Liberty University ECON 213
Question 1: The reason that the production possibilities curve is usually a bow-shaped curve instead of a straight line is that
Question 2: If the resources of an economy are being used inefficiently, it would be
Question 3: The student government associations at several universities have experimented with purchasing bicycles to leave around campus for everyone’s use. Anyone who needs the bike and can use it, and they are not allowed to lock the bike up or take it home, but rather must leave it on campus for someone else to use. Economic theory would predict that
Question 4: Your opportunity cost of attending a football game is
Question 6: According to the law of comparative advantage,
· Individuals and nations gain when they specialize in producing those items for which they are the low opportunity cost producers and exchange for other desired goods they can’t produce as cheaply.
Question 7: Which of the following is true with regard to value and exchange?
Question 8: Which of the following is true of private ownership?
Question 9: If an economy operates at a point within its production possibilities curve,
Question 10: Increasing opportunity costs of producing goods imply that the production possibilities curve will be
Question 11: If a motorist is stranded in front of a pay phone and has only dollar bills, and he ends up buying a quarter from a passerby for $1
Question 12: Private property rights involve
Question 13: Which of the following most accurately states the function of middlemen?
Points A and B in Figure 2-3 indicate consumption and investment for two economies. Other things constant, which of the economies is likely to grow more rapidly in the future?
Question 15: In voluntary exchange, if the seller of a product gains,
Question 16: Which of the following is true?
Question 17: If a firm or a nation desires to maximize its output, each productive assignment should be carried out by those persons who
Question 18: Even countries that depend primarily on market forces to resolve the basic economic questions will usually rely on the collective decision-making process to
Question 19: Use the production possibilities data below for Avokia and Baldonia to answer the following questions.
Refer to Table 2-2. Which of the following would be mutually agreeable rate of exchange?
Question 20:Which of the following would most likely cause the production possibilities curve for breadfruit and fish to shift outward from AA to BB in Figure 2-2?
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- Submitted On 21 Sep, 2015 03:47:00