Question : 141) Suppose there some unemployment in the economy and society : 1244962

141) Suppose there is some unemployment in the economy and society decides that it wants more of one good. Which of the following statements is true?

A) It is not possible to achieve this unless technology advances.

B) It can increase output without giving up another good by employing more resources.

C) It will have to increase resource supplies.

D) It will have to give up production and consumption of some other good.

142) If society decides it wants more of one good and ________, then it has to give up some of another good and incur some opportunity costs.

A) technology advances

B) resources are underutilized

C) all resources are fully utilized

D) new resources are discovered

143) According to the production possibility model, if more resources are allocated to the production of physical and human capital, then all of the following are likely to happen except

A) fewer goods will be produced for consumption today.

B) the production possibilities frontier will be shift outward in the future

C) future economic growth is enhanced.

D) the country’s total production will fall.

Figure 2-10

144) Refer to Figure 2-10. If the economy is currently producing at point A, what is the opportunity cost of moving to point B?

A) 16 thousand spoons

B) 12 thousand forks

C) 60 thousand spoons

D) 46 thousand forks

145) Refer to Figure 2-10. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?

A) 20 thousand spoons

B) 26 thousand forks

C) 40 thousand spoons

D) 46 thousand forks

146) Refer to Figure 2-10. If the economy is currently producing at point D, what is the opportunity cost of moving to point B?

A) 16 thousand spoons

B) 46 thousand forks

C) 60 thousand spoons

D) 0 forks

147) Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point B?

A) 26 thousand forks

B) 20 thousand forks

C) 60 thousand spoons

D) 0 spoons

148) Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?

A) 26 thousand forks

B) 20 thousand forks

C) 16 thousand spoons

D) 0 spoons

149) A student comments to his roommate that the only way he will be able to pass his final exams is to not sleep for the next three days. This statement suggests that

A) students are more concerned about good grades than good health.

B) society should value sleep more highly than good grades.

C) there is a trade-off between studying and sleep.

D) society should value good grades more highly than sleep because students can catch up on their sleep once final exams are over.

150) Suppose your expenses for this term are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500. Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college?

A) $5,500

B) $8,500

C) $11,500

D) $14,500