EC120 Study Guide - Quiz Guide: French Fries, One Unit, Comparative Advantage

49 views8 pages

lemonweasel976

28 Jan 2018

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

carminegrasshopper545 and 38337 others unlocked

EC120 Full Course Notes

Verified Note

30 documents

Document Summary

Daniel decides to spend the last two hours of the night before his economics exam studying instead of sleeping. She also gets a raise from ,000 per year to ,000 per year: mark graduates from college and takes a job. His income increases from ,000 per year to. Prices direct economic activity in a market economy by: reducing scarcity of the goods and services produced, eliminating the need for government intervention, allocating goods and services produced in the most equitable way. In the graph shown, the slope of the curve between points a and b is: 5/2, 2/5, 2/5, 5/2. The rancher and the farmer both like both foods. Then they decide to specialize in the product they have a comparative advantage in and trade 3 bushels of wheat for 3 bushels of corn. Labor hours needed to make one unit of:

Related Questions

Daniel decides to spend the last two hours of the night before his economics exam studying instead of sleeping. For Daniel, his opportunity cost would be:

a. nothing, since no dollar value can be put on sleep.

b. nothing, since studying would be more beneficial than sleep.

c. the six hours of sleep he could have had if he had gone to bed before midnight.

d. the two hours of rest he would have gotten.

tealwater-buffalo647

The actions of individuals in an economy can compound upon one another leading to outcomes that magnify the actions of individuals. This is can be summarized using which of the following phrases?

a) Inflation is always and everywhere a monetary phenomenon.

b) The whole is greater than the sum of its parts.

c) There is no such thing as a free lunch.

d) Markets tend toward equilibrium.

purplewalrus978

Microeconomics

A	B	Answer
As a student of economics, when you speak of scarcity, you are referring to the ability of society to.	A. Extra benefit
What is the economic meaning of the expression that "There is no such thing as a free lunch?"	B. Entrepreneur.
Which expression is another way of saying "marginal benefit"?	C. Very limited government role in the economy
A tradeoff exists between two economic goals, X and Y. This tradeoff means that.	D. Price ceilings and the resulting product shortages.
The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the	E. Explicit costs.
The Soviet Union economy of the 1980s would best be classified as	F. Easy entry, many firms, and differentiated products
The simple circular-flow model shows that workers, entrepreneurs, and the owners of land and capital offer their services through	G. Product markets
Laissez-faire capitalism is characterized by	H. Satisfy economic wants given limited resources.
Black markets are associated with	I. Oligopoly
Cash expenditures a firm makes to pay for resources are called	J. The Resource Markets
Which set of characteristics below best describes the basic features of monopolistic competition	K. A command System
Mutual interdependence would tend to limit control over price in which market model	L. Getting more of X requires getting less of Y
Markets in which firms sell their output of goods and services are called	M. It means that there is an opportunity cost when resources are used to provide "free" products

chocolatemuskrat416

EC120 Study Guide - Quiz Guide: French Fries, One Unit, Comparative Advantage

EC120 Full Course Notes

Document Summary

Get access

Related Documents

EC120 Lecture Notes - Lecture 1: Opportunity Cost, The Incentive, Market Economy

EC120 Study Guide - Midterm Guide: Economic Equilibrium, Absolute Advantage, Comparative Advantage

EC120 Lecture Notes - Lecture 1: Marginal Cost, Marginal Utility, Opportunity Cost

Related Questions