Question :
101) Refer to Figure 2-8. If Vidalia chooses to produce : 1244958
101) Refer to Figure 2-8. If Vidalia chooses to produce 50 dozen roses, how many orchids can it produce to maximize production?
A) 20 dozen orchids
B) 40 dozen orchids
C) 60 dozen orchids
D) 80 dozen orchids
102) Refer to Figure 2-8. If Vidalia chooses to produce 80 dozen roses, how many orchids can it produce to maximize production?
A) 24 dozen orchids
B) 48 dozen orchids
C) 60 dozen orchids
D) 74 dozen orchids
103) Refer to Figure 2-8. The linear production possibilities frontier in the figure indicates that
A) Vidalia has a comparative advantage in the production of orchids.
B) Vidalia has a comparative disadvantage in the production of roses.
C) the tradeoff between roses and orchids is constant.
D) it is progressively more expensive to produce orchids.
Table 2-3
Production Choices for Dina’s Diner
Choice
Quantity of Sliders Produced
Quantity of Hot Wings Produced
A
160
0
B
120
50
C
80
100
D
40
150
E
0
200
104) Refer to Table 2-3. Assume Dina’s Diner only produces sliders and hot wings. A combination of 80 sliders and 100 hot wings would appear
A) along Dina’s production possibilities frontier.
B) inside Dina’s production possibilities frontier.
C) outside Dina’s production possibilities frontier.
D) at the vertical intercept of Dina’s production possibilities frontier.
105) Refer to Table 2-3. Assume Dina’s Diner only produces sliders and hot wings. A combination of 80 sliders and 50 hot wings would appear
A) along Dina’s production possibilities frontier.
B) inside Dina’s production possibilities frontier.
C) outside Dina’s production possibilities frontier.
D) at the vertical intercept of Dina’s production possibilities frontier.
106) Refer to Table 2-3. Assume Dina’s Diner only produces sliders and hot wings. A combination of 120 sliders and 100 hot wings would appear
A) along Dina’s production possibilities frontier.
B) inside Dina’s production possibilities frontier.
C) outside Dina’s production possibilities frontier.
D) at the vertical intercept of Dina’s production possibilities frontier.
107) Refer to Table 2-3. Dina faces ________ opportunity costs in the production of sliders and hot wings.
A) increasing
B) decreasing
C) constant
D) negative
108) Suppose your expenses for this term are as follows: tuition: $10,000, room and board: $6,000, books and other educational supplies: $1,000. Further, during the term, you can only work part-time and earn $8,000 instead of your full-time salary of $20,000. 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) $11,000
B) $17,000
C) $23,000
D) $29,000
109) The opportunity cost of going to an outdoor music festival is
A) the enjoyment you receive from going to the festival.
B) the value of the time spent at the festival.
C) equal to the highest value of an alternative use of the time and money spent on the festival.
D) zero because there is no overhead costs for an outdoor festival.
E) the cost of the festival ticket only.
110) ________ exists because unlimited wants exceed the limited resources available to fulfill those wants.
A) Scarcity
B) Productive efficiency
C) The command economy
D) Economic growth
