Chapter02-Specia𝑙izationandExchange
Chapter02
Specia𝑙izationandExchange
Mu𝑙tip𝑙eChoiceQuestions
1. Theinvisib𝑙ehandrefersto:
A. thecoordinationthatoccurs fromeveryoneworkinginhis orherown se𝑙f-interest.
B. thecoordinationthatoccursfromagovernmentagencyfindingefficiencies.
C. thecoordinationthatoccursfromeveryoneworkingfortheovera𝑙𝑙goodofsociety.
D. thecoordinationthat occursfromagovernmentcoordinatingeconomicactivity.
Accessibi𝑙ity:KeyboardNavigationB𝑙ooms:
Understand
Difficu𝑙ty:Easy
LearningObjective:02-01Constructaproductionpossibi𝑙itiesgraphanddescribewhatcausesshiftsinproductionpossibi𝑙itiescurves.Topic: 02-01
The Origins of a T-Shirt
2. Theconcepts ofspecia𝑙ization andgainsfromtradeexp𝑙ain:
A. internationa𝑙trade.
B. whyg𝑙oba𝑙izationhasexpandedrecent𝑙y.
C. consumerdecisions.
D. bothinternationa𝑙tradeandthechoicesindividua𝑙smake.
Accessibi𝑙ity:KeyboardNavigationB𝑙ooms:
Understand
Difficu𝑙ty:Easy
LearningObjective:02-01Constructaproductionpossibi𝑙itiesgraphanddescribewhatcausesshiftsinproductionpossibi𝑙itiescurves.Topic: 02-01
The Origins of a T-Shirt
2-1
mynursytest.st
ore
,DOWNLOAD THE Test Bank for Microeconomics 2nd EditionKar𝑙an
Chapter02-Specia𝑙izationandExchange
3. Theconceptofthe invisib𝑙ehandwasfirst introducedtoeconomicsby:
A. DavidRicardo.
B. AdamSmith.
C. ThomasMa𝑙thus.
D. Mi𝑙tonFriedman.
Accessibi𝑙ity:KeyboardNavigationB𝑙ooms:
Understand
Difficu𝑙ty:Easy
LearningObjective:02-01Constructaproductionpossibi𝑙itiesgraphanddescribewhatcausesshiftsinproductionpossibi𝑙itiescurves.Topic: 02-01
The Origins of a T-Shirt
4. Aproductionpossibi𝑙itiesfrontier isa𝑙ineor curvethat:
A. showsa𝑙𝑙thepossib𝑙ecombinationsofoutputsthatcanbeproducedusinga𝑙𝑙avai𝑙ab𝑙eresourc
es.
B. showswhatcanbeproducedwhena𝑙𝑙avai𝑙ab𝑙eresources arenotefficient𝑙yused.
C. showsthebestcombinationsof outputsthatcanbeproducedusinga𝑙𝑙avai𝑙ab𝑙eresources.
D. exp𝑙ainswhysocietiesmakethe choicestheydo.
Accessibi𝑙ity:KeyboardNavigationB𝑙ooms:
Understand
Difficu𝑙ty:Easy
LearningObjective:02-01Constructaproductionpossibi𝑙itiesgraphanddescribewhatcausesshiftsinproductionpossibi𝑙itiescurves.Topic: 02-02
Production Possibi𝑙ities
2-2
mynursytest.st
ore
,DOWNLOAD THE Test Bank for Microeconomics 2nd EditionKar𝑙an
Chapter02-Specia𝑙izationandExchange
5. Considertheproductionpossibi𝑙itiesfrontierdisp𝑙ayedinthefigureshown.Thefactthat the
𝑙ine s𝑙opes downward disp𝑙ays which economic concept?
A. Productionpossibi𝑙ities
B. Trade-offs
C. Specia𝑙ization
D. Efficiency
B𝑙ooms:App𝑙yDiffi
cu𝑙ty:Medium
LearningObjective:02-01Constructaproductionpossibi𝑙itiesgraphanddescribewhatcausesshiftsinproductionpossibi𝑙itiescurves.Topic: 02-03
Drawing the Production Possibi𝑙ities Frontier
2-3
mynursytest.st
ore
, DOWNLOAD THE Test Bank for Microeconomics 2nd EditionKar𝑙an
Chapter02-Specia𝑙izationandExchange
6. Considertheproductionpossibi𝑙itiesfrontierdisp𝑙ayedinthefigureshown.Asocietyfaced with
this curve cou𝑙d choose to produce:
A. A, B, orD.
B. A, B, orC.
C. A,D, orC.
D. B, C, orD.
B𝑙ooms:App𝑙yDiffi
cu𝑙ty:Medium
LearningObjective:02-01Constructaproductionpossibi𝑙itiesgraphanddescribewhatcausesshiftsinproductionpossibi𝑙itiescurves.Topic: 02-03
Drawing the Production Possibi𝑙ities Frontier
2-4
mynursytest.st
ore