Quiz 3 - Introduction 2 - Attempt Review

10/17/22, 2:04 PM Quiz 3: Introduction 2: Attempt review
Đã bắt đầu vào Thứ sáu, 16 Tháng chín 2022, 9:18 PM

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Tình trạng Đã hoàn thành
Hoàn thành vào Thứ sáu, 16 Tháng chín 2022, 9:51 PM
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Thời gian thực 33 phút 21 giây
hiện
Câu hỏi 1
Hoàn thành
Chấm điểm của 1,00
A country’s production-possibilities curve shows:
a. monetary prices and quantities.
b. which combination of goods is best for society.
c. output combinations that fully employ society's resources.
d. demands for different resources.
Câu hỏi 2
Hoàn thành
Table 3-8
Assume that England and Spain can switch between producing cheese and producing bread at a constant rate.
Labor Hours Needed to Make 1 Unit of

Number of Units Produced in 24 Hours

Cheese
Bread Cheese Bread
England 2 3 12 8
Spain 3 6 8 4

Refer to Table 3-8. Which of the following combinations of cheese and bread could England not produce in 24 hours?
a. 6 units of cheese and 4 units of bread.

b. 7 units of cheese and 2 units of bread.
c. 5 units of cheese and 3 units of bread.
d. 8 units of cheese and 3 units of bread.
https://e-learning.hcmut.edu.vn/mod/quiz/review.php?attempt=28136&cmid=9565 1/10
Câu hỏi 3
Hoàn thành
Economic scarcity is pervasive, which makes choices necessary. Consequently, rationally optimal decisions hinge on tradeoffs that necessarily
reflect:
a. maximizing individual decision makers’ self interests.
b. opportunity costs.
c. competitive social behavior.
d. cooperation to minimize human greed.
Câu hỏi 4
Hoàn thành
Table 3-3
Production Opportunities
Hours Needed to Make 1 Unit of


Cheese Wine Cheese Wine
England 1 4 40 10
France 5 2 8 20
Refer to Table 3-3. Assume that England and France each has 40 labor hours available. If each country divides its time equally between the production of
cheese and wine, then total production is
a. 48 units of cheese and 30 units of wine

b. 24 units of cheese and 15 units of wine
c. 8 units of cheese and 10 units of wine
d. 40 units of cheese and 20 units of wine
Câu hỏi 5
Hoàn thành
Figure 2-16
Refer to Figure 2-16. Inefficient production is represented by which point(s)?
a. B, E
b. A, C
c. D
d. B, C
Câu hỏi 6
Hoàn thành
If the production possibilities frontier in an efficient economy is not growing, increasing the output of one good always requires:
a. raising the output price for another good.
b. reducing the output of another good.
c. larger amounts of resources.
d. improvements in technology.
Câu hỏi 7
Hoàn thành
The terms equality and efficiency are similar in that they both refer to benefits to society. However they are different in that
a. equality refers to maximizing benefits from scarce resources and efficiency refers to uniform distribution of those benefits.
b. equality refers to the opportunity cost of the benefits and efficiency refers to everyone facing identical tradeoffs.
c. equality refers to everyone facing identical tradeoffs and efficiency refers to the opportunity cost of the benefits.
d. equality refers to uniform distribution of those benefits and efficiency refers to maximizing benefits from scarce resources.
Câu hỏi 8
Hoàn thành
Table 3-18
The following table contains some production possibilities for an economy for a given month.
Apples Oranges
120 450
180 ?
240 150
Refer to Table 3-18. If the production possibilities frontier is bowed outward, then "?" could be
a. 300.
b. 225.
c. 375.
d. 150.
Câu hỏi 9
Hoàn thành
Table 3-8
Assume that England and Spain can switch between producing cheese and producing bread at a constant rate.
Labor Hours Needed to Make 1 Unit of


Cheese
Bread Cheese Bread
England 2 3 12 8
Spain 3 6 8 4

Refer to Table 3-8. We could use the information in the table to draw a production possibilities frontier for England and a second production possibilities
frontier for Spain. If we were to do this, measuring cheese along the horizontal axis, then
a. the slope of England's production possibilities frontier would be -.75 and the slope of Spain's production possibilities frontier would be -1.
b. the slope of England's production possibilities frontier would be -0.67 and the slope of Spain's production possibilities frontier would be -0.5.
c. the slope of England's production possibilities frontier would be -2 and the slope of Spain's production possibilities frontier would be -.5.
d. the slope of England's production possibilities frontier would be -1.5 and the slope of Spain's production possibilities frontier would be -2.
Câu hỏi 10
Hoàn thành
Suppose Phú and Trí can both produce two goods: baseball bats and hockey sticks. Which
of
the following is not possible?
a. Phú has an absolute advantage in the production of hockey sticks and a comparative advantage in the production of baseball bats.
b. Phú has an absolute advantage in the production of baseball bats and a comparative advantage in the production of hockey sticks.
c. Phú has a comparative advantage in the production of baseball bats and in the production of hockey sticks.
d. Phú has an absolute advantage in the production of baseball bats and in the production of hockey sticks.
Câu hỏi 11
Hoàn thành
Figure 2-9
Panel (a) Panel (b)
Refer to Figure 2-9, Panel (a). The opportunity cost of moving from point K to point L is
a. 2 donuts.
b. 0 cups of coffee.
c. 1 donut.
d. 4 cups of coffee.
Câu hỏi 12
Hoàn thành
Which of the following transactions takes place in the markets for the factors of production in the circular-flow diagram?
a. Dung receives a salary for his work as a financial analyst for an investment firm.
b. Jack receives clean water in his home in exchange for paying his water bill.
c. Chau owns a nail salon and receives payments from her clients for her services.
d. Khanh buys two business suits to wear to her job as a Chief Information Officer.
Câu hỏi 13
Hoàn thành
A production possibilities frontier is bowed outward when
a. the rate of tradeoff between the two goods being produced is constant.
b. an economy is self-sufficient instead of interdependent and engaged in trade.
c. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good.
d. the rate of tradeoff between the two goods being produced depends on how much of each good is being produced.
Câu hỏi 14
Hoàn thành
Suppose an economy only produces two goods, robots and ice cream. Last month, the economy produced 10 robots and
200 gallons of ice
cream. This month, the same economy produced 15 robots and 240 gallons of ice cream. Which of the following statements could explain this
change?
a. This month, the economy experienced an increase in resources
b. This month, the economy reduced the unemployment of its resources.
c. This month, the economy experienced an improvement in technology.
d. All of the above are correct.
Câu hỏi 15
Hoàn thành
Total output in an economy increases when each person specializes because
a. a wider variety of products will be produced within each country due to specialization.
b. each person spends more time producing that product in which he or she has a comparative advantage.
c. government necessarily plays a larger role in the economy due to specialization.
d. there is less competition for the same resources.
Câu hỏi 16
Hoàn thành
Figure 2-9
Panel (a) Panel (b)
Refer to Figure 2-9, Panel (a). Production is
a. possible at points J, K, L, and M, but efficient only at points J, L, and M.

