True of False 1. Comparative advantage means production at a lower opportunity cost 2. Quantitative economic model is measured by quality and is expressed in words or diagrams. 3. Specialization refers to the method wherein a producer focuses on allocating limited resources to producing a certain type of goods or services. 4. Opportunity cost refers to the value of an alternative given up to acquire another.
True of False 1. Comparative advantage means production at a lower opportunity cost 2. Quantitative economic model is measured by quality and is expressed in words or diagrams. 3. Specialization refers to the method wherein a producer focuses on allocating limited resources to producing a certain type of goods or services. 4. Opportunity cost refers to the value of an alternative given up to acquire another.
Chapter1: Making Economics Decisions
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![True of False
1. Comparative advantage means production at a lower opportunity cost
2. Quantitative economic model is measured by quality and is expressed in words or diagrams.
3. Specialization refers to the method wherein a producer focuses on allocating limited resources to
producing a certain type of goods or services.
4. Opportunity cost refers to the value of an alternative given up to acquire another.
5. In Command economic system, decisions on producing goods and services are dependent on beliefs
and customs.
6. A firm performs inefficient production if it produces goods and services on its production possibilities
curve (PPC)
7. Mixed economic system means that the economic actions are dependent on private enterprise
8.
9. Consumer goods are goods that will undergo further processing to produce other goods.
10. Capital involves the equipment, tools, transportation, storage facilities, and machinery that are
utilized in producing goods and services
11. An economic model is a framework that represents simplified assumptions of economic aspects of
the real world.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F240a7e36-8af0-4f90-ad98-9234eee03f24%2Fd3f42452-51dc-49b8-b413-5fff68523fa2%2F0vt0o8vu_processed.jpeg&w=3840&q=75)
Transcribed Image Text:True of False
1. Comparative advantage means production at a lower opportunity cost
2. Quantitative economic model is measured by quality and is expressed in words or diagrams.
3. Specialization refers to the method wherein a producer focuses on allocating limited resources to
producing a certain type of goods or services.
4. Opportunity cost refers to the value of an alternative given up to acquire another.
5. In Command economic system, decisions on producing goods and services are dependent on beliefs
and customs.
6. A firm performs inefficient production if it produces goods and services on its production possibilities
curve (PPC)
7. Mixed economic system means that the economic actions are dependent on private enterprise
8.
9. Consumer goods are goods that will undergo further processing to produce other goods.
10. Capital involves the equipment, tools, transportation, storage facilities, and machinery that are
utilized in producing goods and services
11. An economic model is a framework that represents simplified assumptions of economic aspects of
the real world.
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