An economic model is a simplified version of reality used to analyze real world

An economic model is a simplified version of reality

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26. An economic model is a simplified version of reality used to analyze real-world economic situationsA) TrueB) FalseCorrect Answer(s):TrueTable for Individual Question FeedbackPoints Earned: 2.0/2.0 27. The decisions Apple makes in determining production levels for its iPhone is an example of a macroeconomics topicTable for Individual Question FeedbackPoints Earned: 0.0/2.0 28. Economic resources are also called factors of productionTable for Individual Question Feedback
Points Earned: 2.0/2.0 29. A curved line has slope values that change at every pointTable for Individual Question FeedbackPoints Earned: 2.0/2.0 30. A straight line has a slope of zeroA) TrueB) FalseCorrect Answer(s):FalseTable for Individual Question FeedbackPoints Earned: 2.0/2.0 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 otherTable for Individual Question FeedbackPoints Earned: 0.0/2.0
32. If a country produces only two goods, then it is not possible to have a comparative advantage inthe production of both those goodsTable for Individual Question FeedbackPoints Earned: 2.0/2.0 33. Any output combination outside a production possibility frontier is associated with unused or underutilized resourcesTable for Individual Question FeedbackPoints Earned: 0.0/2.0 34. An increase in the labor force shifts the production possibility frontier inwards over timeA) TrueB) FalseCorrect Answer(s):FalseTable for Individual Question FeedbackPoints 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 oystersTable for Individual Question FeedbackPoints Earned: 2.0/2.0 36. The basis for trade is comparative advantage, not absolute advantageTable for Individual Question FeedbackPoints 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 countryTable for Individual Question FeedbackPoints Earned: 0.0/2.0
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 competitorsA) TrueB) FalseCorrect Answer(s):TrueTable for Individual Question FeedbackPoints Earned: 2.0/2.0 39. It is possible to have a comparative advantage in producing a good or service without having anabsolute advantageTable for Individual Question FeedbackPoints 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 frontierTable for Individual Question FeedbackPoints Earned: 2.0/2.0
Correct Answer(s):TrueTime expired Your time has expired. The assessment has been automatically submitted. ContinueOK

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