Pts jen makes 12 per hour and sammie makes 24 per

This preview shows page 12 - 18 out of 18 pages.

Question 203 / 3 ptsJen makes $12 per hour and Sammie makes $24 per hour. Both Jen andSammie like to eat hamburgers that cost $6 each. Select the correct answer belowSammie’s real wage is equal to 100 hamburgersJen and Sammie’s real wages are equalCorrect!Jen’s real wage is equal to 2 hamburgersJen’s real wage is higher than Sammie’s real wageSammie’s real wage is equal to 2 hamburgers
Part 2: 20 questions worth 2 points each for a total of 40 points.Question 212 / 2 ptsExamining the conditions that could lead to a recession in an economy is an example of a macroeconomics topic.
Question 222 / 2 pts
Every individual, no matter how rich or poor, is faced with making trade-offs.Correct!
Question 232 / 2 ptsWhen voluntary exchange takes place, only one party gains from the exchange.
Question 242 / 2 ptsA college must decide if it wants to offer more Internet-based classes. This decision involves answering the economic question of "what to produce."Correct!TrueFalse
Question 252 / 2 ptsOne desirable outcome of a market economy is that it leads to a more equitable distribution of income.
Question 262 / 2 ptsAn economic model is a simplified version of reality used to analyze real-world economic situations.
Question 272 / 2 ptsThe decisions Apple makes in determining production levels for its iPhone is an example of a macroeconomics topic.
Question 282 / 2 ptsEconomic resources are also called factors of production.Correct!TrueFalse
Question 292 / 2 pts
A curved line has slope values that change at every point.Correct!
Question 300 / 2 ptsA straight line has a slope of zero.You Answered
Question 312 / 2 ptsIf 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.
Question 320 / 2 ptsIf a country produces only two goods, then it is not possible to have a comparative advantage in the production of both those goods.Correct AnswerTrue
You AnsweredFalse
Question 332 / 2 ptsAny output combination outside a production possibility frontier is associated with unused or underutilized resources.
Question 342 / 2 ptsAn increase in the labor force shifts the production possibility frontier inwards over time.
Question 350 / 2 ptsIf Sanjaya can shuck more oysters in one hour than Tatiana, then Sanjaya has a comparative advantage in shucking oysters.You Answered
Question 362 / 2 ptsThe basis for trade is comparative advantage, not absolute advantage.Correct!TrueFalse
Question 372 / 2 ptsIn a two-good, two country world, if one country has an absolute advantage in the production of both goods, it cannot benefit by tradingwith the other country.
Question 382 / 2 ptsFor 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.Correct!
Question 392 / 2 ptsIt is possible to have a comparative advantage in producing a good or service without having an absolute advantage.Correct!
Question 402 / 2 ptsAn 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.Correct!TrueFalse
Quiz Score: 91out of 100

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture