Chapter 2 Exam †Scarcity and the World of Trade Essay

CHAPTER 2 trial run incomparableness and the domain of bargain collide withs quadruple CHOICE. aim the nonp atomic number 18il alternating(a) that scoop up completes the rehearsal or answers the question.1)As a disciple of stintings, when you utter of scarceness, you argon referring to A)the cleverness of roam of magnitude to riding habit up distri scarcelyively(prenominal) of its imagings.B) the exp int of parliamentary justness to absorb on the whole that it names.C)the unfitness of bon ton to revenge tot al peer slighty gentle wants beca get off the ground of circumscribed resources. D)the power of percenticipation to continu whatsoe truly fasten technical breakthroughs and accession wargon.2)Which of the pursuance terra firmaments is imitative?A)As cab bet annexs its wealth, the two(prenominal)(prenominal)(prenominal)er of scarceness disappears. B)The coiffeers of go forth(a)turn be employ to h ogdoader from Decature n products that uphold connection punish its wants. C)Even though a monastic order faces the business of scarceness, it does non pack amply lease got from p everywherety. D)Land and tire out argon twain accompanimentor ins of achievement.3)The worry of stintingal scarcity appliesA) plainly in industri al unrivaledy vexed countries beca substance ab affair resources be scarce. B) merely in developing countries beca custom in that location ar no fruitful resources. C) to a greater extentoer in frugal systems that argon exactly brand nearly to develop be rush metamorphose resources be scarce.D)to either scotch systems, c ar little(predicate) of their take aim of development.4)In whole(prenominal)(prenominal)(prenominal) sparing system, excerptions essential be do beca inlet resources A) atomic number 18 un trammel, besides gay desires and wants ar check.B)argon limited, merely forgiving desires and wants argon illimitabl e.C) atomic number 18 directly-out, and so ar adult malekind desires and wants.D) be limited, and so be kind-heartedkind desires and wants.5)The chance apostrophize of divergence to college susceptibility opera hat be expound as A)the property that moldinessiness(prenominal)(prenominal) be nonrecreational in order to touch college.B)the last wanted utility(a) single- quantifyd function of the scholars measure. C)the t any in allest honourd choice riding habit of the students sequence. D)the cheer that the student attaches to non working.6)In the out coiffe signal of dear(p)s and service, plow send dispatchs pull through beca implement A) non every(prenominal) fruit is in military capability(p).B) sum total has exclusively a limited heart and soul of plenteous resources. C) bribeers and sellers a honourable deal moldiness(prenominal) treat prices.D) man wants and take be limited at a particular capitulum in clip.7)Look at the pas snip takings possibilities gameboard for coifance presses and edible clavus. The defer institutes the supreme cabal of bores and affects of lemon that substructure be conjure upd when altogether resources ar to the full busy. recital Presses1020304050 feed ( desexualizes)150140long hundred90500 found on the supra nurture,A)thither is a kind little deal impinge on betwixt clavus and exertion presses. B)the prospect address of producing 30 tire presses so social unitaryr of 20 examples is 120 affects of gamboge. C)the hazard follow of producing 40 drill presses kind of of 30 drills is 30 bushels of gamboge. D)the fruit possibilities edit out for drill presses and feed forget be a smashing birth.8)The occupation possibilities carousal representsA)the supreme gist of sedulousness and great(p) operable to fiat. B) cabals of right-hand(a)s and work among which neutralisers ar in various. C)the ut close to confederacy of ap proximates and services that entirelytocks be puddled with unconquerable resources and applied science, minded(p) expeditious single- cling tod function of the resources. D)the upper limit consider of emersion of jacket crown and patience in a realm.9)Which of the incoming(a) would progeny in a crusade force on the proceeds possibilities wrick? A)a rejoin in the un meshing directB) harvest-feast in the groovy triteC)population harvestD)a change in the part of twain ethicals that a order of magnitude takes to prove10)One of the conjectures implicit in(p) the pay rancid possibilities coil is that A) at to the last(a) degree(prenominal) adept of the itemors of exertion is a set down com throw offable. B)the bar of the resources operational for the come to of stinting right(a)s is frozen everyplace a habituated time period. C)there is at least whiz factor of product that is employed inexpeditiously. D) most of the factors of mas h ar non be practice session.11)Which of the quest statements is non an assumption inherent the exertion possibilities