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Chapter 2 and 4 Quiz - Answered

Chapter 2 and 4 Quiz - Answered - Mai 1 Henry Mai ECO...

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Mai 1 Henry Mai ECO 2010 (901) 32765 Chapter 2 & 4 Quiz Multiple Choice (5 pts. Each) Identify the choice that best completes the statement or answers the question. __b__ 1. In the simple circular-flow diagram, the participants in the economy are a. firms and government. b. households and firms. c. households and government. d. households, firms, and government. __c__ 2. In the circular-flow diagram, in the markets for 3. In the markets for factors of production in the circular-flow diagram, 4. When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good 5. Suppose an economy produces two goods, food and machines. This economy always operates on its production possibilities frontier. Last year, it produced 50 units of food and 30 machines. This year, it is producing 55 units of food and 33 machines. Which of the following events could not explain the increase in output? a. a reduction in unemployment b. an increase in available labor c. an improvement in technology d. Any of these events could explain the increase in output.
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Mai 2 Figure 2-4 brushes A B C D 10 20 30 40 50 60 70 80 tooth- 5 10 15 20 25 30 35 40 45 50 toasters __c__
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