Question :   30) In the table above, Jack’s opportunity cost for : 1240771

 

 

 

 

 

30) In the table above, Jack’s opportunity cost for 1 pound of food is ________ and his opportunity cost for 1 pound of clothing is ________.

A) 1 pound of clothing; 4 pounds of food

B) 1/2 of a pound of clothing; 2 pounds of food

C) 1/3 of a pound of clothing; 3 pounds of food

D) 2 pounds of clothing; 2 pounds of food

E) 1 pound of food; 1 pound of clothing

 

 

31) In the table above, Jill’s opportunity cost for 1 pound of food is ________ and her opportunity cost for 1 pound of clothing is ________.

A) 1 pound of clothing; 4 pounds of food

B) 1/2 of a pound of clothing; 2 pounds of food

C) 1/3 of a pound of clothing; 3 pounds of food

D) 2 pounds of clothing; 2 pounds of food

E) 1 pound of food; 1 pound of clothing

32) In the table above, Jack’s comparative advantage is producing ________ and Jill’s comparative advantage is producing ________.

A) clothing; food

B) clothing and food; nothing

C) nothing; clothing and food

D) food; clothing

E) clothing; clothing

 

33) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb spends all her time assembling packets, how many can she assemble?

A) 32

B) 40

C) 64

D) 160

E) 22

34) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. What is Deb’s opportunity cost of assembling 1 packet?

A) 160 envelopes

B) 40 envelopes

C) 4 envelopes

D) 1/4 of an envelope

E) 4 packets

 

35) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. Which of the following statements is correct?

A) Deb has a comparative advantage in assembling packets.

B) Pete has an absolute advantage in both assembling packets and stuffing envelopes.

C) Deb has a comparative advantage in stuffing envelopes.

D) Deb has an absolute advantage in both assembling packets and stuffing envelopes.

E) Deb has a comparative advantage in both assembling packets and stuffing envelopes.

 

36) Deb and Pete have volunteered to help their favorite charity mail out fundraiser information. The figure above shows their production possibilities frontiers for assembling packets and stuffing envelopes. If Deb and Pete specialize and trade, how many packets will be assembled?

A) 40

B) more than 40 and less than 80

C) 80

D) 160

E) more than 80 and less than 160

37) Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel’s opportunity cost of growing another ton of potatoes?

A) 400 cows

B) 80 cows

C) 100 cows

D) 0 cows

E) 1 ton of potatoes

 

38) Gabriel operates a ranch in Idaho where he raises cattle and grows potatoes. The figure above illustrates his production possibilities frontier. What is Gabriel’s opportunity cost of raising another 100 cows?

A) 1.25 tons of potatoes

B) 5.0 tons of potatoes

C) 3.0 tons of potatoes

D) 1.0 ton of potatoes

E) 100 cows

39) In the above figure, Jack’s opportunity cost of producing 1 gallon of soda is ________ of bottled water.

A) 1 gallon

B) 1/2 of a gallon

C) 6 gallons

D) 1/4 of a gallon

E) 2 gallons

 

40) In the above figure, Jack’s opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 6 gallons

D) 1/4 of a gallon

E) 1 gallon

 

 

41) In the above figure, Jill’s opportunity cost of producing 1 gallon of soda is ________ of bottled water.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

 

42) In the above figure, Jill’s opportunity cost of producing 1 gallon of bottled water is ________ of soda.

A) 2 gallons

B) 1/2 of a gallon

C) 4 gallons

D) 1 gallon

E) 1/4 of a gallon

 

43) Using the figure above, if Jack and Jill specialize and gain from trade, then

A) Jack produces equal amounts of gallons of water and bottled water.

B) Jack specializes in the production of bottled water.

C) Jack and Jill produce beyond their PPF.

D) Jack specializes in the production of soda.

E) Jack specializes on the production of soda and water.

 

 

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