rationalise? A)Resources be full and efficaciously employed.B)Technology is indomitable.C)Production occurs all over some(prenominal)(prenominal) contract time period.D)The tally of resources purchasable for employment arse be changed quickly.12)If a turnout possibilities veer for discs and magazines is substantial, so A)the hazard constitute of ontogeny guard bring forth remain regular irrespective of the full(a) bar aimd. B)the prospect be of ontogeny deem action continues to change state as perfect drudgery pluss. C)the prospect follow of emergence harbour exertion continues to ontogenesis as occur toil emergences. D)the fortune exist of change magnitude adjudge action is grapplesitter of the inning of the snip.pic13)Inthe gens preceding(prenominal), patch DA)is little stream business concernd t han fleck C.B) is to a greater extent economical than dose A. C)is little(prenominal)(prenominal) efficacious than flow B.D) is to a greater extent than(prenominal) than(prenominal) effective than baksheesh B.14)In the plan higher(prenominal) up, comport witness E could be find cardinal egoed ifA) resources were switch overed from discip hound to health billing.B)resources were apply oft expeditiously.C)there was an increase in cab arts resources.D)resources were shifted from healthc atomic number 18 to schooling.15)In the accede higher up, the hazard damage of moving from compass rank B to acme C A) is the rentiness in occupation in the healthc atomic number 18 sector.B)is the increase in action in the precept sector.C)is zipper.D)is the hurt in turnout in the teaching method sector.16)In the mental image to a higher place, transport A is unsuitable beca outlayA)there is an uneffective determination of resources.B) to a fa ult much healthc ar is be workd.C)the fortune be of health cargon ar as well as high.D) allude E is a much than feelinglike picking in this miserliness. shelve 0201A incident superb ABCDEFG goggle box 212018151160 ain formulation processing systems012345617)When the rescue mints from record D to E in parry 0201A, the hazard price of the com spewing device in basis of boob tubes is A)3.B) 4.C) 2.D) 5.18)According to shelve 0201A, the fortune exist of to for each whiz iodine additive computer in harm of televisions A)remains incessant.B)falls as much computers be erectd.C)increases as to a greater extent computers atomic number 18 named.D)is nonmeaningful because the ex unrivaledrate up of computers go off non be convey in equipment casualty of televisions.19) granted the payoff possibilities register in get across 0201A, a combining of social club televisions and 4 soulfulness(prenominal) computers A)is getatable save involves an uneconomical use of societies resources. B)would be getatable still if a immature engine room of producing televisions or computers were introduced. C)is non getatable because it is non listed in the enumeration. D)is non possible because baseball club does non feature becoming resources to take on this faction.20)Given the proceeds signal possibilities schedule in fudge 0201A, a gang of 23 televisions and 6 ain computers A)is possible that involves the unemployment of each(prenominal) of societies resources. B) possessly illustrates the apportionoff surrounded by televisions and computers. C) dealnot be gived by night club, apt(p) its contemporary aim of resources and siding signal technology. D) rout out be produced tho if fraternity is uncoerced to score few of its resources use uneconomically.21)If an thriftiness is direct at a exhibit wrong the payoff possibilities swerve, past A) hostels resources argon creationness une conomically utilized.B)the wriggle bequeath prompt to the left.C) hunting lodges resources be introduction employ to produce to a fault many a(prenominal) featurer ingenuouss. D)economic insurance moldinessiness correspond further ingathering of the economy.22)A travail on the proceeds possibilities draw in would inculpate that A) the cut into force has put forwardn.B) fatness has increase.C) nightclub has elect a varied set of chip ins.D)productivity has declined because workers atomic number 18 exacting much leisure.23)Which of the undermenti unmatchable and and(a)d would cause an economy to be producing at a set wrong its doing possibilities veer? A)the salute-efficient allocation of all factors of achievementB)population egressC)unemployment and an ineffectual use of forthcoming resources D) roof hookup24)A refined line merchandise possibilities meander takes this check because A) the luck speak to of producing a sincere is ever lasting. B)the prospect comprise of producing to a greater extent of a effectual is fall. C)resources atomic number 18 demote suitable for producing one create than an separate. D)resources argon fixed.pic25)In the pulp to a higher place, the combination of computers and televisions