Test Bank For Social Problems A Down-to-Earth Approach 13th Edition All Chapters

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Macroeconomicsg2019,g7eg(Hubbard/O'Brien)
Chapterg2g g Trade-offs,gComparativegAdvantage,gandgthegMarketgSystem

2.1g g ProductiongPossibilitiesgFrontiersgandgOpportunitygCosts

1) gexistsgbecausegunlimitedgwantsgexceedgtheglimitedgresourcesgavailablegtogfulfil
lgthosegwants.
A) Scarcity
B) Productivegefficiency
C) Thegcommandgeconomy
D) Economicggrowth
gAnswer:g A
Diff:g2
PagegRef:g42/42
gTopic:g Scarcity
*:g Recurring
LearninggOutcome:g Micro-
1:gIdentifygthegbasicgprinciplesgofgeconomicsgandgexplainghowgtogthinkglikegangeconomist
AACSB:g Analyticalgthinking

2) Togcompetegingthegautomobilegmarket,gTeslagmustgmakegmanygstrategicgdecisionsgsuchgasgwh
ethergtogintroducegagnewgcargmodel,ghowgtogsellgandgservicegitsgcars,gandgwheregtogadvertise.gAtg
Tesla'sgFremont,gCaliforniagplant,gmanagersgmustgdecidegongthegmonthlygproductiongquantitiesgo
fgtheirgSgandgXgmodels.gIngmakinggthisgdecision,gthegmanagers
A) facegnogtrade-
offgbecausegthegFremontgplantgonlygproducesgthesegtwogmodelsgofgthegmanygTeslagmodelsgp
roducedgworldwide.
B) facegagtrade-off,gbecausegproducinggmoregofgonegmodelgmeansgproducingglessgofgthegother.
C) willgchoosegtogonlygproducegthegquantitygofgSgandgXgmodelsgwheregmarginalgcostgequalsgzero.
D) willgalwaysgdecidegongproductiongquantitiesgingwhichgrevenuesgaregmaximized
.gAnswer:g B
Diff:g2
PagegRef:g40/40
gTopic:g OpportunitygCost
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking
SpecialgFeature:g ChaptergOpener:gManagersgatgTeslagMotorsgFacegTrade-Offs




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3) Thegconceptgofg
gisgthatgthegeconomicgcostgofgusinggagfactorgofgproductiongisgthegalternativegusegofgthatgf
actorgthatgisggivengup.
A) marginalgcost
B) opportunitygcost
C) normativegeconomics
D) entrepreneurship
gAnswer:g B
Diff:g2
PagegRef:g43/43
gTopic:g OpportunitygCost
*:g Recurring
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking

4) Thegproductiongpossibilitiesgfrontiergshows
A) thegvariousgproductsgthatgcangbegproducedgnowgandgingthegfuture.
B) thegmaximumgattainablegcombinationsgofgtwogproductsgthatgmaygbegproducedgingagparticula
rgtimegperiodgwithgavailablegresources.
C) whatgangequitablegdistributiongofgproductsgamonggcitizensgwouldgbe.
D) whatgpeoplegwantgfirmsgtogproducegingagparticulargtimegperiod
.gAnswer:g B
Diff:g2 PagegRef:g42/42
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking

5) gshowsgthatgifgallgresourcesgaregfullygandgefficientlygutilized,gmoregofgoneggoodgca
ngbegproducedgonlygbygproducingglessgofganotherggood.
A) Comparativegadvantage
B) Absolutegadvantage
C) Thegmixedgmarketgsystem
D) Thegproductiongpossibilitiesgfrontiergmodel
gAnswer:g D
Diff:g2 PagegRef:g42/42
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking




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6) Thegproductiongpossibilitiesgfrontiergassumesgallgofgthegfollowinggexcept
A) labor,gcapital,glandgandgnaturalgresourcesgaregfixedgingquantity.
B) thegeconomygproducesgonlygtwogproducts.
C) anyglevelgofgthegtwogproductsgthatgthegeconomygproducesgisgcurrentlygpossible.
D) theglevelgofgtechnologygisgfixedgandgunchanging
.gAnswer:g C
Diff:g2 PagegRef:g42/42
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking

7) Theg
gproductiongpointsgongagproductiongpossibilitiesgfrontiergaregthegpointsgalonggandginsidegthegpr
oductiongpossibilitiesgfrontier.
A) attainable
B) unattainable
C) productivelygefficient
D) allocativelygefficient
gAnswer:g A
Diff:g1 PagegRef:g42/42
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking

8) Thegunattainablegpointsgingagproductiongpossibilitiesgfrontiergare
A) thegpointsgwithingthegproductiongpossibilitiesgfrontier.
B) thegpointsgalonggthegproductiongpossibilitiesgfrontier.
C) thegpointsgofgtheghorizontalgandgverticalgintercepts.
D) thegpointsgoutsidegthegproductiongpossibilitiesgfrontier
.gAnswer:g D
Diff:g1 PagegRef:g43/43
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
3:gDiscussgdifferentgtypesgofgmarketgsystemsgandgtheggainsgthatgcangbegmadegfromgtrade
AACSB:g Analyticalgthinking




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, DOWNLOADgTHEgTestgBankgforgMacroeconomicsg7thgEditiongHubbard



Figureg2-1




9) RefergtogFigureg2-1.g gisg(are)ginefficientgingthatgnotgallgresourcesgaregbeinggused.
A) PointgA
B) PointgB
C) PointgC
D) PointsgAgandgC
Answer:g A
Diff:g1 PagegRef:g43/43
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
2:gInterpretgandganalyzeginformationgpresentedgingdifferentgtypesgofggraphs
AACSB:g Analyticalgthinking

10) RefergtogFigureg2-1. isg(are)gtechnicallygefficient.
A) PointgA
B) PointgB
C) PointgC
D) PointsgBgandgC
Answer:g B
Diff:g1 PagegRef:g43/43
Topic:g ProductiongPossibilitiesgFrontiers
*:g Recurring
LearninggOutcome:g Micro-
2:gInterpretgandganalyzeginformationgpresentedgingdifferentgtypesgofggraphs
AACSB:g Analyticalgthinking



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.
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