A) an increase in the size of the labor force
B) more efficient use of existing resources and technology
C) the government prints more money
D) the end of a strike by a labor union
E) society's desire to produce more of one of the goods
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A) the greatest achievable output levels are illustrated
B) resources are not fully employed
C) more of one good can be obtained without giving up more of the other
D) more efficient output levels are possible
E) society is equally well off
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A) $700 because that is what the ticket cost.
B) $720 because that is the cost of the ticket and of getting it to the buyer.
C) $730 because that is the total cost of the ticket and getting it to the buyer.
D) More than $730, so that you can make a profit.
E) $30 because the $700 is a sunk cost.
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A) a firm that produces a line of related products, such as eight kinds of breakfast cereal
B) an architect who is willing to practice in only one geographic area
C) a physician that practices in a specialty area such as cardiology or orthopedic surgery
D) a family that eats at Wendy's every Thursday night
E) a retailer that sells goods but provides no services
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A) an increase in the unemployment rate
B) mandatory retirement at age 55
C) an improvement in technology
D) a larger work force
E) a larger capital stock
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A) under capitalism the average citizen is always wealthier than in socialist economies
B) decision making is typically decentralized in socialist economies and is centralized in capitalist economies
C) socialist countries all have red flags and capitalistic economies do not
D) resources are publicly owned in capitalist economies
E) decision making is typically decentralized under capitalism while it is centralized in command economies
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A) gains 100 socks
B) loses 30 mufflers
C) is worse off after the change in production
D) is not operating efficiently
E) experiences some unemployment of resources
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A) the hidden role of government in setting regulations that govern trading in markets
B) the most capable entrepreneurs in the economy
C) market forces
D) the unseen work of the financial markets that facilitates trade
E) the role of technological change and random events in the economy
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A) a
B) b
C) c
D) d
E) b and c
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A) technology is fixed at any point in time
B) the law of comparative advantage is working
C) resources are scarce but wants are unlimited
D) the value of lost opportunities varies from person to person
E) efficiency is measured by the monetary cost of an activity
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A) appropriated by government
B) stolen by thieves
C) protected from high tax rates
D) destroyed by civil unrest
E) blown up by terrorists
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A) full and efficient use of all resources
B) inefficiency or unemployment (or both)
C) currently unattainable combinations of outputs
D) currently unattainable combinations of resources
E) the most desirable combinations of outputs
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A) f
B) h, d, or e
C) a, b, or c
D) d or e
E) g, h, or i
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A) enable the economy to produce outside its original production possibilities frontier
B) enable the economy to move along its original production possibilities frontier
C) eliminate scarcity; therefore, the production possibilities frontier would no longer exist
D) have no effect on the production possibilities frontier
E) change the production possibilities frontier to a line with a positive slope
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A) tasks can be assigned according to individual tastes and abilities
B) workers who repeatedly perform the same tasks become bored
C) each worker must learn each of the numerous tasks in the total production process
D) specialization of labor allows for the introduction of cheaper, less sophisticated production techniques
E) managers can force workers to produce goods that are valued more highly than the costs of producing them.
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A) that society cannot decide which good it prefers
B) an absence of scarcity
C) constant opportunity cost
D) inefficiency
E) specialization
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A) the opportunity cost of producing that good remains constant
B) the opportunity cost of producing that good decreases
C) efficiency decreases
D) the opportunity cost of producing both goods must remain constant
E) technology remains constant
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A) Mohammed has the absolute and comparative advantage in both tasks
B) Tetah has the absolute and comparative advantage in both tasks
C) Mohammed has the absolute advantage in both tasks and the comparative advantage in knitting sweaters
D) Tetah has the absolute advantage in both tasks and the comparative advantage in knitting sweaters
E) Mohammed has the absolute advantage in both tasks and the comparative advantage in baking cookies
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