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Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,009 solutions A production possibilities frontier is a straight line when a. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. b. an economy is interdependent and engaged in trade instead of self-sufficient. c. the rate of tradeoff between the two goods being produced is constant. d. the rate of tradeoff between the two goods being produced depends on how much of each good is being produced. c A production possibilities frontier is bowed outward when a. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. b. an economy is self-sufficient instead of interdependent and engaged in trade. c. the rate of tradeoff between the two goods being produced is constant. d. the rate of tradeoff between the two goods being produced depends on how much of each good is being produced. d People who provide you with goods and services a. are acting out of generosity. b. do so because they get something in return. c. have chosen not to become interdependent. d. are required to do so by the government. b Assume that Andrea and Paul can switch between producing wheat and producing beef at a constant rate. Minutes to make: 1 Bushel of Wheat 1 Pound of Beef Assume that Andrea and Paul each has 480 minutes available. If each person divides his time equally between the production of wheat and beef, then total production is: a. 24 bushels of wheat and 64 pounds of beef. b. 21 bushels of wheat and 33 pounds of beef. c. 16 bushels of wheat and 48 pounds of beef. d. 5 bushels of wheat and 24 pounds of beef. a Assume that Andrea and Paul can switch between producing wheat and producing beef at a constant rate. Minutes to make: 1 Bushel of Wheat 1 Pound of Beef Which of the following combinations of wheat and beef could Andrea produce in one 8-hour day? a. 16 bushels of wheat and 32 pounds of beef b. 9 bushels of wheat and 25 pounds of beef c. 7 bushels of wheat and 15 pounds of beef d. 10 bushels of wheat and 13 pounds of beef c The production possibilities frontier illustrates a. the combinations of output that an economy should produce. b. the combinations of output that an economy should consume. c. the combinations of output that an economy can produce. d. All of the above are correct. c Tom produces baseball gloves and baseball bats. Steve also produces baseball gloves and baseball bats, but Tom is better at producing both goods. In this case, trade could a. benefit both Steve and Tom. b. benefit Steve, but not Tom. c. benefit Tom, but not Steve. d. benefit neither Steve nor Tom. a When an economist points out that you and millions of other people are interdependent, he or she is referring to the fact that we all a. rely upon the government to provide us with the basic necessities of life. b. rely upon one another for the goods and services we consume. c. have similar tastes and abilities. d. are concerned about one another's well-being. b A person can benefit from specialization and trade by obtaining a good at a price that is a. lower than his or her opportunity cost of that good. b. the same as his or her opportunity cost of that good. c. higher than his or her opportunity cost of that good. d. different than his or her opportunity cost of that good. a Absolute advantage is found by comparing different producers' a. opportunity costs. b. payments to land, labor, and capital. c. input requirements per unit of output. d. locational and logistical circumstances. c Canada and the U.S. both produce wheat and computer software. Canada is said to have the comparative advantage in producing wheat if a. Canada requires fewer resources than the U.S. to produce a bushel of wheat. b. the opportunity cost of producing a bushel of wheat is lower for Canada than it is for the U.S. c. the opportunity cost of producing a bushel of wheat is lower for the U.S. than it is for Canada. d. the U.S. has an absolute advantage over Canada in producing computer software. b Comparative advantage is related most closely to which of the following? a. output per hour b. opportunity cost c. efficiency d. bargaining strength in international trade b Economists generally support a. trade restrictions. b. government management of trade. c. export subsidies. d. free international trade d If Shawn can produce more donuts in one day than Sue can produce in one day, then a. Shawn has a comparative advantage in the production of donuts. b. Sue has a comparative advantage in the production of donuts. c. Shawn has an absolute advantage in the production of donuts. d. Sue has an absolute advantage in the production of donuts. c Specialization and trade are closely linked to a. absolute advantage. b. comparative advantage. c. gains to some traders that exactly offset losses to other traders. d. shrinkage of the economic pie. b Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef What is Brad's opportunity cost of producing one pound of beef? a. 5/6 bushel of wheat b. 6/5 bushels of wheat c. 3/5 bushels of wheat d. 5/3 bushels of wheat b Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef What is Brad's opportunity cost of producing one bushel of wheat? a. 5/6 pound of beef b. 6/5 pounds of beef c. 3/5 pounds of beef d. 5/3 pounds of beef a Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef What is Theresa's opportunity cost of producing one bushel of wheat? a. 5/6 pound of beef b. 6/5 pound of beef c. 3/5 pound of beef d. 5/3 pounds of beef c Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef What is Theresa's opportunity cost of producing one pound of beef? a. 5/6 bushel of wheat b. 6/5 bushel of wheat c. 3/5 bushel of wheat d. 5/3 bushels of wheat d Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef Brad has an absolute advantage in the production of a. wheat and Theresa has an absolute advantage in the production of beef. b. beef and Theresa has an absolute advantage in the production of wheat. c. both goods and Theresa has an absolute advantage in the production of neither good. d. neither good and Theresa has an absolute advantage in the production of both goods d Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef Brad has a comparative advantage in the production of a. wheat and Theresa has a comparative advantage in the production of beef. b. beef and Theresa has a comparative advantage in the production of wheat. c. both goods and Theresa has a comparative advantage in the production of neither good. d. neither good and Theresa has a comparative advantage in the production of both goods. b Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef Brad should specialize in the production of a. wheat and Theresa should specialize in the production of beef. b. beef and Theresa should specialize in the production of wheat. c. both goods and Theresa should specialize in the production of neither good. d. neither good and Theresa should specialize in the production of both goods b Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1
Bushel of Wheat 1 Pound of Beef Assume that Brad and Theresa each has 60 minutes available. If each person spends all his or her time producing the good in which he or she has a comparative advantage, then total production is a. 6 bushels of wheat and 6 pounds of beef. b. 10 bushels of wheat and 5 pounds of beef. c. 10 bushels of wheat and 6 pounds of beef. d. 6 bushels of wheat and 5 pounds of beef. b Assume that Brad and Theresa can switch between producing wheat and producing beef at a constant rate. Minutes Needed to Make 1 Bushel of Wheat 1 Pound of Beef At which of the following prices would both Brad and Theresa gain from trade with each other? a. 12 bushels of wheat for 6 pounds of beef b. 12 bushels of wheat for 8 pounds of beef c. 12 bushels of wheat for 12 pounds of beef d. Brad and Theresa could not both gain from trade with each other at any price. b The opportunity cost of an item is a. the number of hours that one must work in order to buy one unit of the item. b. what you give up to get that item. c. always less than the dollar value of the item. d. always greater than the cost of producing the item. b Total output in an economy increases when each person specializes because a. there is less competition for the same resources. b. each person spends more time producing that product in which he or she has a comparative advantage. c. a wider variety of products will be produced within each country due to specialization. d. government necessarily plays a larger role in the economy due to specialization b Which famous economist developed the principle of comparative advantage as we know it today? a. Adam Smith b. David Ricardo c. John Maynard Keynes d. Milton Friedman b By definition, exports are a. limits placed on the quantity of goods brought into a country. b. goods in which a country has an absolute advantage. c. people who work in foreign countries. d. goods produced domestically and sold abroad d Tom Brady should probably not mow his own lawn because a. his opportunity cost of mowing his lawn is higher than the cost of paying someone to mow it for him. b. he has a comparative advantage in mowing his lawn relative to a landscaping service. c. he has an absolute advantage in mowing his lawn relative to a landscaping service. d. he might sprain his ankle. a |
Number of bushels of wheat Quizlet
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