Question 1

When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Accepted Answer

A) True 
 B)False

Question 2

Figure 2-6 
-Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is

Accepted Answer

A)  120 pillows.
B)  120 blankets.
C)  120 blankets and 120 pillows.
D)  200 blankets.E) A) and B)
F) A) and C)

Question 3

The point where both x and y are zero is known as the

Accepted Answer

A)  origin.
B)  null.
C)  zero coordinate.
D)  center.E) A) and B)
F) B) and C)

Question 4

The opportunity cost of something is what you give up to get it.

Accepted Answer

A) True 
 B)False

Question 5

Figure 2-11 
-Refer to Figure 2-11. Which of the following events would explain the shift of the production possibilities frontier from A to B?

Accepted Answer

A)  The economy's citizens developed an enhanced taste for books.
B)  The economy experienced a technological advance in the production of books.
C)  More capital became available in the economy.
D)  More labor became available in the economy.E) A) and B)
F) A) and C)

Exam 2: Thinking Like an Economist

Figure 2-6 -Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is

Correct Answer
verified

The opportunity cost of something is what you give up to get it.

Correct Answer
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Figure 2-11 -Refer to Figure 2-11. Which of the following events would explain the shift of the production possibilities frontier from A to B?

Correct Answer
verified

When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Correct Answer
verified

The point where both x and y are zero is known as the

Correct Answer
verified

Exam 2: Thinking Like an Economist

Figure 2-6 -Refer to Figure 2-6. The opportunity cost of this economy moving from point I to point H is

Correct AnswerverifiedShow Answer

The opportunity cost of something is what you give up to get it.

Correct AnswerverifiedShow Answer

Figure 2-11 -Refer to Figure 2-11. Which of the following events would explain the shift of the production possibilities frontier from A to B?

Correct AnswerverifiedShow Answer

When a production possibilities frontier is bowed outward, the opportunity cost of the second good in terms of the first good increases as more of the second good is produced.

Correct AnswerverifiedShow Answer

The point where both x and y are zero is known as the

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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