161.ThecountryofGeranceproducestwogoods,carsandwine.Lastyear,itproduced1,000carsand15,000casesofwine.Thisyear,itproduced1,300carsand20,000casesofwine.Givennootherinformation,whichof thefollowingeventscouldnotexplainthischange?
a.Geranceexperiencedareductioninunemployment.
b.Geranceexperiencedanimprovementincar-makingtechnology.
c.Geranceacquiredmoreresources.
d.Anyoftheseeventscouldexplainthechange.
162.Supposeaneconomyproducestwogoods,foodandmachines.Thiseconomyalwaysoperatesonitsproductionpossibilitiesfrontier.Lastyear,itproduced1000unitsoffoodand47machines.Thisyear,itisproducing1050unitsoffoodand52machines.Whichofthefollowingeventscouldnotexplaintheincreaseinoutput?
a.areductioninunemployment
b.anincreaseinavailablelabor
c.animprovementintechnology
d.Anyoftheseeventscouldexplaintheincreaseinoutput.
163.Supposeaneconomyproducestwogoods,foodandmachines.Thiseconomyalwaysoperatesonitsproductionpossibilitiesfrontier.Lastyear,itproduced1000unitsoffoodand47machines.Thisyearitexperiencedatechnologicaladvanceinitsmachine-makingindustry.Asaresult,thisyearthesocietywantstoproduce1050unitsoffoodand47machines.Whichofthefollowingstatementsiscorrect?
a.Becausethetechnologicaladvanceoccurredinthemachine-makingindustry,itwillnotbepossibletoincreasefoodproductionwithoutreducingmachineproductionbelow47.
b.Becausethetechnologicaladvanceoccurredinthemachine-makingindustry,increasesinoutputcanonlyoccurinthemachineindustry.
c.Inordertoincreasefoodproductioninthesecircumstanceswithoutreducingmachineproduction,theeconomymustreduceinefficiencies.
d.Thetechnologicaladvancereducedtheamountofresourcesneededtoproduce47machines,sotheseresourcescouldbeusedtoproducemorefood.
164.Supposeaneconomyonlyproducestwogoods,robotsandicecream.Lastmonth,theeconomyproduced10robotsand200gallonsoficecream.Thismonth,thesameeconomyproduced15robotsand240gallonsoficecream.Whichofthefollowingstatementscouldexplainthischange?
a.Thismonth,theeconomyreducedtheunemploymentofitsresources.
b.Thismonth,theeconomyexperiencedanimprovementintechnology.
c.Thismonth,theeconomyexperiencedanincreaseinresources
d.Alloftheabovearecorrect.
165.Acertainproductionpossibilitiesfrontiershowsproductionpossibilitiesfortwogoods,jewelryandclothing.Whichofthefollowingconceptscannotbeillustratedbythismodel?
a.theflowofdollarsbetweensellersofjewelryandclothingandbuyersofjewelryandclothing
b.thetradeoffbetweenproductionofjewelryandproductionofclothing
c.theopportunitycostofclothingintermsofjewelry
d.theeffectofeconomicgrowthonproductionpossibilitiesinvolvingjewelryandclothing
166.Theproductionpossibilitiesfrontierisusedtoillustratesomebasiceconomicideas,including
a.scarcity.
b.opportunitycost.
c.economicgrowth.
d.Alloftheabovearecorrect.
Table2-3
ProductionPossibilitiesforFootville
Shoes
Socks
800
0
600
400
400
700
200
900
0
1000
167.RefertoTable2-3.WhatistheopportunitycosttoFootvilleofincreasingtheproductionofshoesfrom400to600?
a.400socks
b.300socks
c.200socks
d.100socks
168.RefertoTable2-3.Whichofthefollowingstatementsiscorrect?
a.Theopportunitycostofanadditional200shoesisconstantat200socks.
b.Theopportunitycostofanadditional200shoesisconstantat300socks.
c.Footville’sproductionpossibilitiesfrontierisastraight,downwardslopingline.
d.Theopportunitycostofanadditional200shoesincreasesasmoresocksareproduced.
Table2-4
ProductionPossibilitiesforPicnicland
Hotdogs
Burgers
1800
0
1350
450
900
750
450
975
0
1125
169.RefertoTable2-4.WhatistheopportunitycosttoPicniclandofincreasingtheproductionofhotdogsfrom450to900?
a.150burgers
b.225burgers
c.300burgers
d.450burgers
170.RefertoTable2-4.WhatistheopportunitycosttoPicniclandofincreasingtheproductionofburgersfrom450to750?
a.150hotdogs
b.225hotdogs
c.300hotdogs
d.450hotdogs
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