answerstopracticequestions1fall2004

answerstopracticequestions1fall2004 - SOLUTIONS Multiple...

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SOLUTIONS Multiple choices: 1) c. 2) b. (Myland doesn’t give up any pound of fish in moving from point C to point B in the picture.) 3) d. (Only at points ON the PPF Myland is using all of its available resources.) 4) b. 5) c. 6) d. (You have the absolute advantage in both making photocopies and looking for books. You have the absolute advantage in making photocopies and your friend in looking for books.) 7) b. 8) b. (It takes you 30 minutes to make the photocopies and then 30 minutes to look for the books. In total, it takes you 1 hour. It takes your friend 1 hour to make the photocopies and then 36 minutes to look for the books. In total, it takes your friend 1 hour and 36 minutes. So, you are going to have to wait for your friend for 36 minutes. ..... If you specialize in the task in which you have the comparative advantage, you can make all the photocopies in 1 hour and your friend can look for all the books in 1 hour and 12 minutes. In this case, you have to wait 12 minutes instead of 36.)
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answerstopracticequestions1fall2004 - SOLUTIONS Multiple...

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