Liberty University ECON 213 Quiz 2 Complete Solutions Correct Answers Key
Complete solutions for quiz 2.
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Liberty University ECON 213 Quiz 2 Complete Solutions Correct Answers Key
Two different versions
Question 1 When one producer has a comparative advantage in production, she:
Question 2 The process of using current resources to create or buy new capital is called:
Question 3 A positive statement:
Question 4 An increase in general resources that affects the production of both goods on a
production possibilities frontier (PPF) would cause an:
Question 5 Refer to the following table to answer the questions that follow. Given the same
quantity of resources, what is JayZ’s opportunity cost of producing a New York pizza?
Question 6 Refer to the following figure for the questions that follow. According to the figure, a
new technology that makes it easier to peel, core, and prepare apples will cause:
Question 7 To determine which of two producers has a comparative advantage, you would need
to know their:
Question 8 Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread and
making apple pies. Rachel takes two hours to bake one loaf of bread and one hour to make one
pie. Joey takes four hours to bake one loaf of bread and four hours to make one pie. If Rachel
and Joey decide to specialize in order to maximize their combined output, who should produce
what?
Question 9 Refer to the accompanying figure to answer the questions that follow. Unemployed
resources are evident at:
Question 10 Refer to the following table to answer the questions that follow. Suppose that Alicia
Keys and JayZ could each make either New York–style pizza or Philly cheesesteaks. Given an
eighthour workday, which of the following would permit them to consume outside their respective
production possibilities frontiers (PPFs)?
Question 11 When the opportunity cost of producing a good rises as you produce more of it, you
experience:
Question 12 The figures below depict the production possibilities frontiers (PPFs) for two people
who can allocate the same amount of time between making pizzas and making stromboli. Refer
Two different versions
Question 1 When one producer has a comparative advantage in production, she:
Question 2 The process of using current resources to create or buy new capital is called:
Question 3 A positive statement:
Question 4 An increase in general resources that affects the production of both goods on a
production possibilities frontier (PPF) would cause an:
Question 5 Refer to the following table to answer the questions that follow. Given the same
quantity of resources, what is JayZ’s opportunity cost of producing a New York pizza?
Question 6 Refer to the following figure for the questions that follow. According to the figure, a
new technology that makes it easier to peel, core, and prepare apples will cause:
Question 7 To determine which of two producers has a comparative advantage, you would need
to know their:
Question 8 Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread and
making apple pies. Rachel takes two hours to bake one loaf of bread and one hour to make one
pie. Joey takes four hours to bake one loaf of bread and four hours to make one pie. If Rachel
and Joey decide to specialize in order to maximize their combined output, who should produce
what?
Question 9 Refer to the accompanying figure to answer the questions that follow. Unemployed
resources are evident at:
Question 10 Refer to the following table to answer the questions that follow. Suppose that Alicia
Keys and JayZ could each make either New York–style pizza or Philly cheesesteaks. Given an
eighthour workday, which of the following would permit them to consume outside their respective
production possibilities frontiers (PPFs)?
Question 11 When the opportunity cost of producing a good rises as you produce more of it, you
experience:
Question 12 The figures below depict the production possibilities frontiers (PPFs) for two people
who can allocate the same amount of time between making pizzas and making stromboli. Refer
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Document Details
University
Liberty University
Subject
Economics