b. possible at points J, K, L, and M, but efficient only at point K.
c. possible at points J, L, M, and N, but efficient only at points J, L, and M.
d. possible at points J, L, M, and N, but efficient only at point N.
Câu hỏi 17
Hoàn thành
A person can benefit

from specialization and trade by obtaining a good at a price that is
a. the same as his or her opportunity cost of that good.
b. higher than his or her opportunity cost of that good.
c. lower than his or her opportunity cost of that good.
d. different than his or her opportunity cost of that good.
Câu hỏi 18
Hoàn thành
It is possible for an economy to increase its production of both goods if the economy
a. moves from a situation of inefficient production to a situation of efficient production.
b. moves in either direction along its production possibilities frontier and the frontier is a straight line.
c. moves downward and to the right along its production possibilities frontier and the frontier is bowed outward.
d. moves upward and to the left along its production possibilities frontier and the frontier is bowed outward.
Câu hỏi 19
Hoàn thành
Absolute advantage is found by comparing different producers’
a. input requirements per unit of output.
b. opportunity costs.
c. locational and logistical circumstances.
d. payments to land, labor, and capital.
Câu hỏi 20
Hoàn thành
Suppose that a worker in C-land can grow either 40 bushels of corn or 10 bushels of oats per year, and a worker in O-land can grow either 20
bushels of corn or 5 bushels of oats per year. There are 20 workers in C-land and 20 workers in O-land. Which of the following statements is
true?
a. Neither country could gain from trade with each other because neither one has a comparative advantage.
b. Neither country could gain from trade with each other because C-land has an absolute advantage in both goods.
c. Both countries could gain from trade with each other.
d. O-land could gain from trade between the two countries, but C-land definitively would lose.
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10/17/22, 2:04 PM Quiz 3: Introduction 2: Attempt review

Đã bắt đầu vào Thứ sáu, 16 Tháng chín 2022, 9:18 PM

Chấm điểm của 1,00

A country’s production-possibilities curve shows:

a. monetary prices and quantities.

b. which combination of goods is best for society.

c. output combinations that fully employ society's resources.

d. demands for different resources.

Chấm điểm của 1,00

Labor Hours Needed to Make 1 Unit of

a. 6 units of cheese and 4 units of bread.

Chấm điểm của 1,00

a. maximizing individual decision makers’ self interests.

c. competitive social behavior.

d. cooperation to minimize human greed.

Chấm điểm của 1,00

Hours Needed to Make 1 Unit of

a. 48 units of cheese and 30 units of wine

Chấm điểm của 1,00

Refer to Figure 2-16. Inefficient production is represented by which point(s)?

Chấm điểm của 1,00

a. raising the output price for another good.

b. reducing the output of another good.

c. larger amounts of resources.

Chấm điểm của 1,00

Chấm điểm của 1,00

Chấm điểm của 1,00

Labor Hours Needed to Make 1 Unit of

Chấm điểm của 1,00

Chấm điểm của 1,00

Panel (a) Panel (b)

Chấm điểm của 1,00

Chấm điểm của 1,00

A production possibilities frontier is bowed outward when

Chấm điểm của 1,00

a. This month, the economy experienced an increase in resources

b. This month, the economy reduced the unemployment of its resources.

c. This month, the economy experienced an improvement in technology.

d. All of the above are correct.

Chấm điểm của 1,00

Total output in an economy increases when each person specializes because

c. government necessarily plays a larger role in the economy due to specialization.

d. there is less competition for the same resources.

Chấm điểm của 1,00

Panel (a) Panel (b)

Refer to Figure 2-9, Panel (a). Production is

a. possible at points J, K, L, and M, but efficient only at points J, L, and M.

Chấm điểm của 1,00

A person can benefit

a. the same as his or her opportunity cost of that good.

b. higher than his or her opportunity cost of that good.

c. lower than his or her opportunity cost of that good.

d. different than his or her opportunity cost of that good.

Chấm điểm của 1,00

a. moves from a situation of inefficient production to a situation of efficient production.

Chấm điểm của 1,00

Absolute advantage is found by comparing different producers’

a. input requirements per unit of output.