WorksheetsPPF and intro topics
Total questions: 14
Worksheet time: 11mins
Which of the following is not a factor of production?
land
labor
capital
currency
In terms of the production model presented in class, what is the opportunity cost of capital goods (guns) production?
butter production
a more violent society
a straight PPF instead of a curved PPF
more college students
What is true about the exams in this class?
There are 2 open note exams, taken on D2L
There are 2 proctored exams, taken at a campus testing center
There are 3 untimed exams, taken on D2L
There are no exams in this class
There is a single final exam given on June 29
What happened here?
new resources became available for only the agricultural part of the economy
new resources became available for only the manufacturing part of the economy
new resources became available for the entire economy
The economy is shrinking due to scarcity
What is economics really all about?
Choices in a world of scarcity
Money and investing
How countries trade or don't trade
graphs, models and tables
According to the circular flow model, who supplies labor?
households
firms
the government
economists
What happened here?
new resources became available for only the producers of good X
new resources became available for only the producers of good Y
new resources became available for the entire economy
An earthquake
What is the opportunity cost of moving production from point B to point D?
20 thousand oranges
30 thousand oranges
10 thousand oranges
55 thousand tons of sugarcane
What is the opportunity cost of moving production from point C to point A?
20 thousand oranges
40 thousand oranges
nothing
40 thousand tons of sugarcane
Which production point is inefficient?
G
A
E
C
B
How many times can you retake the practice quizzes in D2L?
5
4
3
2
1
Based on the theory of comparative advantage...
US firms should only produce goods and services for US consumption
US firms should specialize US production in goods and services that other countries have a harder time producing
It is unacceptable for Nike, Apple and Sony to produce products in China
Walmart and Target hurt US consumers with their offerings of goods
Which of the following statements about production are true?
a country can have an absolute advantage and comparative advantage in producing cars
a country can not have an absolute advantage and comparative advantage in producing cars
two countries can both have a comparative advantage when they have different resources
Singapore has an absolute advantage in producing cars over the US
Which of the following statements about production are true?
The US has an absolute advantage in producing clothing, but not a comparative advantage
The US has a comparative advantage in producing clothing, but not an absolute advantage
The US has both an absolute advantage in producing clothing, and a comparative advantage
comparative advantage can not be mathematically modeled and solved for
