Liberty University ECON 213 Quiz 2 Complete Solutions Correct Answers Key

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Liberty University ECON 213Quiz 2 Complete Solutions Correct Answers KeyTwo different versionsQuestion 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 aproduction possibilities frontier (PPF) would cause an:Question 5 Refer to the following table to answer the questions that follow. Given the samequantity 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, anew 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 needto know their:Question 8 Consider the following scenario. Two friends, Rachel and Joey, enjoy baking bread andmaking apple pies. Rachel takes two hours to bake one loaf of bread and one hour to make onepie. Joey takes four hours to bake one loaf of bread and four hours to make one pie. If Racheland Joey decide to specialize in order to maximize their combined output, who should producewhat?Question 9 Refer to the accompanying figure to answer the questions that follow. Unemployedresources are evident at:Question 10 Refer to the following table to answer the questions that follow. Suppose that AliciaKeys and JayZ could each make either New York–style pizza or Philly cheesesteaks. Given aneighthour workday, which of the following would permit them to consume outside their respectiveproduction possibilities frontiers (PPFs)?Question 11 When the opportunity cost of producing a good rises as you produce more of it, youexperience:Question 12 The figures below depict the production possibilities frontiers (PPFs) for two peoplewho can allocate the same amount of time between making pizzas and making stromboli. Refer

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