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Test bank for economics 8th edition hubbard All chapters are Included Economics, 8e (Hubbard/O'Brien) Chapter 2 Trade-offs, Comparative Advantage, and the Market System 2.1 Production Possibilities Frontiers and Opportunity Costs 1) Scarcity A) stems from the incompatibility between limi...

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,DOWNLOAD THE Test Bank for Economics 8th Edition Hubbard

Test bank for economics 8th edition hubbard
All chapters are Included
Economics, 8e (Hubbard/O'Brien)
Chapter 2 Trade-offs, Comparative Advantage, and the Market System

2.1 Production Possibilities Frontiers and Opportunity Costs

1) Scarcity
A) stems from the incompatibility between limited resources and unlimited wants.
B) can be overcome by discovering new resources.
C) can be eliminated by rationing products.
D) is a bigger problem in market economies than in socialist economies.
Answer: A
Diff: 2 Page Ref: 42
Topic: Scarcity
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist
AACSB: Analytical thinking

2) In 2017, Tesla Motors introduced the Model 3, its first low cost model which it had hoped to sell for
$35,000 but realized that it would lose several thousand dollars per car at that price. Prior to the
introduction of the Model 3, Tesla's two existing models (the Model S sedan and the Model X SUV) had
starting prices of over $70,000 and at those prices, the company was earning a profit on each car sold.
Tesla CEO Elon Musk said that "Higher volume and manufacturing design improvements are crucial for
Tesla [to sell the Model 3 at a price of $35,000] ... " In deciding to increase volume and improve
manufacturing design for the Model 3, Tesla
A) faced no trade-offs because it was already making a profit selling its Model S and Model X vehicles.
B) faced a trade-off between devoting additional resources to the production of the Model 3 and devoting
additional resources to producing its other models.
C) was guaranteed to be able to reduce costs on its Model 3 to a point where it could sell the Model 3 at a
price of $35,000 and earn a profit.
D) had no choice but to increase the selling prices of its Model S sedan and Model X SUV.
Answer: B
Diff: 2 Page Ref: 40
Topic: Opportunity Cost
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be made from trade
AACSB: Analytical thinking
Special Feature: Chapter Opener: Elon Musk and Tesla Motors Face a Trade-Off

3) The concept of opportunity cost is that
A) in a market economy, taking advantage of profitable opportunities involves some money cost.
B) the economic cost of using a factor of production is the alternative use of that factor that is given up.
C) taking advantage of investment opportunities involves costs.
D) the cost of production varies depending on the opportunity for technological application.
Answer: B
Diff: 2 Page Ref: 43
1
Copyright © 2021 Pearson Education, Inc.
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,DOWNLOAD THE Test Bank for Economics 8th Edition Hubbard

Topic: Opportunity Cost
*: Recurring
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist
AACSB: Analytical thinking

2
Copyright © 2021 Pearson Education, Inc.
mynursytest.store

, DOWNLOAD THE Test Bank for Economics 8th Edition Hubbard

4) The production possibilities frontier shows the combinations of two products that can be
produced in a particular time period with available resources.
A) minimum attainable
B) maximum attainable
C) only
D) equitable
Answer: B
Diff: 2 Page Ref: 42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be made from trade
AACSB: Analytical thinking

5) The production possibilities frontier model shows that
A) if consumers decide to buy more of a product, its price will increase.
B) a market economy is more efficient in producing goods and services than is a centrally planned
economy.
C) economic growth can only be achieved by free market economies.
D) if all resources are fully and efficiently utilized, more of one good can be produced only by producing
less of another good.
Answer: D
Diff: 2 Page Ref: 42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be made from trade
AACSB: Analytical thinking

6) The production possibilities frontier model assumes which of the following?
A) Labor, capital, land, and natural resources are unlimited in quantity.
B) The economy produces only two products.
C) Production of any level of the two products that the economy produces is currently possible.
D) The level of technology is variable.
Answer: B
Diff: 2 Page Ref: 42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be made from trade
AACSB: Analytical thinking

7) The attainable production points on a production possibilities frontier are
A) the horizontal and vertical intercepts.
B) the points along the production possibilities frontier.
C) the points outside the area enclosed by the production possibilities frontier.
D) the points along and inside the production possibility frontier.
Answer: D
Diff: 2 Page Ref: 42
Topic: Production Possibilities Frontiers
*: Recurring
Learning Outcome: Micro-3: Discuss different types of market systems and the gains that can be made from trade
AACSB: Analytical thinking

3
Copyright © 2021 Pearson Education, Inc.
mynursytest.store

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