[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
/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
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
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