ECO 182 - RECITATION EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
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Course
ECO 182
Institution
ECO 182
ECO 182 - RECITATION EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED LATEST UPDATE
Scarcity occurs in economics because
We often do not have sufficient resources to achieve our objectives.
Opportunity cost is
The value of the best alternative forgone in making a choice between alter...
We often do not have sufficient resources to achieve our objectives.
Opportunity cost is
The value of the best alternative forgone in making a choice between alternatives.
Ralph is offered a free ticket to a Yankees game—a ticket he cannot resell. His
opportunity cost of going to the baseball game is
Whatever Ralph would have done had he not gone to the game.
Scarlet is a manager at the local Apple store. In determining whether to buy a few
additional iPhones, Scarlet chooses at the margin when she compares
The extra revenue from selling a few additional iPhones to the extra cost of buying
those iPhones.
An economy is efficient when
All opportunities to make some people better off without making other people worse off
have been exhausted.
When a market is in equilibrium
People have exploited all opportunities to make themselves better off.
Use Figure Dreamliners and Small Jets. The combination of dreamliners and
small jets at point H
, Cannot be attained, given the level of technology and the factors of production
available.
Use Figure Dreamliners and Small Jets. Suppose the economy produced 8
dreamliners and 12 small jets per period. Given that, which statement is TRUE?
This is a possible choice, but it is inefficient.
opportunity cost.
Use Figure Computers and Speedboats. As the economy moves from point A
toward point D, it will find that the opportunity cost of each additional speedboat
Rises.
Use Figure Production Possibility Frontier for Caffeineland. If Caffeineland
produced 10 million doughnuts and 10 million cups of tea (point A), we know that
the economy
Is using its resources inefficiently.
An inward shift of the U.S. economy's production possibility frontier could
represent
U.S. workers moving to Mexico.
Use Table Matcha Tea and Coho Salmon Production Possibilities. The table
shows the maximum amounts of matcha tea and Coho salmon that Colombia and
Washington can produce if each produces just one good. The opportunity cost of
producing 1 unit of matcha tea for Colombia is _____ Coho salmon.
0.5
An economy is said to have a comparative advantage if it
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