Foundations of Economics, Student Value Edition (8th Edition)
8th Edition
ISBN: 9780134489230
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 3, Problem 2MCQ
To determine
(a)
Best Statement
To determine
(b)
Best Statement
To determine
(c)
Best Statement
To determine
(d)
Best Statement.
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You have exams in economics and chemistry coming up and five hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend in studying each subject.
Hours Spent Studying
Midterm Score
Choice
Economics
Chemistry
Economics
Chemistry
A
5
0
95
70
B
4
1
93
78
C
3
2
90
84
D
2
3
86
88
E
1
4
81
90
F
0
5
75
91
a. Use the data in the table to draw a production possibilities frontier graph. Label the vertical axis “Score on economics exam” and label the horizontal axis “Score on chemistry exam”. Make sure to label the values where your production possibilities frontier intersects the vertical and horizontal axes.
b. Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score?
c. Under what circumstances would A…
Country A Country B
No. of pencils 100 50
produced
pounds of paper
produced 150 150
a)Country A and Country B can both produce paper and pencils, according to the table above and using the same amount of time and resources. Which country has the absolute advantage in producing each good?
choices
Country A has absolute advantage in pencils, but neither country has absolute advantage in paper
Country A has absolute advantage in both
Country B has absolute advantage in both
Country B has absolute advantage in paper, but Country A has absolute advantage in pencils
Neither country has absolute advantage in either good
Marlaria can be controlled
The world health organization malaria chief says that it is too costly to try to fully eradicate the disease. He says that by using nets, medicine, and DDT it is possible to eliminate 90% of malaria cases. But to eliminate 100% of cases would be extremely costly.
4. Make a graph of the production possibilities frontier with malaria cases on the X-axis and other goods and services on the Y- Axis.
( compatible with Microsoft word would be ideal )
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
Chapter 3 Solutions
Foundations of Economics, Student Value Edition (8th Edition)
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