ECON 104 FINAL EXAM GOFFE | COMPLETE QUESTIONS WITH
100% RATED EXPERT SOLUTIONS |2026 LATEST UPDATED
Examining the conditions that could lead to a recession in an economy is an
example of a macroeconomics topic. - (answer)True
Every individual, no matter how rich or poor, is faced with making trade-offs. -
(answer)True
When voluntary exchange takes place, only one party gains from the exchange. -
(answer)False
A college must decide if it wants to offer more Internet-based classes. This
decision involves answering the economic question of "what to produce." -
(answer)True
One desirable outcome of a market economy is that it leads to a more equitable
distribution of income. - (answer)False
,An economic model is a simplified version of reality used to analyze real-world
economic situations. - (answer)True
The decisions Apple makes in determining production levels for its iPhone is an
example of a macroeconomics topic. - (answer)False
Economic resources are also called factors of production. - (answer)true
A curved line has slope values that change at every point. - (answer)true
A straight line has a slope of zero. - (answer)false
If a country is producing efficiently and is on the production possibilities frontier,
the only way to produce more of one good is to produce less of the other. -
(answer)false
, If a country produces only two goods, then it is not possible to have a comparative
advantage in the production of both those goods. - (answer)true
Any output combination outside a production possibility frontier is associated with
unused or underutilized resources. - (answer)false
An increase in the labor force shifts the production possibility frontier inwards
over time. - (answer)false
If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a
comparative advantage in shucking oysters. - (answer)false
The basis for trade is comparative advantage, not absolute advantage. -
(answer)True
In a two-good, two country world, if one country has an absolute advantage in the
production of both goods, it cannot benefit by trading with the other country. -
(answer)false
100% RATED EXPERT SOLUTIONS |2026 LATEST UPDATED
Examining the conditions that could lead to a recession in an economy is an
example of a macroeconomics topic. - (answer)True
Every individual, no matter how rich or poor, is faced with making trade-offs. -
(answer)True
When voluntary exchange takes place, only one party gains from the exchange. -
(answer)False
A college must decide if it wants to offer more Internet-based classes. This
decision involves answering the economic question of "what to produce." -
(answer)True
One desirable outcome of a market economy is that it leads to a more equitable
distribution of income. - (answer)False
,An economic model is a simplified version of reality used to analyze real-world
economic situations. - (answer)True
The decisions Apple makes in determining production levels for its iPhone is an
example of a macroeconomics topic. - (answer)False
Economic resources are also called factors of production. - (answer)true
A curved line has slope values that change at every point. - (answer)true
A straight line has a slope of zero. - (answer)false
If a country is producing efficiently and is on the production possibilities frontier,
the only way to produce more of one good is to produce less of the other. -
(answer)false
, If a country produces only two goods, then it is not possible to have a comparative
advantage in the production of both those goods. - (answer)true
Any output combination outside a production possibility frontier is associated with
unused or underutilized resources. - (answer)false
An increase in the labor force shifts the production possibility frontier inwards
over time. - (answer)false
If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a
comparative advantage in shucking oysters. - (answer)false
The basis for trade is comparative advantage, not absolute advantage. -
(answer)True
In a two-good, two country world, if one country has an absolute advantage in the
production of both goods, it cannot benefit by trading with the other country. -
(answer)false