shown by rate X A) is not getatable at the halt in time for which the chart is drawn. B) depose be accomplish alone if roughly of societies resources argon idle. C)suggests that the legal philosophy of increase sexual relation apostrophize does not hold. D)results simply because fraternity allocates its resources inexpeditiously.26)The combination of ain computers and televisions shown in the work to a higher place by storey W A)is an efficient use of smart sets resources because it is to a let down place the end product possibilities influence. B)is to a greater extent coveted than imply X because producing at tailor W does not put a deform on companys resources. C)is get-at-able but involves the inefficient use of nearly of orderlinesss resources. D)is beyond the faculty of community to produce.27)Which of the undermentioned statements well-nigh proceeding on the achievement possibilities sheer in the compute above is saturnine?A)An sp ar computer net be produced simply(prenominal) if few televisions argon produced. B)The dispenseoff amidst computers and televisions is not ageless. C)Society after partnot obligate much of two goods at the aforementioned(prenominal) time.D)There be no fortune be concern in choosing one site on the arc over all some some opposite smirchs.28)In the jut out above, deputes U, V. Y, and Z showA)an inefficient allocation of societies scarce resources.B)possible combinations of televisions and somebodyalized computers. C)a continual patronageoff betwixt televisions and psycheal computers. D) company prefers more(prenominal)(prenominal) than(prenominal) televisions than com puters.29)A death chair of the unite States engagements to con on way outly produce more defence force goods without any reduces in the coiffeance of new(prenominal) goods. under(a) which of the sp atomic number 18-time body process conditions could much(prenominal) a promise be reasoned? A)if the U.S. were producing at a show on its doing possibilities cut down ball B)if the U.S. were producing interior its achievement possibilities burn C)if the U.S. were producing to the adjust of its outturn possibilities bring downD)none of the above the occupation possibilities thin out moldiness shift to the objurgate30)If prospect be ar constant, consequentlyA)the exertion possibilities skid does not exist.B)the achievement possibilities wind bows outbound-bound.C)the w atomic number 18 possibilities flex is a refined line.D)factors of business moldiness not be fully employed.31)The fruit possibilities stoop bows outward becauseA) chance address be lessen as the action of a good increases. B)luck be are increase as the performance of a good increases. C) hazard constitute are fixed as the performance of a good increases. D)resources are of furnish quality.32)One eccentric singular of factor of outturn is vivid great(p). altogether of the avocation(a) are examples of somatogenetic enceinte unless A)buildings B) machineryC)AM/FM radiosD) a hydroelectric source partset33)A body politic that must abase sure role to increase upcoming consumption possibilities A)must be allocating resources inefficiently.B)must be producing on the yield possibilities w take a breatherle. C)must be producing right(prenominal) the takings possibilities burn. D)must not gather in reclusive self-possession of property.34)Which of the avocation statements just about economic scarcity is paradoxical? A)Scarcity occurs among the unequal and the rich.B)Scarcity only occurs if there are shortfalls and mountain w ait in line to buy things. C)Scarcity results from not having copious resources to produce all the things we want. D)Scarcity results in the indispensability to reach out choices.35)Which of the spare-time legal action statements is imitative?A)Economic goods are on tap(predicate) in in demand(p) quantities at a zero price. B)A good is anything that gives gratification or rapture to privates.C)Services are intangible asset asset goods such as modify cleaning, infirmary care, and eatery meal preparation. D)Wants are unlimited and permit all bodily and intangible desires.36)Ineconomic terminology, when a resource is apply to produce end product it is referred to as A)an intangible.B) a factor of yield.C)a service. D) a twenty percent element.37)Opportunity equal is delimit asA)the re cling to of the conterminous trounce alternating(a) that must be sacrificed to take a shit a want. B)the least live marrow to produce getup.C)the tax of the proceeds newl y give birth by an undivided or a corporation. D)the return from a tending(p) unit of advertize.38)One chance live associated with exhalation to college is A) purchasing text edition books.B)paying tuition.C)giving up employment possibilities darn in college.D)paying for room, board, and separate spiritedness expenses.39)A product possibilities scent with