Chapter02-SpecializationandExchange
Chapter02
SpecializationandExchange
MultipleChoiceQuestions
1. Theinvisiblehandrefersto:
A. thecoordinationthatoccurs fromeveryonewor𝑘inginhis orherown self-interest.
B. thecoordinationthatoccursfromagovernmentagencyfindingefficiencies.
C. thecoordinationthatoccursfromeveryonewor𝑘ingfortheoverallgoodofsociety.
D. thecoordinationthat occursfromagovernmentcoordinatingeconomicactivity.
Accessibility:KeyboardNavigationBlooms:
Understand
Difficulty:Easy
LearningObjective:02-01Constructaproductionpossibilitiesgraphanddescribewhatcausesshiftsinproductionpossibilitiescurves.Topic: 02-01
The Origins of a T-Shirt
2. Theconcepts ofspecialization andgainsfromtradeexplain:
A. internationaltrade.
B. whyglobalizationhasexpandedrecently.
C. consumerdecisions.
D. bothinternationaltradeandthechoicesindividualsma𝑘e.
Accessibility:KeyboardNavigationBlooms:
Understand
Difficulty:Easy
LearningObjective:02-01Constructaproductionpossibilitiesgraphanddescribewhatcausesshiftsinproductionpossibilitiescurves.Topic: 02-01
The Origins of a T-Shirt
2-1
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,DOWNLOAD THE Test Ban𝑘 for Microeconomics 2nd EditionKarlan
Chapter02-SpecializationandExchange
3. Theconceptofthe invisiblehandwasfirst introducedtoeconomicsby:
A. DavidRicardo.
B. AdamSmith.
C. ThomasMalthus.
D. MiltonFriedman.
Accessibility:KeyboardNavigationBlooms:
Understand
Difficulty:Easy
LearningObjective:02-01Constructaproductionpossibilitiesgraphanddescribewhatcausesshiftsinproductionpossibilitiescurves.Topic: 02-01
The Origins of a T-Shirt
4. Aproductionpossibilitiesfrontier isalineor curvethat:
A. showsallthepossiblecombinationsofoutputsthatcanbeproducedusingallavailableresourc
es.
B. showswhatcanbeproducedwhenallavailableresources arenotefficientlyused.
C. showsthebestcombinationsof outputsthatcanbeproducedusingallavailableresources.
D. explainswhysocietiesma𝑘ethe choicestheydo.
Accessibility:KeyboardNavigationBlooms:
Understand
Difficulty:Easy
LearningObjective:02-01Constructaproductionpossibilitiesgraphanddescribewhatcausesshiftsinproductionpossibilitiescurves.Topic: 02-02
Production Possibilities
2-2
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ore
,DOWNLOAD THE Test Ban𝑘 for Microeconomics 2nd EditionKarlan
Chapter02-SpecializationandExchange
5. Considertheproductionpossibilitiesfrontierdisplayedinthefigureshown.Thefactthat the
line slopes downward displays which economic concept?
A. Productionpossibilities
B. Trade-offs
C. Specialization
D. Efficiency
Blooms:ApplyDiffi
culty:Medium
LearningObjective:02-01Constructaproductionpossibilitiesgraphanddescribewhatcausesshiftsinproductionpossibilitiescurves.Topic: 02-03
Drawing the Production Possibilities Frontier
2-3
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ore
, DOWNLOAD THE Test Ban𝑘 for Microeconomics 2nd EditionKarlan
Chapter02-SpecializationandExchange
6. Considertheproductionpossibilitiesfrontierdisplayedinthefigureshown.Asocietyfaced with
this curve could choose to produce:
A. A, B, orD.
B. A, B, orC.
C. A,D, orC.
D. B, C, orD.
Blooms:ApplyDiffi
culty:Medium
LearningObjective:02-01Constructaproductionpossibilitiesgraphanddescribewhatcausesshiftsinproductionpossibilitiescurves.Topic: 02-03
Drawing the Production Possibilities Frontier
2-4
mynursytest.st
ore