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test 1 prep Quiz

Micro

QuestionAnswer
Suppose the United States has a comparative advantage over Mexico in producing pork. The principle of comparative advantage asserts that in order to consume beyond its PPF, the United States should produce more pork than what it requires and export some of it to Mexico.
A production possibilities frontier is bowed outward when the rate of trade-off between the two goods being produced depends on how much of each good is being produced.
If Shawn can produce more donuts in one day than Sue can produce in one day, then Shawn has an absolute advantage in the production of donuts.
Consider two individuals, Marquis and Serena each of whom would like to wear sweaters and eat tasty food. The gains from trade between Marquis and Serena are most obvious in which of the following cases? Marquis’s skills are such that he can produce only sweaters, and Serena’s skills are such that she can produce only tasty food
trade between countries each person spends more time producing that product in which he or she has a comparative advantage.
As a student, Jordyn spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of she can switch between writing term papers and completing homework assignments at a constant rate.
Economists at the Department of Justice help enforce the nation's antitrust laws.
Which of the following steps does an economist not take when studying the economy? Publish theories before testing them
Emily and Betsey are economists. Emily thinks that the wealthiest 10 percent of the U.S. population should be taxed a rate higher than the rest of society because they can better afford it. Betsey thinks that everyone should be taxed at the same rate beca have different normative views about tax policy.
Suppose an economist develops a theory that higher food prices arise from higher gas prices. According to the scientific method, which of the following is the economist's next step? Collect and analyze data
The outer loop of the circular-flow diagram represents the flow of dollars in the economy. Which of the following is not measured in dollars and therefore does not appear on the outer loop? Capital
Refer to Figure 2-2. If boxes A and B represent households and firms, then boxes C and D of this circular-flow diagram represent the markets for goods and services and the markets for factors of production.
Refer to Figure 2-1. Morgan buys a refrigerator for his new home. To which of the arrows does this transaction directly contribute? A and B
Your professor loves her work, teaching economics. She has been offered other positions in the corporate world that would increase her income by 25 percent, , but she has decided to continue working as a professor. Her decision would not change unless the marginal cost of teaching increased.
The business cycle is the irregular fluctuations in economic activity.
Central planning refers to government guiding economic activity. Today many countries that had this system have abandoned it.
For a number of years country A had inflation of 3 percent but for the last five years has had inflation of 6 percent. Country B had inflation of 4 percent for many years, but very recently inflation unexpectedly rose to 9 percent. Other things the same, in which of the countries would the higher inflation rate be more likely to reduce unemployment? country B but not country A
When the government redistributes income from the wealthy to the poor, the government collects more revenue in total.
After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for your final decision is still months away and you may reverse this decision. Which of the following events could prompt you to reverse this decision? The marginal benefit of going to Spain increases.
Created by: jmccrar1145
 

 



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