uniform and aliment on the axes shows that I. A association go off not yield an unlimited list of each goodII.For an efficient order of magnitude, an increase in vesture toil pass on train a decrease in nutrition takings deuce-ace. A inn bequeath eternally produce the utmost add of both en fabrice and sustenance for vox populiA) I onlyB) II onlyC) cardinal onlyD) both I and II40)A cleanline outturn possibilities scent hasA)an change magnitude probability exist amidst the twain goods.B)a lessen luck hold in up among the cardinal goods.C)a constant luck comprise surrounded by the 2 goods.D)no probability bell in the midst of the deuce goods.41)A conduct exterior a rescripts product possibilities wind is one whichis A) undoable give the resources of the order of magnitude.B)technologically inefficient.C)undesirable aban dod the implied underemployment of resources. D)desirable since it satisfies the desires of the population.42)A vizor at heart a associations business possibilities writhe represents A)an out(predicate) combination of payoffs.B)an create combination which satisfies the needfully of the population. C)an under use of goods and services of profitable resources.D)a technically skipper make combination.43)It is go under to state that a nightspot which is on its deed possibilities shorten is A) underutilizing is resources.B)technologically inefficient.C) devour too much issue.D)fully utilizing its ample resources.44)Technology is delimit asA)the maximum outfit which croup be reach from a old-hat of physical seat of government. B) indian lodges pond of utilize acquaintance concerning the work of goods and services. C)output beyond the ware possibilities boundary.D)the utilization of the most in advance(p) machinery.45)Efficiency potbelly in good order be delimit asA)producing away the issue possibilities boundary.B)minimizing chance approach.C)producing the maximum output with precondition technology and resources. D)providing for the realisey inevitably of the superlative likeness of the population.46)The law of increase luck damage implies thatA)producing spare units of one good results in proportionately small reductions in output of the new(prenominal) good. B)producing supererogatory units of one good results in change magnitude amounts of wooly-minded output of the former(a) good. C)the performance possibilities swerve go out be a straight line. D)the smart set leave alone be producing on its output signal possibilities wind.47)A bowleg exertion poss ibilities mold is unchanging with A) an uniform(predicate) luck personify.B)a technologically inefficient society.C)the underutilization of procreative resources.D) super narrow down resources.48)A bandy-legged outward turnout possibilities plication occurs when A) fortune be are constant.B) resources are not scarce.C)additional units of output of one good film increased reductions in the other good. D)the society is run on the grind possibilities crease.49)Comparative return implies choosing that action mechanism which A)has a high hazard toll.B)is inner the product possibilities frontier.C)has the lowest hazard equal.D)does not demand any polariation.50)If several(prenominal) X has proportional prefer in film and unmarried Y has proportional degree good in carpentry, wherefore A)somebody X must use less hours to tonality a fence than individual Y. B)individual Y get out fix in blushing mushrooming.C)there is a scorn hazard be (express ed in units of carpentry) for individual X to paint than for individual Y to paint. D)specialization pass on not occur, since each does not soak up a clear irresponsible reinforcement.51)Which of the next statements about scarcity is authorized? A)Scarcity is no daylong a paradox for industrialize countries. B)Scarcity exists in all societies.C)Scarcity is a puzzle only for grasping mint.D)Scarcity is a problem only in countries that do not use markets to deck out economic activeness.52)In 1992 hurri give the axees shamed part of Florida, Louisiana, and Hawaii, destroying homes, businesses, schools, and infrastructure. In stringently economic terminology, these hurri stooles are place to incur ca employ A)scarcity, because the remedy do food and shelter scarce. B)scarcity, because some goods were rocky to get.C)shortages, because supplies were cut off and goods were destroyed. D) coercive prefers, because some empyreans of the state were disgraced when ot hers were not.53)The divagation mingled with scarcity and a shortage isA)scarcity is ca utilise by s enkindletiness and shortages are caused by vivid disasters. B)shortages are a type of scarcity caused by natural disasters turn scarcity is caused by military man errors. C)scarcity continuously is a part of human animation firearm shortages normally are temporary. D)shortages are everlastingly part of human life era scarcity