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Exam 1: The Economic Problem

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Question 1

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Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of wheat?

A) 0.5 units of rye.
B) 2 units of rye.
C) 5 units of rye.
D) $2.

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Question 2

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Below is a production possibilities curve involving tea and videos. -Refer to the graph above to answer this question.Assume that the economy is facing PPI and that 2,000 tons of tea are produced;how many videos could be produced?

A) 600,000.
B) 500,000.
C) 2,000.
D) 0.

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Question 3

Multiple Choice

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Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.If 300 units of rye are being produced,how many units of wheat are possible?

Identify and briefly explain the four Cs used to organize an economy.Which one is the most recent,and when did it emerge.

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of rye?

Economics is relevant because

What is the difference between productive and allocative efficiency?

There are only three Cs that humankind has used to coordinate its economies: cooperation,custom,and competition.

The three fundamental questions in economics are what,how,and how many.

All of the following except one are true of economic theories or models.Which one is the exception?

What is the difference between a positive and a normative statement?

Refer to the table above to answer this question.What is the total cost of producing 100 beans?

Given the following production possibility curve. a)What is the per unit opportunity cost from point A to point B? b)What is the per unit opportunity cost from point B to point C? c)What is the per unit opportunity cost from point C to point D? d)What is the per unit opportunity cost from point D to point E?

Which pair of the four Cs plays the dominant role in Canada today?

Suppose both Alpha and Beta has 10 units of economic resource. One unit of economic resource can produce: a)What is the opportunity cost of 1 cup for Alpha? b)What is the opportunity cost of 1 saucer for Beta? c)If Alpha and Beta are allow to trade,would Alpha specialize in the production of cups or saucer? Explain

Distinguish between a capital good and a consumer good.

Choice implies opportunity cost.Explain.

A production possibility curve is a graphical representation of the various combinations of output that are wanted.

Define normative statement.Give an example.

Wages,interest,rent,and profits are the four factors of production.