Sociology the essentials 9th edition andersen test bank

DOWNLOAD THE Test Bank for Microeconomics 2nd Edition Hubbard
m m m m m m m m




Microeconomics,mSecondmCanadianmEditionm(Hubbard)
Chapterm2m Trade-offs,mComparativemAdvantage,mandmthemMarketmSystem

2.1 ProductionmPossibilitiesmFrontiersmandmOpportunitymCosts

1) Scarcity
A) stemsmfrommthemincompatibilitymbetweenmlimitedmresourcesmandmunlimitedmwants.
B) canmbemovercomembymdiscoveringmnewmresources.
C) canmbemeliminatedmbymrationingmproducts.
D) ismambiggermproblemminmmarketmeconomiesmthanminmsocialistmecono
mies.mAnswer:mA
Diff:m2
PagemRef:m3
6mTopic:m Scarcity
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtrade-
offsmAACSB:mReflectivemThinking
SpecialmFeature:m None

2) ToyotambuiltmanmassemblymplantminmWoodstock,mOntario.mAtmthismplant,mToyotamismablemtomtakemadv
antagemofmpayingmlowermtransportationmcostsmonmcarsmtombemsoldminmCanadamthanmitmwouldmfrommitsmJ
apanesemassemblymplants,mbutmitmalsomsacrificesmthemeasemofmsupervisingmitsmJapanesemworkers,mwhom
generallymhavemhighmskillsmlevelsmandmfewmlabourmdisputes.mInmdecidingmtomopenmthemWoodstockmpla
nt,mToyota
A) facedmnomtrade-offsmbecausememployingmlower-wagemworkersmincreasedmefficiency.
B) facedmamtrade-offmbetweenmcostmandmconvenience.
C) adoptedmamnegativemtechnologicalmchangembecausemitmreplacedmhigh-skilledmworkersmwithmlow-
skilledmworkers.
D) erodedmsomemofmitsmcompetitivenessminmthemluxurymcarmmarketmbecausemofmitsmdecreasedm
costmofmproduction.
Answer:m B
Diff:m2
PagemRef:m35m
Topic:m OpportunitymCo
st
2CE:m Classicm(1CE)-mupdatedmform2CE
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtrade-
offsmAACSB:mAnalyticmSkills
SpecialmFeature:m ChaptermOpener:mManagersmMakingmChoicesmatmBMW

3) Themprinciplemofmopportunitymcostmismthat
A) inmammarketmeconomy,mtakingmadvantagemofmprofitablemopportunitiesminvolvesmsomemmoneymcost.
B) themeconomicmcostmofmusingmamfactormofmproductionmismthemalternativemusemofmthatmfactormthatmismgiven
mup.

C) takingmadvantagemofminvestmentmopportunitiesminvolvesmcosts.
D) themcostmofmproductionmvariesmdependingmonmthemopportunitymformtechnologicalmapplica
tion.mAnswer:mB
Diff:m3
PagemRef:m36m
Topic:m OpportunitymCo
st

1
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store

,DOWNLOAD THE Test Bank for Microeconomics 2nd Edition Hubbard
m m m m m m m m




LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtrade-
offsmAACSB:mReflectivemThinking
SpecialmFeature:m None




2
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store

,DOWNLOAD THE Test Bank for Microeconomics 2nd Edition Hubbard
m m m m m m m m




4) Themproductionmpossibilitiesmfrontiermshowsmthe
combinationsmofmtwomproductsmthatmmaymbemproducedminmamparticularmtimemperiodmwithmavailabl
emresources.
A) minimummattainable
B) maximummattainable
C) only
D) equitable
mAnswer:m B

Diff:m2 PagemRef:m36
Topic:m ProductionmPossibilitiesmFrontiers
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtrade-
offsmAACSB:mReflectivemThinking
SpecialmFeature:m None

5) Themproductionmpossibilitiesmfrontiermmodelmshowsmthat
A) ifmconsumersmdecidemtombuymmoremofmamproductmitsmpricemwillmincrease.
B) ammarketmeconomymismmoremefficientminmproducingmgoodsmandmservicesmthanmismamcentrallympl
annedmeconomy.
C) economicmgrowthmcanmonlymbemachievedmbymfreemmarketmeconomies.
D) ifmallmresourcesmaremfullymandmefficientlymutilized,mmoremofmonemgoodmcanmbemproducedmo
nlymbymproducingmlessmofmanothermgood.
Answer:m D
Diff:m2 PagemRef:m36
Topic:m ProductionmPossibilitiesmFrontiers
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtrade-
offsmAACSB:mAnalyticmSkills
SpecialmFeature:m None

6) Themproductionmpossibilitiesmfrontiermmodelmassumesmwhichmofmthemfollowing?
A) Labour,mcapital,mlandmandmnaturalmresourcesmaremunlimitedminmquantity.
B) Themeconomymproducesmonlymtwomproducts.
C) Anymlevelmofmthemtwomproductsmthatmthemeconomymproducesmismcurrentlympossible.
D) Themlevelmofmtechnologymismvariab
le.mAnswer:mB
Diff:m2 PagemRef:m36
Topic:m ProductionmPossibilitiesmFrontiers
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtrade-
offsmAACSB:mReflectivemThinking
SpecialmFeature:m None

7) Themattainablemproductionmpointsmonmamproductionmpossibilitymcurvemare
A) themhorizontalmandmverticalmintercepts.
B) thempointsmalongmthemproductionmpossibilitiesmfrontier.
C) thempointsmoutsidemthemareamenclosedmbymthemproductionmpossibilitiesmfrontier.
D) thempointsmalongmandminsidemthemproductionmpossibilitymfron
tier.mAnswer:mD
Topic:m ProductionmPossibilitiesmFrontiers
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtra
de-offsmAACSB:mReflectivemThinking
SpecialmFeature:m None

3
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store

, DOWNLOAD THE Test Bank for Microeconomics 2nd Edition Hubbard
m m m m m m m m




Diff:m2 PagemRef:m36




Topic:m ProductionmPossibilitiesmFrontiers
LearningmOutcome:m2.1mUsemamproductionmpossibilitiesmfrontiermtomanalyzemopportunitymcostsmandmtra
de-offsmAACSB:mReflectivemThinking
SpecialmFeature:m None

4
Copyrightm©m2018mPearsonmEducation,mIn
c.
mynursytest.store