26) If you can produce more of something than others with the same resources, you have 26)
A) a freemarket economy. B) a comparative advantage.
C) an efcient production system. D) an absolute advantage.
V 27) For each bottle of wine that Italy produces, i
7) A is the means of deciding who gets how much of available resources 7)
A) marginal decision B) rationing device
C) demand and supply D) source of income
/ 8) The idea that because of scarcity, producing more of one good or service means producing less
/Ja:mes Morse, lnsructor
Exam - 1; Econ 2018-04 (Micro) - Fall/2016; Ch. 1 & 2
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question (3 points
1) In economics, choices must be made because we live
[18) Refer to Figure 2-2. What" IS the opportunity cost of one pound of meat?
" A) :pound of vegetables B) 1 pounds of vegetables
C) 1.6 pounds of vegetables D) 16 pounds of vegetables
19) A production possibilities frontier with a bowed outward shape i