ECON 104 QUIZ Complete Questions
Guide Answers 100% Verified Graded A+
1. Labour hours needed to make one pound of:
Farmer
Rancher Meat
10 5
Potatoes 4 1
For the rancher, the opportunity cost of one pound of
meat is Select one:
a. 5 pounds of meat
b. 1 pound of meat
c. 0.2 pound of potatoes
d. 5 pounds of potatoes
Answer d 5 pounds of potatoes
2. Labour hours needed to make one pound of:
,Farmer
Rancher Meat
10 5
Potatoes 4 1
The farmer and rancher both could benefit by the farmer's
specialising in
............ and the rancher's specialising in
.............. Select one:
a. meat, potatoes
b. potatoes, meat
c. neither good, meat
d. They cannot benefit by specialisation and trade
Answer a meat, potatoes
3. Labour hours needed to make one pound of:
Farmer
Rancher Meat
10 5
,Potatoes 4 1
The farmer has a comparative advantage in ............. and the ranche
has an absolute advantage in .................
Select one:
a. both goods, neither good
b. meat, both goods
c. meat, neither good
d. potatoes, neither good
Answer b meat, both goods
4. Labour hours needed to make one pound of:
Farmer
Rancher Meat
10 5
Potatoes 4 1
The farmer has an absolute advantage in . and the rancher has a
, compar-
ative advantage in ...............
Select one:
a. meat, meat
b. potatoes, potatoes
c. neither good, potatoes
d. neither good, meat
Answer c neither good, potatoes
5. Economics is defined
as Select one:
a. the study of business
b. the study of how society controls prices and output
c. the study of how society manages its scarce resources
d. the study of government regulation
Answer c the study of how society manages its scarce resources
6. In the second half of the nineteenth century, grasshoppers caused
great destruction to crops in the American Midwest. To rid the area
Guide Answers 100% Verified Graded A+
1. Labour hours needed to make one pound of:
Farmer
Rancher Meat
10 5
Potatoes 4 1
For the rancher, the opportunity cost of one pound of
meat is Select one:
a. 5 pounds of meat
b. 1 pound of meat
c. 0.2 pound of potatoes
d. 5 pounds of potatoes
Answer d 5 pounds of potatoes
2. Labour hours needed to make one pound of:
,Farmer
Rancher Meat
10 5
Potatoes 4 1
The farmer and rancher both could benefit by the farmer's
specialising in
............ and the rancher's specialising in
.............. Select one:
a. meat, potatoes
b. potatoes, meat
c. neither good, meat
d. They cannot benefit by specialisation and trade
Answer a meat, potatoes
3. Labour hours needed to make one pound of:
Farmer
Rancher Meat
10 5
,Potatoes 4 1
The farmer has a comparative advantage in ............. and the ranche
has an absolute advantage in .................
Select one:
a. both goods, neither good
b. meat, both goods
c. meat, neither good
d. potatoes, neither good
Answer b meat, both goods
4. Labour hours needed to make one pound of:
Farmer
Rancher Meat
10 5
Potatoes 4 1
The farmer has an absolute advantage in . and the rancher has a
, compar-
ative advantage in ...............
Select one:
a. meat, meat
b. potatoes, potatoes
c. neither good, potatoes
d. neither good, meat
Answer c neither good, potatoes
5. Economics is defined
as Select one:
a. the study of business
b. the study of how society controls prices and output
c. the study of how society manages its scarce resources
d. the study of government regulation
Answer c the study of how society manages its scarce resources
6. In the second half of the nineteenth century, grasshoppers caused
great destruction to crops in the American Midwest. To rid the area
