econ 111 chapter 2 questions with
verified solutions graded A+ 2025/2026
Carlos - correct answer ✔✔Carlos has an absolute but not comparative advantage over Boris in
making bread
The production possibilities curve represents - correct answer ✔✔the maximum combination of
goods and services that can be produced with fixed resources and technology, given efficient
use of the resources
According to the law of increasing additional cost, the opportunity cost of producing - correct
answer ✔✔(item)is likely to increase as society tries to produce more (same item)
Which of the following best demonstrates the concept of scarcity? - correct answer ✔✔has
enough money to buy one thing but not the other not both
Opportunity cost exists because of - correct answer ✔✔scarcity
Which of the following would NOT allow society to move to point "h" in the figure at right? -
correct answer ✔✔More efficient use of current resources
The production possibilities curve represents the maximum feasible production combinations
resulting from - correct answer ✔✔the mix of current resources that utilizes all available inputs
using current technology.
The reason that most of the coffee that is consumed in the United States comes from Colombia
is that - correct answer ✔✔comparative advantge
verified solutions graded A+ 2025/2026
Carlos - correct answer ✔✔Carlos has an absolute but not comparative advantage over Boris in
making bread
The production possibilities curve represents - correct answer ✔✔the maximum combination of
goods and services that can be produced with fixed resources and technology, given efficient
use of the resources
According to the law of increasing additional cost, the opportunity cost of producing - correct
answer ✔✔(item)is likely to increase as society tries to produce more (same item)
Which of the following best demonstrates the concept of scarcity? - correct answer ✔✔has
enough money to buy one thing but not the other not both
Opportunity cost exists because of - correct answer ✔✔scarcity
Which of the following would NOT allow society to move to point "h" in the figure at right? -
correct answer ✔✔More efficient use of current resources
The production possibilities curve represents the maximum feasible production combinations
resulting from - correct answer ✔✔the mix of current resources that utilizes all available inputs
using current technology.
The reason that most of the coffee that is consumed in the United States comes from Colombia
is that - correct answer ✔✔comparative advantge
