ECON Chapter 3

ECON Chapter 3 - Name Class Date ID A Chapter03_InClass...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Chapter03_InClass Multiple Choice Identify the choice that best completes the statement or answers the question. Table 3-5 Assume that England and Spain can switch between producing cheese and producing bread at a constant rate. Labor Hours Needed to Make 1 Unit of Number of Units Produced in 40 Hours Cheese Bread Cheese Bread England 1 4 40 10 Spain 4 8 10 5 ____ 1. Refer to Table 3-5 . Assume that England and Spain each has 40 labor hours available. If each country divides its time equally between the production of cheese and bread, then total production is a. 20 units of cheese and 5 units of bread. b. 25 units of cheese and 7.5 units of bread. c. 40 units of cheese and 10 units of bread. d. 50 units of cheese and 15 units of bread. ____ 2. Refer to Table 3-5 . Which of the following combinations of cheese and bread could Spain produce in 40 hours? a. 2.25 units of cheese and 4 units of bread. b. 5.5 units of cheese and 3 units of bread. c. 7 units of cheese and 1.5 units of bread. d. 10 units of cheese and 5 units of bread. ____ 3. Refer to Table 3-5 . The opportunity cost of 1 unit of cheese for England is a. 1/4 unit of bread. b. 1 hour of labor. c. 4 units of bread. d. 4 hours of labor. ____ 4. Refer to Table 3-5 . The opportunity cost of 1 unit of cheese for Spain is a. 1/2 unit of bread. b.
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This note was uploaded on 02/10/2011 for the course ECON 224 taught by Professor Ozturk during the Spring '09 term at South Carolina.

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ECON Chapter 3 - Name Class Date ID A Chapter03_InClass...

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