FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: The Economic Problem

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

There are only three Cs that humankind has used to coordinate its economies: cooperation,custom,and competition.

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.If 300 units of rye are being produced,how many units of wheat are possible?

A) 200 units of wheat.
B) 300 units of wheat.
C) 600 units of wheat.
D) 0 units of wheat.

Correct Answer

verified

Show Answer

Question 3

Essay

Review LaterAdd Note

Distinguish between a capital good and a consumer good.

Wages,interest,rent,and profits are the four factors of production.

A production possibility curve is a graphical representation of the various combinations of output that are wanted.

The three fundamental questions in economics are what,how,and how many.

Given the following production possibility curve. a)What is the per unit opportunity cost from point A to point B? b)What is the per unit opportunity cost from point B to point C? c)What is the per unit opportunity cost from point C to point D? d)What is the per unit opportunity cost from point D to point E?

Refer to the table above to answer this question.What is the total cost of producing 100 beans?

All of the following except one are true of economic theories or models.Which one is the exception?

Below is a production possibilities curve involving tea and videos. -Refer to the graph above to answer this question.Assume that the economy is facing PPI and that 2,000 tons of tea are produced;how many videos could be produced?

Define normative statement.Give an example.

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of wheat?

Suppose both Alpha and Beta has 10 units of economic resource. One unit of economic resource can produce: a)What is the opportunity cost of 1 cup for Alpha? b)What is the opportunity cost of 1 saucer for Beta? c)If Alpha and Beta are allow to trade,would Alpha specialize in the production of cups or saucer? Explain

Economics is relevant because

Below is a production possibilities curve for a large tract of prairie farm land. -Refer to the graph above to answer this question.What is the opportunity cost of 1 unit of rye?

What is the difference between a positive and a normative statement?

Choice implies opportunity cost.Explain.

What is the difference between productive and allocative efficiency?

Identify and briefly explain the four Cs used to organize an economy.Which one is the most recent,and when did it emerge.

Which pair of the four Cs plays the dominant role in Canada today?