Instructor's Manual For Social Problems 9th Edition By John J. Macionis Henslin (All Chapters, 100 Original Verified, A+ Grade)

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Macroeconomicsl2019,l7el(Hubbard/O'Brien)
Chapterl2l Trade-offs,lComparativelAdvantage,landlthelMarketlSystem

2.1 ProductionlPossibilitieslFrontierslandlOpportunitylCosts

1) l
lexistslbecauselunlimitedlwantslexceedlthellimitedlresourceslavailableltolfulfilllthoselwants.
A) Scarcity
B) Productivelefficiency
C) Thelcommandleconomy
D) Economiclgrowthl
Answer:l A
Diff:l2
PagelRef:l42/42l
Topic:l Scarcity
*:l Recurring
LearninglOutcome:lMicro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

2) Tolcompetelinlthelautomobilelmarket,lTeslalmustlmakelmanylstrategicldecisionslsuchlaslwhetherlt
olintroducelalnewlcarlmodel,lhowltolselllandlservicelitslcars,landlwhereltoladvertise.lAtlTesla'slFremon
t,lCalifornialplant,lmanagerslmustldecidelonlthelmonthlylproductionlquantitieslofltheirlSlandlXlmodel
s.lInlmakinglthisldecision,lthelmanagers
A) facelnoltrade-
offlbecauselthelFremontlplantlonlylproducesltheseltwolmodelsloflthelmanylTeslalmodelslproduc
edlworldwide.
B) facelaltrade-off,lbecauselproducinglmoreloflonelmodellmeanslproducingllessloflthelother.
C) willlchooseltolonlylproducelthelquantityloflSlandlXlmodelslwherelmarginallcostlequalslzero.
D) willlalwaysldecidelonlproductionlquantitieslinlwhichlrevenueslarelmaximized.lAn
swer:lB
Diff:l2
PagelRef:l40/40l
Topic:l OpportunitylCost
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking
SpeciallFeature:l ChapterlOpener:lManagerslatlTeslalMotorslFacelTrade-Offs




1
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3) Thelconceptlof
islthatltheleconomiclcostloflusinglalfactorloflproductionlislthelalternativeluseloflthatlfactorltha
tlislgivenlup.
A) marginallcost
B) opportunitylcost
C) normativeleconomics
D) entrepreneurshipl
Answer:lB
Diff:l2
PagelRef:l43/43l
Topic:l OpportunitylCost
*:l Recurring
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking

4) Thelproductionlpossibilitieslfrontierlshows
A) thelvariouslproductslthatlcanlbelproducedlnowlandlinlthelfuture.
B) thelmaximumlattainablelcombinationslofltwolproductslthatlmaylbelproducedlinlalparticularltime
lperiodlwithlavailablelresources.

C) whatlanlequitableldistributionloflproductslamonglcitizenslwouldlbe.
D) whatlpeoplelwantlfirmsltolproducelinlalparticularltimelperiod.lAn
swer:lB
Diff:l2 PagelRef:l42/42
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking

5) l
lshowslthatliflalllresourceslarelfullylandlefficientlylutilized,lmoreloflonelgoodlcanlbelproducedlon
lylbylproducingllessloflanotherlgood.
A) Comparativeladvantage
B) Absoluteladvantage
C) Thelmixedlmarketlsystem
D) Thelproductionlpossibilitieslfrontierlmodell
Answer:l D
Diff:l2 PagelRef:l42/42
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking




2
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6) Thelproductionlpossibilitieslfrontierlassumeslallloflthelfollowinglexcept
A) labor,lcapital,llandlandlnaturallresourceslarelfixedlinlquantity.
B) theleconomylproduceslonlyltwolproducts.
C) anyllevellofltheltwolproductslthatltheleconomylproduceslislcurrentlylpossible.
D) thellevellofltechnologylislfixedlandlunchanging.lA
nswer:l C
Diff:l2 PagelRef:l42/42
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking

7) The
productionlpointslonlalproductionlpossibilitieslfrontierlarelthelpointslalonglandlinsidelthelproducti
onlpossibilitieslfrontier.
A) attainable
B) unattainable
C) productivelylefficient
D) allocativelylefficientl
Answer:l A
Diff:l1 PagelRef:l42/42
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking

8) Thelunattainablelpointslinlalproductionlpossibilitieslfrontierlare
A) thelpointslwithinlthelproductionlpossibilitieslfrontier.
B) thelpointslalonglthelproductionlpossibilitieslfrontier.
C) thelpointsloflthelhorizontallandlverticallintercepts.
D) thelpointsloutsidelthelproductionlpossibilitieslfrontier.lA
nswer:l D
Diff:l1 PagelRef:l43/43
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:l Micro-
3:lDiscussldifferentltypesloflmarketlsystemslandlthelgainslthatlcanlbelmadelfromltrade
AACSB:l Analyticallthinking




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Figurel2-1




9) ReferltolFigurel2-1.l_ isl(are)linefficientlinlthatlnotlalllresourceslarelbeinglused.
A) PointlA
B) PointlB
C) PointlC
D) PointslAlandlC
Answer:l A
Diff:l1 PagelRef:l43/43
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:lMicro-2:lInterpretlandlanalyzelinformationlpresentedlinldifferentltypesloflgraphs
AACSB:l Analyticallthinking

10) ReferltolFigurel2-1. isl(are)ltechnicallylefficient.
A) PointlA
B) PointlB
C) PointlC
D) PointslBlandlC
Answer:l B
Diff:l1 PagelRef:l43/43
Topic:l ProductionlPossibilitieslFrontiers
*:l Recurring
LearninglOutcome:lMicro-2:lInterpretlandlanalyzelinformationlpresentedlinldifferentltypesloflgraphs
AACSB:l Analyticallthinking




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