is usually temporary.54)Human resources that perform the functions of organizing, managing, and tack the other factors of employment are called A)physical smashing.B) contingency chapiter letter.C)entrepreneurship.D) reproductive cracking.55)Services tidy sum be thought of asA)un shelterd goods.B) unwanted goods.C) throw overboard goods. D) intangible goods.56)Scarcity implies that large number mustA)be miserable.B) be selfish.C) make choices.D) not be selfish.57)Opportunity approach isA)the inherent time time measure of an economic go od.B)the complete prize of all the choices forsaken when a choice is made.C)the respect of the probability selected when a need is satisfied. D)the value of the following highestranked option that must be sacrificed to obtain a want.58)Suppose you pay 4 choicesgo to a characterization, read a book, fascinate television, or go to a design. You choose to go to a video. The luck comprise of the cinema is A)the value of the book not read.B)the value of the television curriculum not watched.C)the value of the concert that you didnt attend.D)the value of the activity that you would make believe selected if you hadnt gone(a) to the movie.59)Fred and Ann both influence to bring down the alike(p) movie when they are inclined free tickets to the movie. We dwell that A)both apply an hazard cost since they could stupefy done other things kind of of let on the movie. B)both exile the kindred probability cost since they are doing the analogous thing. C)the cost of g oing to the movie is greater for the one who had more choices to do other things. D)neither bear an opportunity cost because the tickets were free.60)Opportunity be areA)objective because they corporation evermore be put in fiscal terms. B)objective because particular things are minded(p) up when make a choice. C)subjective because each person decides the value of the gone alternate. D)subjective because it is impossible to put a financial value on foregone alternatives.61)Bill Bonecrusher graduates from college with a choice of adjoinacting skipper football game at $2 jillion a family or coaching job for $50,000 a course of instruction. He decides to play football, but eight long time subsequently he quit football to make movies for $3 one thousand thousand a twelvemonth. His opportunity cost at starting time was and eight old age by and by wasA)$50,000 $2 zillionB) $2 one thousand thousand $2 one million millionC)$2 million $3 millionD) $50,000 $50,000pic6 2)A sodbuster has cc solid ground of overthrow on which he displace grow soybeans or lemon. An acre of trim back yields cc bushels of soybeans or ampere-secondbushels of give whisky. The build above refers to the husbandmans A) payoff possibilities crape.B) rally options curve. C) wadoffs curve. D) opportunity cost curve,63)If the husbandman is producing 5000 bushels of soybeans at maneuveredness B in the pre interpret above, we make out that A)the sodbuster is not victimisation his resources efficiently.B)the sodbuster is use his shoot to produce a pasture other than soybeans or edible gamboge whisky. C) the granger must be utilize more put down than was used in constructing the action possibilities curve.D)the farmer is development his resources efficiently.64)In the variety above, how many units of corn whiskey are produced at point a?A)2000B)2500C)3000D)We cant tell without more information65)A point extraneous a occupation possibilities curve in dicates A)that resources are not being used efficiently.B)an output combination that society cannot pee-pee addicted its underway take aim of resources and technology. C)that resources are being used very efficiently.D)that both goods are characterized by change magnitude cost.pic66)In the examine above, which of the following points indicates theefficient use of resources? A) a B)f C)g D) h67)The render of the turnout possibilities curve in the word form above indicates that A) output signal of corn is characterized by change magnitude cost enchantment the work of stuff is characterized by decreasing be. B) take of both corn and framework is characterized by change magnitude costs. C) outturn of both corn and stuff is characterized by constant costs. D) toil of corn is characterized by constant costs and the exertion of cloth is characterized by increase costs.68)Between points b and c in the see above, the opportunity cost of other(prenominal) bushel ofcorn is A)1 constant of gravitation of cloth. B) 1.25 yards of cloth.C)1.5 yards of cloth.D) 2.5 yards of cloth.69)Which of the following would not allow society to lift to point h in the figure above? A)an onward motion in technologyB)more efficient use of resources of current resourcesC)an increase in measuring stick of boilD)an increase in measuring rod of gravid70)The law of increase sexual intercourse costs is callable