When producing at a production efficient point, ________
A) our choice of the goods can be either on or within the production possibilities frontier
B) we can satisfy our all wants
C) the opportunity cost of another good is zero
D) we face a tradeoff and incur an opportunity cost
D
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing ________, and Mike has a comparative advantage in producing ________.
A. cars; cheese B. cheese; cheese C. cars; cars D. cheese; cars
What is one result of the Medicare subsidy?
A) The health care industry is more efficient than it otherwise would be. B) Patients may elect to have some treatments that are of low value to them but that are costly to provide. C) The elderly population in the United States receives a lower quality of medical care than what is provided for the elderly population in other countries. D) The number of physicians in the United States has declined.
Who among the following individuals most likely experiences the largest nonmonetary reward as a supplier of labor? Assume all of the four individuals have the same level of education and work the same number of hours per week
a. Albert, who prefers not to socialize and works at home by himself b. Amy, whose job provides little intellectual and personal satisfaction c. Antoinette, whose preference is to avoid dangerous work but works as a firefighter d. Arnold, who works the night shift but would prefer to work during the day and sleep at night
Figure 2-4
Which production possibilities frontier(s) in depict(s) a situation in which all resources are perfect substitutes in production?
a.
both C and E
b.
both D and E
c.
C
d.
D
e.
E