If Ana devotes all her time to making fudge, she can make 3 pounds of fudge an hour, and if she devotes all her time to making toffee, she can make 2 pounds of toffee an hour. If Leo devotes all his time to making fudge, he can make 4 pounds of fudge an hour, and if he devotes all his time to making toffee, he can make 5 pounds of toffee an hour. Suppose that Ana and Leo decide to work together as a team. Can they produce 2 pounds of fudge and 4.5 pounds of toffee each hour?
A. No, this point is not attainable.
B. Yes, this point is both attainable and efficient.
C. No, this point is not attainable and inefficient.
D. Yes, this point is attainable, but inefficient.
Answer: D
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A graph has a point that is either a maximum or a minimum. To the left of the point, the slope of relationship is positive. To the right of the point, the slope is negative
Is the point a maximum point or a minimum point? Be sure to draw a figure that supports your answer.
Why is the H.O. model called the factor-proportions theory?
What will be an ideal response?
If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another
If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another. A) 20 B) 25 C) 30 D) 45
Consider the production possibilities frontier displayed in the figure shown. A society should choose to produce:
A. at point C because it is the safest.
B. at point B because it represents the most the society can produce.
C. at any point that produce some of each good.
D. at any point on the frontier rather than inside it.