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Questions and Answers
(1071 solutions)

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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

Use the Exhibit to answer the question.

If the economy were operating at point E, ________.

a. 20 additional units of eggs can be produced with no impact on bacon production

b. the opportunity cost of 20 additional units of eggs is 10 units of bacon

c. the opportunity cost of 20 additional units of eggs is 30 units of bacon

d. the opportunity cost of 20 additional units of eggs is 20 units of bacon

a) 20 additional units of eggs can be produced with no impact on bacon production...

Posted by Cleveland on August 29, 2024

Use the Exhibit to answer the question.

If the economy is operating at point C, the opportunity cost of producing an additional 15 units of bacon is ________.

a. 10 units of eggs

b. 20 units of eggs

c. 30 units of eggs

d. 40 units of eggs

e. 50 units of eggs

b) 20 units of Eggs...

Posted by Cleveland on August 29, 2024

Economic growth is depicted by ________.

a. a movement from inside the production possibilities frontier toward the frontier

b. a shift in the production possibilities frontier outward

c. a movement along a production possibilities frontier toward consumption goods

d. a shift in the production possibilities frontier inward

b) a shift in the production possibilities frontier outward...

Posted by Cleveland on August 29, 2024

Which of the following will not shift a country's production possibilities frontier outward?

a. A reduction in unemployment

b. An advance in technology

c. An increase in the labor force

d. An increase in the capital stock

a. A reduction in unemployment...

Posted by Cleveland on August 29, 2024

Points on the production possibilities frontier are ________.

a. inefficient

b. efficient

c. normative

d. none of the answer choices

e. unattainable

b. efficient...

Posted by Cleveland on August 29, 2024

Which of the following is not a factor of production?

a. Land

b. Labor

c. Capital

d. Money

e. All of the answer choices are factors of production.

d. Money...

Posted by Cleveland on August 29, 2024

Economic models are ________.

a. useless if they are simple

b. usually made of wood and plastic

c. created to duplicate reality

d. built with assumptions

d. built with assumptions...

Posted by Cleveland on August 29, 2024

In which of the following cases is the assumption most reasonable?

a. To address the impact of money growth on inflation, an economist assumes that money is strictly coins.

b. To address the impact of taxes on income distribution, an economist assumes that everyone earns the same income.

c. To estimate the speed at which a beach ball falls, a physicist assumes that it falls in a vacuum.

d. To address the benefits of international trade, an economist assumes that there are two countries, each producing two goods.

b) To address the benefits of international trade, an economist assumes that there are two countries, each producing two goods...

Posted by Cleveland on August 29, 2024

Which of the following statements regarding the circular-flow diagram is true?

a. The factors of production are owned by households.

b. If Alicia works for Apple and receives a paycheck, the transaction takes place in the market for goods and services.

c. If Apple sells a computer, the transaction takes place in the market for factors of production.

d. The factors of production are owned by firms.

e. None of the answer choices are correct.

a. The factors of production are owned by households....

Posted by Cleveland on August 29, 2024

Which of the following is most likely to produce scientific evidence about a theory?

a. An economist employed by the AFL/CIO doing research on the impact of trade restrictions on workers' wages

b. A tenured economist employed at a leading university analyzing the impact of bank regulations on rural lending

c. A lawyer employed by Toyota addressing the impact of air bags on passenger safety

d. A radio talk show host collecting data on how capital markets respond to taxation

b. A tenured economist employed at a leading university analyzing the impact of bank regulations on rural lending...

Posted by Cleveland on August 29, 2024

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Questions and Answers
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