Refer to the graphs below. Which graph represents the concept of economicgrowth?the graph on the leftthe graph on the rightboth graphsneither graph
Refer to the graph below. Which of the following best represents the situationin which BMW must face a trade-off between producing SUVs and producingroadsters?
any point on the graph represents that trade-offmoving from B to Cmoving from F to Bmoving from C to GRefer to the graph below. What is the opportunity cost of moving from point Bto point C?
200 SUVs400 SUVs200 roadsters400 roadstersRefer to the graph below. What does the term “increasing marginal opportunitycost” mean in this graph?
What are patents and copyrights designed to do?
Refer to the graphs below. If you have a comparative advantage in theproduction of apples, what point would best represent your production withtrade?For the instructor, this was question 31.AA'CD
Refer to the graphs below. If you have a comparative advantage in theproduction of apples, what point would best represent your production withtrade?For the instructor, this was question 31.AA'CDRefer to the graph below. How many roadsters are produced at the pointwhere BMW produces 800 SUVs?
For the instructor, this was question 7.0any amount up to 800exactly 800400Fill in the blanks. In a simple circular-flow model, there are flows of .For the instructor, this was question 36.factors of production; goods and servicesfunds received from the sale of factors of production; spending on finalgoods and servicesBoth (a) and (b) are correct.\None of the above. Actually, there are no flows in the circular flow ofincome.Fill in the blanks. In a simple circular-flow model, there are flows of .For the instructor, this was question 36.
factors of production; goods and servicesfunds received from the sale of factors of production; spending on finalgoods and servicesBoth (a) and (b) are correct.\None of the above. Actually, there are no flows in the circular flow ofincome.According to Adam Smith, which of the following is true?
11.Refer to the graph below.What is the opportunity cost of producing 400 aircraft carriers?a.200 automobilesb.50 aircraft carriersc.200 automobilesd.600 automobiles
12.Refer to the graph below.What is the opportunity cost of moving from point B to point C?
CHAPTER 2|Trade-offs, Comparative Advantage, and the Market System4013.Refer to the graph below. Precisely what does the term “increasing marginal opportunity cost” meanin this graph?
14.A production possibilities frontier will be linear instead of bowed out if
15.The principle of increasing marginal opportunity cost states that the more resources devoted to anyactivity, the __________ the payoff to devoting additional resources to that activity.a.smallerb.greaterc.proportionald.more instant
CHAPTER 2|Trade-offs, Comparative Advantage, and the Market System4116.Refer to the graphs below. Which graph best represents an improvement in the technology used tomake automobiles?
17.Refer to the graphs below. Which graph best represents an increase in the economy’s resources?
CHAPTER 2|Trade-offs, Comparative Advantage, and the Market System4218.Refer to the graphs below. Which graph best represents the concept ofeconomic growth?
19.Refer to the graphs below. Which of the following could have caused the outward shift of the curve inthe graph on the left side?a.An increase in technology that affects the production of both aircraft carriers and automobiles.b.Technological change that affects only the aircraft carrier industry.c.Unemployment in the economyd.A change in the cost of producing automobiles.