Test Bank for Social Problems A Down-to-Earth Approach, 14th Edition by Jim M. Henslin.pdf

DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
c c c c c c c c




Macroeconomicsc2019,c7ec(Hubbard/O'Brien)
Chapterc2c c Trade-offs,cComparativecAdvantage,candcthecMarketcSystem

2.1c c ProductioncPossibilitiescFrontierscandcOpportunitycCosts

1) cexistscbecausecunlimitedcwantscexceedctheclimitedcresourcescavailablectocfulfillct

hosecwants.
A) Scarcity
B) Productivecefficiency
C) Theccommandceconomy
D) Economiccgrowth
cAnswer:c A

Diff:c2
PagecRef:c42/42c
Topic:c Scarcity
*:c Recurring
LearningcOutcome:c Micro-
1:cIdentifycthecbasiccprinciplescofceconomicscandcexplainchowctocthinkclikecanceconomist
AACSB:c Analyticalcthinking

2) Toccompetecincthecautomobilecmarket,cTeslacmustcmakecmanycstrategiccdecisionscsuchcascwheth
erctocintroducecacnewccarcmodel,chowctocsellcandcservicecitsccars,candcwherectocadvertise.cAtcTesla'scF
remont,cCaliforniacplant,cmanagerscmustcdecideconcthecmonthlycproductioncquantitiescofctheircScand
cXcmodels.cIncmakingcthiscdecision,cthecmanagers

A) facecnoctrade-
offcbecausecthecFremontcplantconlycproducescthesectwocmodelscofcthecmanycTeslacmodelscprod
ucedcworldwide.
B) facecactrade-off,cbecausecproducingcmorecofconecmodelcmeanscproducingclesscofcthecother.
C) willcchoosectoconlycproducecthecquantitycofcScandcXcmodelscwherecmarginalccostcequalsczero.
D) willcalwayscdecideconcproductioncquantitiescincwhichcrevenuescarecmaximized.c
Answer:c B
Diff:c2
PagecRef:c40/40c
Topic:c OpportunitycCost
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking
SpecialcFeature:c ChaptercOpener:cManagerscatcTeslacMotorscFacecTrade-Offs




1
Copyrightc©c2019cPearsoncEducation,cInc.
mynursytest.store

,DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
c c c c c c c c




3) Thecconceptcofc
ciscthatcthececonomicccostcofcusingcacfactorcofcproductionciscthecalternativecusecofcthatcfactor

cthatciscgivencup.

A) marginalccost
B) opportunityccost
C) normativececonomics
D) entrepreneurship
cAnswer:c B

Diff:c2
PagecRef:c43/43c
Topic:c OpportunitycCost
*:c Recurring
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking

4) Thecproductioncpossibilitiescfrontiercshows
A) thecvariouscproductscthatccancbecproducedcnowcandcincthecfuture.
B) thecmaximumcattainableccombinationscofctwocproductscthatcmaycbecproducedcincacparticularcti
mecperiodcwithcavailablecresources.
C) whatcancequitablecdistributioncofcproductscamongccitizenscwouldcbe.
D) whatcpeoplecwantcfirmsctocproducecincacparticularctimecperiod.c
Answer:c B
Diff:c2 PagecRef:c42/42
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking

5) cshowscthatcifcallcresourcescarecfullycandcefficientlycutilized,cmorecofconecgoodccancbe

cproducedconlycbycproducingclesscofcanothercgood.

A) Comparativecadvantage
B) Absolutecadvantage
C) Thecmixedcmarketcsystem
D) Thecproductioncpossibilitiescfrontiercmodelc
Answer:c D
Diff:c2 PagecRef:c42/42
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking




2
Copyrightc©c2019cPearsoncEducation,cInc.
mynursytest.store

,DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
c c c c c c c c




6) Thecproductioncpossibilitiescfrontiercassumescallcofcthecfollowingcexcept
A) labor,ccapital,clandcandcnaturalcresourcescarecfixedcincquantity.
B) thececonomycproducesconlyctwocproducts.
C) anyclevelcofcthectwocproductscthatcthececonomycproducescisccurrentlycpossible.
D) theclevelcofctechnologyciscfixedcandcunchanging.c
Answer:c C
Diff:c2 PagecRef:c42/42
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking

7) Thec
cproductioncpointsconcacproductioncpossibilitiescfrontiercarecthecpointscalongcandcinsidecthecprodu

ctioncpossibilitiescfrontier.
A) attainable
B) unattainable
C) productivelycefficient
D) allocativelycefficient
cAnswer:c A

Diff:c1 PagecRef:c42/42
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking

8) Thecunattainablecpointscincacproductioncpossibilitiescfrontiercare
A) thecpointscwithincthecproductioncpossibilitiescfrontier.
B) thecpointscalongcthecproductioncpossibilitiescfrontier.
C) thecpointscofcthechorizontalcandcverticalcintercepts.
D) thecpointscoutsidecthecproductioncpossibilitiescfrontier.c
Answer:c D
Diff:c1 PagecRef:c43/43
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
3:cDiscusscdifferentctypescofcmarketcsystemscandcthecgainscthatccancbecmadecfromctrade
AACSB:c Analyticalcthinking




3
Copyrightc©c2019cPearsoncEducation,cInc.
mynursytest.store

, DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
c c c c c c c c




Figurec2-1




9) ReferctocFigurec2-1.c cisc(are)cinefficientcincthatcnotcallcresourcescarecbeingcused.

A) PointcA
B) PointcB
C) PointcC
D) PointscAcandcC
Answer:c A
Diff:c1 PagecRef:c43/43
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
2:cInterpretcandcanalyzecinformationcpresentedcincdifferentctypescofcgraphs
AACSB:c Analyticalcthinking

10) ReferctocFigurec2-1. isc(are)ctechnicallycefficient.
A) PointcA
B) PointcB
C) PointcC
D) PointscBcandcC
Answer:c B
Diff:c1 PagecRef:c43/43
Topic:c ProductioncPossibilitiescFrontiers
*:c Recurring
LearningcOutcome:c Micro-
2:cInterpretcandcanalyzecinformationcpresentedcincdifferentctypescofcgraphs
AACSB:c Analyticalcthinking



4
Copyrightc©c2019cPearsoncEducation,cInc.
mynursytest.store