ECO Modules - The production possibilities frontier is a...

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The production possibilities frontier is a graph that shows the various combinations of output that an economy can possibly produce given the available factors of production and the available production technology Question 2 1 out of 1 points Efficiency means that Selected Answer: Question 3 1 out of 1 points Economists, like mathematicians Selected Answer: Question 4 1 out of 1 points An economists theory about international trade that is based on the assumption that there are only two countries trading two goods Selected Answer: Question 5 1 out of 1 points Resources are Selected Answer: Question 6 1 out of 1 points Which of the following
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statements about economics models is correct? Selected Answer: Question 7 1 out of 1 points Which of the follo he sellers of coffee wct? Selected Answer: Question 8 1 out of 1 points When society requires that firms reduce pollutions, there is Selected Answer: Question 9 1 out of 1 points Economists use the word equality to describe a situation in which Selected Answer: Question 10 1 out of 1 points Economists models Selected Answer:
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Regan grows flowers and makes ceramic vases. Jason grows flowers and makes vases but Regan is better at producing than Jason. If they trade vases and flowers it will provide: Selec ted Answ er: benefit Jason but not Regan Feedback: Regan and Jason use their comparative advantages to both gain from trade. Question 2 1 out of 1 points The opportunity cost of an item is Selected Answer: Question 3 0 out of 1 points The producer that requires a smaller quantity of imports to produce a certain amount of goods Selected Answer: Feedback : Absolute advantage is the ability to produce a good using few inputs than another producer. Question 4 0 out of 1 points If Shawn can produce more donuts in one day than Sue using few inputs, then Selected Answer: Feedback : Shawn has an absolute advantage by donuts using few inputs than another Sue.
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Question 5 0 out of 1 points The principle of comparative advantage does not provide answers to certain questions, such as Selected Answer: Feedback : Comparative advantage addresses the ability to produce a good at a lower opportunity cost than another producer, but it does not address pricing. Question 6 1 out of 1 points When each person specializes in producing the good in which he or she has a comparative advantage, total production in the economy Selected Answer: rises Question 7 1 out of 1 points The forces that make market economics work are Selected Answer: Question 8 1 out of 1 points In a market economy supply and demand determine Selected Answer:
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Question 9 1 out of 1 points In a competitive market the quantity of a product produced and the price of the product are determined by Selected Answer: Question 10 0 out of 1 points Normative statements attempt to describe the world as it is as objectively as possible. Selected
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This note was uploaded on 02/05/2012 for the course ART, HCM, 300 taught by Professor Smith during the Spring '11 term at CSU Pueblo.

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ECO Modules - The production possibilities frontier is a...

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