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Questions and Answers
(1123 solutions)

Which of the following statements is true?

a. Only countries with an absolute advantage in the production of every good should strive to be self-sufficient.

b. Self-sufficiency is the road to prosperity for most countries.

c. A self-sufficient country at best can consume on its production possibilities frontier.

d. A self-sufficient country consumes outside its production possibilities frontier.

c. A self-sufficient country at best can consume on its production possibilities frontier...

Posted by Cleveland on August 29, 2024

ccording to the principle of comparative advantage, ________.

a. countries with a comparative advantage in the production of every good need not specialize

b. countries should specialize in the production of goods for which they use fewer resources in production than their trading partners

c. countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners

d. countries should specialize in the production of goods that they enjoy consuming

countries should specialize in the production of goods for which they have a lower opportunity cost of production than their trading partners...

Posted by Cleveland on August 29, 2024

Which of the following statements about trade is true?

a. Trade can benefit everyone in society because it allows people to specialize in activities in which they have an absolute advantage.

b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage.

c. Unrestricted international trade benefits every person in a country equally.

d. People that are skilled at all activities cannot benefit from trade.

b. Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage....

Posted by Cleveland on August 29, 2024

If a nation has a comparative advantage in the production of a good, ________.

a. it can produce that good at a lower opportunity cost than its trading partner

b. it can produce that good using fewer resources than its trading partner

c. it can benefit by restricting imports of that good

d. it must be the only country with the ability to produce that good

e. none of the answer choices are correct

a. it can produce that good at a lower opportunity cost than its trading partner...

Posted by Cleveland on August 29, 2024

If a nation has an absolute advantage in the production of a good, ________.

a. it can produce that good at a lower opportunity cost than its trading partner

b. it can produce that good using fewer resources than its trading partner

c. it can benefit by restricting imports of that good

d. it will specialize in the production of that good and export it

e. none of the answer choices are correct

b. it can produce that good using fewer resources than its trading partner...

Posted by Cleveland on August 29, 2024

Suppose that Darnell, an economist from a research facility in Washington, and Eleanor, another economist from a graduate program in the Northeast, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over saving incentives. The following dialogue represents a portion of the transcript of their discussion:

Eleanor: I think it's safe to say that, in general, the savings rate of households in today's economy is much lower than it really needs to be to sustain an improvement in living standards.

Darnell: I think a switch from the income tax to a consumption tax would bring growth in living standards.

Eleanor: You really think households would change their saving behavior enough in response to this to make a difference? Because I don't.

The disagreement between these economists is most likely due to .

Despite their differences, with which proposition are two economists chosen at random most likely to agree?

Employers should not be restricted from outsourcing work to foreign nations.

Central banks should focus more on maintaining low unemployment than on maintaining low inflation.

Business managers can raise profit more easily by reducing costs than by raising revenue.

The disagreement between these economists is most likely due todifferences in scientific judgments .Points:1 / 1Close ExplanationExplanation:There are two main reasons that economists tend to disagree: differences in values and differences in scientific judgments. In this case, the econo...

Posted by Cleveland on August 29, 2024

The following table presents statements analyzing policies regarding smoking, lung cancer, and cigarette taxes.

Classify each of the listed statements as either positive or normative.

Statement	Positive	Normative
Lung cancer kills millions of people each year.
Too many people smoke.
If the government were to increase taxes on cigarettes, fewer people would smoke.
The government should increase taxes on cigarettes.

lassify each of the listed statements as either positive or normative.StatementPositiveNormativeLung cancer kills millions of people each year.Too many people smoke.If the government were to increase taxes on cigarettes, fewer people would smoke.The government should increase taxes on cigarettes.Poi...

Posted by Cleveland on August 29, 2024

Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.

	Microeconomics	Macroeconomics
The effect of an increase in the money supply on the rate of inflation
The effect of government regulation on a monopolist's production decisions
The government's decision on how much to spend on public projects

Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics.MicroeconomicsMacroeconomicsThe effect of an increase in the money supply on the rate of inflationThe effect of government regulation on a monopolist's production decisionsThe government's...

Posted by Cleveland on August 29, 2024

Opportunity cost and production possibilities

Alex is a talented artist who sells hand-crafted goods on his website. Alex currently crafts and sells both picture frames and cutting boards. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good.

Choice	Hours Crafting		Produced
Choice	(Picture frames)	(Cutting boards)	(Picture frames)	(Cutting boards)
A	8	0	4	0
B	6	2	3	11
C	4	4	2	16
D	2	6	1	19
E	0	8	0	20

On the following graph, use the blue points (circle symbol) to plot Alex's initial production possibilities frontier (PPF).

Suppose Alex is currently using combination D, producing one picture frame per day. His opportunity cost of producing a second picture frame per day is per day.

Now, suppose Alex is currently using combination C, producing two picture frames per day. His opportunity cost of producing a third picture frame per day is per day.

From the previous analysis, you can determine that as Alex increases his production of picture frames, his opportunity cost of producing one more picture frame .

Suppose Alex buys a new tool that enables him to produce twice as many picture frames per hour as before, but it doesn't affect his ability to produce cutting boards. Use the green points (triangle symbol) to plot his new PPF on the previous graph.

Because he can now make more picture frames per hour, Alex's opportunity cost of producing cutting boards is it was previously.

On the following graph, use the blue points (circle symbol) to plot Alex's initial production possibilities frontier (PPF).Your AnswerInitial PPFNew PPF012345678302520151050CUTTING BOARDSPICTURE FRAMES0, 20Correct AnswerPoints:1 / 1Close ExplanationExplanation:Each row of the table refers to one poi...

Posted by Cleveland on August 29, 2024

Suppose the fictional country of Yellowstone produces two types of goods: agricultural and capital. The following diagram shows its current production possibilities frontier for rice, an agricultural good, and electric generators, a capital good.

Drag the production possibilities frontier (PPF) on the graph to show the effects of a time-saving innovation in the manufacturing of electric generators.

Note: Select either end of the curve on the graph to make the endpoints appear. Then drag one or both endpoints to the desired position. Points will snap into position, so if you try to move a point and it snaps back to its original position, just drag it a little farther.

Posted by Cleveland on August 29, 2024

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Opportunity cost and production possibilities

Questions and Answers
(1123 solutions)