Economic resources are also called factors of

This preview shows page 11 - 14 out of 14 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Macroeconomics for Today
The document you are viewing contains questions related to this textbook.
Chapter 19 / Exercise 6
Macroeconomics for Today
Tucker
Expert Verified
28. Economic resources are also called factors of production A) True B) False Correct Answer(s):True
Table for Individual Question Feedback Points Earned: 2.0/2.0
29. A curved line has slope values that change at every point
Table for Individual Question Feedback Points Earned: 2.0/2.0
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Macroeconomics for Today
The document you are viewing contains questions related to this textbook.
Chapter 19 / Exercise 6
Macroeconomics for Today
Tucker
Expert Verified
30. A straight line has a slope of zero
Table for Individual Question Feedback Points Earned: 0.0/2.0
31. If a country is producing efficiently and is on the production possibilities frontier, the only way to produce more of one good is to produce less of the other
Table for Individual Question Feedback Points Earned: 2.0/2.0
32. If a country produces only two goods, then it is not possible to have a comparative advantage in the production of both those goods A) True B) False Correct Answer(s):True
Table for Individual Question Feedback Points Earned: 2.0/2.0
33. Any output combination outside a production possibility frontier is associated with unused or underutilized resources
Table for Individual Question Feedback Points Earned: 2.0/2.0
34. An increase in the labor force shifts the production possibility frontier inwards over time
Table for Individual Question Feedback Points Earned: 2.0/2.0
35. If Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a comparative advantage in shucking oysters
Table for Individual Question Feedback Points Earned: 2.0/2.0
36. The basis for trade is comparative advantage, not absolute advantage A) True B) False Correct Answer(s):True
Table for Individual Question Feedback Points Earned: 2.0/2.0
37. In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it cannot benefit by trading with the other country
Table for Individual Question Feedback Points Earned: 2.0/2.0
38. For a person to have a comparative advantage in producing a product, she must be able to produce that product at a lower opportunity cost than her competitors
Table for Individual Question Feedback Points Earned: 2.0/2.0
39. It is possible to have a comparative advantage in producing a good or service without having an absolute advantage
Table for Individual Question Feedback Points Earned: 2.0/2.0
40. An increase in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point inside the frontier A) True B) False Correct Answer(s):True Continue
Table for Individual Question Feedback Points Earned: 2.0/2.0

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture