Question : 71) Refer to Table 2-15. What Jack’s opportunity cost of : 1244978

71) Refer to Table 2-15. What is Jack’s opportunity cost of mowing a lawn?

A) half a garden cultivated

B) two lawns mowed

C) two-thirds of a garden cultivated

D) one and a half lawns mowed

72) Refer to Table 2-15. What is Jack’s opportunity cost of cultivating a garden?

A) half a garden cultivated

B) two lawns mowed

C) two-thirds of a garden cultivated.

D) one and a half lawns mowed

73) Refer to Table 2-15. What is George’s opportunity cost of mowing a lawn?

A) half a garden cultivated

B) two lawns mowed

C) two-thirds of a garden cultivated.

D) one and a half lawns mowed

74) Refer to Table 2-15. What is George’s opportunity cost of cultivating a garden?

A) half a garden cultivated

B) two lawns mowed

C) two-thirds of a garden cultivated

D) one and a half lawns mowed

75) Refer to Table 2-15. Which of the following statements is true?

A) Jack has a comparative advantage in both tasks.

B) George has a comparative advantage in both tasks.

C) Jack has a comparative advantage in lawn mowing and George in garden cultivating.

D) Jack has a comparative advantage in garden cultivating and George in lawn mowing.

76) Comparative advantage means

A) the ability to produce more of a product with the same amount of resources than any other producer.

B) the ability to produce a good or service at a lower opportunity cost than any other producer.

C) the ability to produce a good or service at a higher opportunity cost than any other producer.

D) compared to others you are better at producing a product.

77) Specializing in the production of a good or service in which one has a comparative advantage enables a country to do which of the following?

A) never have to engage in trade with other nations.

B) increase the variety of products that it can produce with a decrease in resources.

C) consume a combination of goods that lies outside its own production possibilities frontier.

D) produce a combination of goods that lies outside its own production possibilities frontier.

78) For each watch that Switzerland produces, it gives up the opportunity to make 50 pounds of chocolate. Germany can produce 1 watch for every 100 pounds of chocolate it produces. Which of the following is true about the comparative advantage between the two countries?

A) Switzerland has the comparative advantage in chocolate.

B) Switzerland has the comparative advantage in watches.

C) Germany has the comparative advantage in watches and chocolate.

D) Germany has the comparative advantage in watches.

Figure 2-14

Figure 2-14 shows the production possibilities frontiers for Costa Rica and Guatemala.  Each country produces two goods, pineapples and coconuts.

79) Refer to Figure 2-14. What is the opportunity cost of producing 1 ton of coconuts in Costa Rica?

A) 3/8 of a ton of pineapples

B) 2/3 of a ton of pineapples

C) 1 1/2 tons of pineapples

D) 100 tons of pineapples

80) Refer to Figure 2-14. What is the opportunity cost of producing 1 ton of coconuts in Guatemala?

A) 1/2 of a ton of pineapples

B) 1 1/3 tons of pineapples

C) 2 tons of pineapples

D) 90 tons of pineapples