Liberty University ECON 213 quiz 2 complete Answers | Rated A+$ 14.00

Liberty University ECON 213 quiz 2 complete Answers | Rated A+More than 6 different versions

Question 1

Refer to the following figure for the questions that follow.

The opportunity cost of increasing production of apple pies from 14 to 16 pies is:

Question 2

The figures below depict the production possibilities frontiers (PPFs) for two people who can allocate the same amount of time between building wooden boats and solving crimes. Refer to these figures to answer the questions that follow.

What is Gibbs’s opportunity cost of solving a crime?

Question 3

Michael and Angelo are both artists who can create sculptures or paintings each day. The following table describes their maximum outputs per day. Does either one have a comparative advantage?

Question 4

The opportunity cost of every investment in capital goods is:

Question 5

Refer to the following table to answer the questions that follow.

Given the same quantity of resources, what is Alicia Keys’s opportunity cost of producing a New York pizza?

Question 6

Economic growth is represented on a production possibilities frontier (PPF) by the PPF:

Question 7

The _________ illustrates the various combinations of output that a society can produce if all of its resources are being used efficiently.

Question 8

The accompanying figures depict the production possibilities frontiers (PPFs) for two people who can allocate the same amount of time between making pizzas and making stromboli. If Jim and Pam were to specialize and trade, at what exchange rate would they find some quantity of trade to be mutually beneficial?

Question 9

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