending college is the sum of the cost of tuition, books, housing, and meals.

Specialization according to comparative advantage followed by trade, that is, the exchange of goods produced, allows everyone to acquire more of the goods they want. Read Free For 30 Days. Flag for inappropriate content. For Later. Related titles. Carousel Previous Carousel Next. Principles in Management in a Hospitality Industry Chapter 5. Jump to Page. Search inside document. When your books are due, just pack them up and ship them back.

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