Test Bank For Social Problems and the Quality of Life, 11th Edition All Chapters - 9781264300365.pdf

DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
h h h h h h h h




Macroeconomicsh2019,h7eh(Hubbard/O'Brien)
Chapterh2h h Trade-offs,hComparativehAdvantage,handhthehMarkethSystem

2.1h h ProductionhPossibilitieshFrontiershandhOpportunityhCosts

1) hexistshbecausehunlimitedhwantshexceedhthehlimitedhresourceshavailablehtohfulfillht

hosehwants.
A) Scarcity
B) Productivehefficiency
C) Thehcommandheconomy
D) Economichgrowth
hAnswer:h A

Diff:h2
PagehRef:h42/42h
Topic:h Scarcity
*:h Recurring
LearninghOutcome:h Micro-
1:hIdentifyhthehbasichprincipleshofheconomicshandhexplainhhowhtohthinkhlikehanheconomist
AACSB:h Analyticalhthinking

2) Tohcompetehinhthehautomobilehmarket,hTeslahmusthmakehmanyhstrategichdecisionshsuchhashwheth
erhtohintroducehahnewhcarhmodel,hhowhtohsellhandhservicehitshcars,handhwherehtohadvertise.hAthTesla'sh
Fremont,hCaliforniahplant,hmanagershmusthdecidehonhthehmonthlyhproductionhquantitieshofhtheirhSha
ndhXhmodels.hInhmakinghthishdecision,hthehmanagers
A) facehnohtrade-
offhbecausehthehFremonthplanthonlyhproduceshthesehtwohmodelshofhthehmanyhTeslahmodelshpro
ducedhworldwide.
B) facehahtrade-off,hbecausehproducinghmorehofhonehmodelhmeanshproducinghlesshofhthehother.
C) willhchoosehtohonlyhproducehthehquantityhofhShandhXhmodelshwherehmarginalhcosthequalshzero.
D) willhalwayshdecidehonhproductionhquantitieshinhwhichhrevenuesharehmaximized.h
Answer:h B
Diff:h2
PagehRef:h40/40h
Topic:h OpportunityhCost
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking
SpecialhFeature:h ChapterhOpener:hManagershathTeslahMotorshFacehTrade-Offs




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,DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
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3) Thehconcepthofh
hishthaththeheconomichcosthofhusinghahfactorhofhproductionhishthehalternativehusehofhthathfacto

rhthathishgivenhup.
A) marginalhcost
B) opportunityhcost
C) normativeheconomics
D) entrepreneurship
hAnswer:h B

Diff:h2
PagehRef:h43/43h
Topic:h OpportunityhCost
*:h Recurring
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking

4) Thehproductionhpossibilitieshfrontierhshows
A) thehvarioushproductshthathcanhbehproducedhnowhandhinhthehfuture.
B) thehmaximumhattainablehcombinationshofhtwohproductshthathmayhbehproducedhinhahparticularht
imehperiodhwithhavailablehresources.
C) whathanhequitablehdistributionhofhproductshamonghcitizenshwouldhbe.
D) whathpeoplehwanthfirmshtohproducehinhahparticularhtimehperiod.h
Answer:h B
Diff:h2 PagehRef:h42/42
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking

5) hshowshthathifhallhresourcesharehfullyhandhefficientlyhutilized,hmorehofhonehgoodhcanhb

ehproducedhonlyhbyhproducinghlesshofhanotherhgood.
A) Comparativehadvantage
B) Absolutehadvantage
C) Thehmixedhmarkethsystem
D) Thehproductionhpossibilitieshfrontierhmodelh
Answer:h D
Diff:h2 PagehRef:h42/42
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking




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,DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
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6) Thehproductionhpossibilitieshfrontierhassumeshallhofhthehfollowinghexcept
A) labor,hcapital,hlandhandhnaturalhresourcesharehfixedhinhquantity.
B) theheconomyhproduceshonlyhtwohproducts.
C) anyhlevelhofhthehtwohproductshthaththeheconomyhproduceshishcurrentlyhpossible.
D) thehlevelhofhtechnologyhishfixedhandhunchanging.h
Answer:h C
Diff:h2 PagehRef:h42/42
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking

7) Theh
hproductionhpointshonhahproductionhpossibilitieshfrontierharehthehpointshalonghandhinsidehthehprod

uctionhpossibilitieshfrontier.
A) attainable
B) unattainable
C) productivelyhefficient
D) allocativelyhefficient
hAnswer:h A

Diff:h1 PagehRef:h42/42
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking

8) Thehunattainablehpointshinhahproductionhpossibilitieshfrontierhare
A) thehpointshwithinhthehproductionhpossibilitieshfrontier.
B) thehpointshalonghthehproductionhpossibilitieshfrontier.
C) thehpointshofhthehhorizontalhandhverticalhintercepts.
D) thehpointshoutsidehthehproductionhpossibilitieshfrontier.h
Answer:h D
Diff:h1 PagehRef:h43/43
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
3:hDiscusshdifferenthtypeshofhmarkethsystemshandhthehgainshthathcanhbehmadehfromhtrade
AACSB:h Analyticalhthinking




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mynursytest.store

, DOWNLOAD THE Test Bank for Macroeconomics 7th Edition Hubbard
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Figureh2-1




9) ReferhtohFigureh2-1.h hish(are)hinefficienthinhthathnothallhresourcesharehbeinghused.

A) PointhA
B) PointhB
C) PointhC
D) PointshAhandhC
Answer:h A
Diff:h1 PagehRef:h43/43
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
2:hInterprethandhanalyzehinformationhpresentedhinhdifferenthtypeshofhgraphs
AACSB:h Analyticalhthinking

10) ReferhtohFigureh2-1. ish(are)htechnicallyhefficient.
A) PointhA
B) PointhB
C) PointhC
D) PointshBhandhC
Answer:h B
Diff:h1 PagehRef:h43/43
Topic:h ProductionhPossibilitieshFrontiers
*:h Recurring
LearninghOutcome:h Micro-
2:hInterprethandhanalyzehinformationhpresentedhinhdifferenthtypeshofhgraphs
AACSB:h Analyticalhthinking



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mynursytest.store