Question :
121.
Refer to the figure shown, which represents the production possibilities : 1378988
121.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Considering both country’s production possibilities frontiers, we can conclude that:
A. Country B will specialize in trucks, and be willing to accept no less than 3 cars for each truck.
B. Country B will specialize in cars, and be willing to give no more than 3 cars for each truck.
C. Country B will specialize in trucks, and be willing to accept no more than 3 cars for each truck.
D. Country B will specialize in cars, and be willing to give no less than 3 cars for each truck.
122.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. If Country A were to divide its resources equally, it could produce:
A. 30 cars and 6 trucks.
B. 25 cars and 5 trucks.
C. 15 cars and 3 trucks.
D. 10 cars and 4 trucks.
123.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. The slope of Country A’s production possibilities frontier:
A. measures the opportunity cost of trucks in terms of cars.
B. measures the trade off workers in Country A must face when deciding how to allocate resources.
C. is constant because the opportunity cost remains constant.
D. All of these statements are true.
124.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. The slope of Country A’s production possibilities frontier is _______, and Country B’s is __________.
A. -5; -3
B. -30; -3
C. -1/5; -1/3
D. 1/5; 1/3
125.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. Country A has the comparative advantage in:
A. cars and Country B has the comparative advantage in trucks.
B. trucks and Country B has the comparative advantage in cars.
C. cars and trucks.
D. neither cars nor trucks.
126.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. One of the reasons why Country A and Country B are not realistic representations of actual countries is:
A. the production possibilities curves are straight lines; realistic ones would be concave.
B. they only represent the production of two goods.
C. they do not account for political pressures.
D. All of these statements are true.
127.If the opportunity cost of producing corn is lower for Ohio than Iowa, then:
A. Iowa should specialize in corn production.
B. Iowa has the comparative advantage in corn production.
C. Iowa should export corn to Ohio.
D. Ohio has the comparative advantage in corn production.
128.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. At the end of the day, Tom could have:
A. either 16 traps and 4 bombs, or 8 traps and 2 bombs.
B. either 8 traps and 2 bombs, or 4 traps and 6 bombs.
C. either 8 traps and 2 bombs, or 4 traps and 4 bombs.
D. either 12 traps and 3 bombs, or 8 traps and 3 bombs.
129.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. At the end of the day, Jerry could have produced:
A. 14 traps and 7 bombs.
B. 12 traps and 6 bombs.
C. 10 traps and 5 bombs.
D. 6 traps and 4 bombs.
130.Tom and Jerry have two tasks to do all day: set traps and build bombs. If Tom spends all day setting traps, he will have set 16 traps. If he instead devotes his day to building bombs, Tom will build 4 bombs. If Jerry spends his day setting traps, he will set 14 traps; if he spends the day building bombs, he will build 7 bombs. At the end of the day, if Jerry was efficient with his resources, he could have produced:
A. 12 traps and 0 bombs.
B. 10 traps and 2 bombs.
C. 8 traps and 2 bombs.
D. 6 traps and 2 bombs.
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