Economic resources are also called factors of

This preview shows page 10 - 12 out of 12 pages.

28.Economic resources are also called factors of productionA) TrueB) FalseCorrect Answer(s):True
Table for Individual Question FeedbackPoints Earned:2.0/2.0
29.A curved line has slope values that change at every point
Table for Individual Question FeedbackPoints Earned:2.0/2.0
30.A straight line has a slope of zero
Table 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 other
Table for Individual Question FeedbackPoints 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 goodsA) TrueB) FalseCorrect Answer(s):True
Table for Individual Question FeedbackPoints 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 FeedbackPoints Earned:2.0/2.0
34.An increase in the labor force shifts the production possibility frontier inwards over time
Table for Individual Question FeedbackPoints Earned:0.0/2.0
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 FeedbackPoints Earned:2.0/2.0
36.The basis for trade is comparative advantage, not absolute advantageA) TrueB) False
Table for Individual Question FeedbackPoints Earned:2.0/2.0
Correct Answer(s):True
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 FeedbackPoints 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 FeedbackPoints 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 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 frontierA) TrueB) FalseCorrect Answer(s):True
Table for Individual Question FeedbackPoints Earned:2.0/2.0

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture