Micro 2-2
Quiz
•
Mathematics
•
University
•
Easy
Cole Crkvenac
Used 5+ times
FREE Resource
Enhance your content in a minute
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Table 2-2
GeorgeJack
Lawns Mowed 10 6
Gardens Cultivated 5 4
Table 2-2 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens.
Refer to Table 2-2. What is George's opportunity cost of mowing a lawn?
wo-thirds of a garden cultivated.
two lawns mowed
one and a half lawns mowed
half a garden cultivated
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Table 2-2
George Jack
Lawns Mowed 10 6
Gardens Cultivated 5 4
Table 2-2 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens.
Refer to Table 2-2. What is George's opportunity cost of cultivating a garden?
two lawns mowed
two-thirds of a garden cultivated
one and a half lawns mowed
half a garden cultivated
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Comparative advantage means
the ability to produce more of a product with the same amount of resources than any other producer.
the ability to produce a good or service at a lower opportunity cost than any other producer.
compared to others you are better at producing a product.
the ability to produce a good or service at a higher opportunity cost than any other producer.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Specializing in the production of a good or service in which one has a comparative advantage enables a country to do all of the following except
engage in mutually beneficial trade with other nations.
consume a combination of goods that lies outside its own production possibilities frontier.
increase the variety of products that it can consume with no increase in resources.
produce a combination of goods that lies outside its own production possibilities frontier.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Table 2-3
One Digital CameraWheat (per pound)
China 100 hours 4 hours
South Korea 60 hours 3 hours
Table 2-3 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
Refer to Table 2-3. Does either China or South Korea have an absolute advantage and if so, in what product?
South Korea has an absolute advantage in both products.
China has an absolute advantage in wheat.
South Korea has an absolute advantage in wheat.
China has an absolute advantage in digital cameras.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Table 2-3
One Digital CameraWheat (per pound)
China 100 hours 4 hours
South Korea 60 hours 3 hours
Table 2-3 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
Refer to Table 2-3. South Korea has a comparative advantage in the production of
both products.
wheat.
neither product.
digital cameras.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Table 2-3
One Digital CameraWheat (per pound)
China 100 hours 4 hours
South Korea60 hours 3 hours
Table 2-3 shows the number of labor hours required to produce a digital camera and a pound of wheat in China and South Korea.
Refer to Table 2-3. If the two countries specialize and trade, who should export wheat?
They should both be exporting wheat.
There is no basis for trade between the two countries.
South Korea
China
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
16 questions
Measure of Central Tendency and Dispersion
Quiz
•
University
14 questions
Unit 6 review
Quiz
•
5th Grade - University
11 questions
Repaso ET 2
Quiz
•
University
20 questions
Math 7 (Module 1 Review)
Quiz
•
7th Grade - University
10 questions
Progress check - Finance
Quiz
•
University
10 questions
Combinatorics quiz
Quiz
•
University
12 questions
FEB QIIZ
Quiz
•
1st Grade - University
18 questions
stocks
Quiz
•
University
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
20 questions
Figurative Language Review
Quiz
•
6th Grade
