Information system
Question 1
1 out of 1 points
According to the graph below, if a country is currently producing at point X, the opportunity cost of producing another consumer good is
Selected Answer: 20 capital goods
Answers:
20 capital goods
More than 20 capital goods
Fewer than 20 capital goods
20 consumer goods
Fewer than 20 consumer goods
Question 2
1 out of 1 points
The basic economic problem of all countries is the existence of
Selected Answer: Limited resources and unlimited wants
Answers:
Tax increases and budget deficits
Limited resources and unlimited wants
Unemployment and inflation
Government and private industry
Unions and monopoly firms
Question 3
1 out of 1 points
A student earns $17 per hour at a part-time job. In order to attend a concert, she will have to take off three hours without pay. If she values the concert at $100, what is the highest price that she would pay to buy a ticket for the concert?
Selected Answer: 49
Answers:
17
49
51
100
151
Question 4
1 out of 1 points
UNITS OF MANUFACTURED GOODS AND SERVICE GOODS PRODUCED IN ONE HOUR OF LABOR
Country
Manufactured Goods
Service Goods
A
100 units
300 units
B
75 units
150 units
According to the information shown in the table above, which of the following statements in true?
Selected Answer: Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods
Answers:
Country A has both an absolute and a comparative advantage in manufactured goods
Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods
Country B has a comparative advantage in service goods, but no absolute advantage in either good
Country A has an absolute advantage in service goods, but a comparative advantage in manufactured goods
Country A has an
1 out of 1 points
According to the graph below, if a country is currently producing at point X, the opportunity cost of producing another consumer good is
Selected Answer: 20 capital goods
Answers:
20 capital goods
More than 20 capital goods
Fewer than 20 capital goods
20 consumer goods
Fewer than 20 consumer goods
Question 2
1 out of 1 points
The basic economic problem of all countries is the existence of
Selected Answer: Limited resources and unlimited wants
Answers:
Tax increases and budget deficits
Limited resources and unlimited wants
Unemployment and inflation
Government and private industry
Unions and monopoly firms
Question 3
1 out of 1 points
A student earns $17 per hour at a part-time job. In order to attend a concert, she will have to take off three hours without pay. If she values the concert at $100, what is the highest price that she would pay to buy a ticket for the concert?
Selected Answer: 49
Answers:
17
49
51
100
151
Question 4
1 out of 1 points
UNITS OF MANUFACTURED GOODS AND SERVICE GOODS PRODUCED IN ONE HOUR OF LABOR
Country
Manufactured Goods
Service Goods
A
100 units
300 units
B
75 units
150 units
According to the information shown in the table above, which of the following statements in true?
Selected Answer: Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods
Answers:
Country A has both an absolute and a comparative advantage in manufactured goods
Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods
Country B has a comparative advantage in service goods, but no absolute advantage in either good
Country A has an absolute advantage in service goods, but a comparative advantage in manufactured goods
Country A has an