Chapter 3 Economic Problem Essay

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Foundations of Macroeconomics, 5e (Bade/Perkin) Chapter 3 The Economic Problem 3.1 Production Possibilities 1) The United States produced approximately ________ worth of goods and services in 2007. A) $14 trillion B) $14 billion C) $140 trillion D) $140 billion E) $1,400 trillion Answer: A Topic: Production possibilities Skill: Level 1: Definition Section: Checkpoint 3.1 Status: SB AACSB: Reflective thinking 2) Which of the following is an assumption used when drawing a production possibilities frontier? i. Human wants and desires are limited to what is available. ii. Only two goods are considered. iii. The level of technology is fixed and unchanging. A) i only B) ii only C) i and iii D) ii and iii E)…show more content…
E) is infinite. Answer: D Topic: Opportunity cost Skill: Level 3: Using models Section: Checkpoint 3.2 Status: SB AACSB: Analytical reasoning 26) Suppose that in a PPF graph, wheat is on the vertical axis and jets are on the horizontal axis. Moving down along the PPF, the A) number of jets increases and the opportunity cost of jets increases. B) amount of wheat increases and the opportunity cost of wheat increases. C) number of jets increases and the opportunity cost of jets decreases. D) amount of wheat increases and opportunity cost of wheat decreases. E) opportunity cost of jets and wheat both increase. Answer: A Topic: Opportunity cost Skill: Level 4: Applying models Section: Checkpoint 3.2 Status: CD AACSB: Reflective thinking 27) Why is a production possibilities frontier bowed out (concave)? A) The bowed shape reflects constant opportunity cost. B) The bowed shape reflects decreasing opportunity cost. C) The bowed shape indicates that opportunity cost at first decreases at a decreasing rate, and then begins to decrease at an increasing rate. D) The bowed shape indicates that opportunity cost at first increases at a decreasing rate, and then begins to increase at an increasing
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