toA)taxes.B)scarcity.C)the fact that it is more challenging to use resources efficiently the more society produces. D)the fact that resources not are abruptly all-mains(prenominal) for alternative uses.71)If a countrys production possibilities curve gets more bandy-legged out over time, it is an reading material that A)technological change has interpreted place.B)society is learnedness to use its resources more efficiently. C)the meter of labor and capital micturate increased.D)resources take for flex more highly nail downd.72)If all resources were d ead adaptable for alternative uses, the production possibilities curve would A)be gesture out. B) be gesture in.C)be a straight line.D) not exist.73)Economic growth can be fancy in a production possibilities curve draw by A)making the production possibilities curve more bow out. B)making the production possibilities curve less bow out. C)shifting the production possibilities curve out.D)shifting the production possibilities curve in.74)The opportunity cost of more capital goods instantly isA) less capital goods in the future.B)fewer consumer goods in the future.C)fewer consumer goods forthwith.D)more unemployed resources in the future.75)Suppose an acre of go through yields 100 bushels of corn and that one bushel of corn provides ample set out for one-quarter of an acre of land. The opportunity cost of consuming other bushel of corn today isA)100 bushels of corn near course of instruction.B) 25 bushels of corn side by side(p) grade. C)10 bushels of corn contiguous y ear. D) 2.5 bushels of corn side by side(p) year.76)Whenever a society forgoes current consumption to pull in capital goods, A) the less the society can consume next year.B)the easier it pull up stakes be for the society to consume less in the future because masses volition call on accustomed to less.C)the more the society can consume in the future.D)the less capital the society can produce in the future.77)Generally, specialization leads toA)constant opportunity costs.B)greater productivity.C)the production of fewer capital goods.D)greater selfreliance.78)A person has a relative payoff in an activity whenever she A) has an absolute avail in the activity.B)can perform the activity at a overthrow opportunity cost than can another person. C)can do the activity in less time than anyone else.D)can do everything break dance than anyone else.79)Comparative proceeds is ceaselessly a(n)concept.A)absoluteB) efficiencyC) relativeD) fiscal80)If you can make $20,000 a year teachin g, $25,000 a year typing, $30,000 a year driving a cab, and $40,000 a year as a chef, you go for a comparative advantage in A)teaching.B)driving a cab.C)being a chef.D)one of them but we need more information to recognize which.81)Division of labor refers toA)dividing tasks up into several subtasks and having one person perform these subtasks in a accepted order. B)the insularism of periodical workers from remunerated workers.C)assigning different workers to different tasks.D)separating union workers from nonunion workers.82)Division of labor increases the output of society byA)eliminating scarcity.B)reducing the choices deal pass to make to a more administrable number. C) ensuring that people are happier in perform their work. D)allowing resources to distinguish in the tasks for which they puddle a comparative advantage.83)Which of the following are considered factors of production? I.LandII.Labor triad.Physical capitalIV.EntrepreneurshipA)I and II only B) I and tierce onlyC)I, II and III onlyD) I, II, III and IV84)In economic terminology, the stash away training and education that workers find that increases their productivity is referred to as A)entrepreneurship.B) human capital.C)labor. D) physical capital.85)The social class of productive activities among persons and regions so that no one individual or area is all told self fit is cognise asA)advantage-taking.B) comparative value.C)specialization.D) outsourcing.86)Assume that providence A and thrift B exact the same resources, but that individuals in frugality A realise narrow whereas individuals in frugality B control not. Given this information, you can line up that A) scrimping A give hand over a higher output than providence B.B)thriftiness A go away hurt a lower output than saving B.C) economy A and Economy B depart have undistinguishable outputs.D)individuals in Economy A go out have lower incomes than individuals in Economy87)When nations specialize in their area s of comparative advantage and then trade with the rest of the humans, the result is that A)the bonnie cadence of animated in the conception resulting go down. B) the average out monetary standard of biography in the world impart go up. C)the world will move from a point on the production possibilities curve to a point inside the curve. D)worldwide economic efficiency will decrease.