Slavin End of Chapter 2 Answers

Slavin End of - CHAPTER 2 Resource Utilization 1411109 13 12 Answers to Multiple-Choice Questions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

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9 10 11 12 13 14 CHAPTER 2 Resource Utilization Answers to Multiple-Choice Questions 1. c 2. b 3. b 4. c 5. a 6. b 7. c 8. a 9. b 10. c 11. c 12. a 13. b 14. a 15. c 16. b 17. a 18. d 19. b 20. d 21. b 22. c 23. c 24. b 25. d 26. a 27. b 28. d 29. b
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Answers to Fill-In Questions 1. underemployed 2. scarcity 3. unlimited; limited 4. the opportunity cost of producing additional units of this good increases 5. increasing costs 6. the sacrifice of not buying the jacket 7. five percent 8. (1) blue laws; (2) child labor laws; and (3) Americans' preference for daylight weekday work hours. 9. underemployment; less than full production; inefficient allocation of resources. 10. production possibilities frontier or curve 11. within (or inside) 12. (1) improving the level of technology and (2) increasing the amount of resources. Answers to Problems 1. No—we could produce either more cars or more houses. 2. Yes (by moving towards the production possibilities frontier) 3. No 4. 5. and 6. 2
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7. 8. 2 units of butter, 1 unit of guns 9. (a) 10 VCRs (b) 20 camcorders (c) 50 camcorders (d) 10 VCRs 10. Moving from point E toward point A, we give up increasing amounts of camcorders for each gain of 10 VCRs. The opportunity cost of moving from E to D is 10 camcorders; from D to C, 20 camcorders; from C to B, 30 camcorders and from B to A, 50 camcorders. Answers To Questions For Further Thought And Discussion 1. If you were in a position to run our economy, what steps would you take to raise our rate of economic growth? Increase our savings rate, build more and better capital, have a larger and more skilled labor force, and improve the technology. The federal government could sponsor more basic research, which would boost our technology. Much of our technological advance over the last six decades has come
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from research funded by the military. A recent application is the Internet. Our labor force could be increased in size and quality by increased immigration. Employers have been clamoring to raise
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This note was uploaded on 05/28/2011 for the course ECON 115 taught by Professor Tori during the Spring '11 term at ITT Tech Pittsburgh.

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Slavin End of - CHAPTER 2 Resource Utilization 1411109 13 12 Answers to Multiple-Choice Questions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

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