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Liberty University ECON 213 Quiz 2

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Liberty University ECON 213 Quiz 2 • Question 1 On a production possibilities frontier (PPF) that shows the trade-off between consumer goods and capital goods given a fixed amount of labor, unemployment is illus ...

Liberty University ECON 213 Quiz 2 • Question 1 On a production possibilities frontier (PPF) that shows the trade-off between consumer goods and capital goods given a fixed amount of labor, unemployment is illustrated by: • Question 2 Think of the production possibilities frontier (PPF) model. When society is producing the largest possible output from its resources, it is operating: • Question 3 When one producer can create more of a good than another producer using the same quantity of resources, the first producer has: • Question 4 Greater investment in capital goods today leads to: • Question 5 If Jim can sell paper at a lower opportunity cost than Dwight can, then: • Question 6 2 out of 2 points The figure below depicts the production possibilities frontiers (PPFs) for two people who can allocate the same amount of time between building wooden boats and solving crimes. What is DiNozzo’s opportunity cost of making a wooden boat? • Question 7 Two friends, Rachel and Joey, enjoy baking bread and making apple pies. Rachel takes two hours to bake 1 loaf of bread and one hour to make 1 pie. Joey takes four hours to bake 1 loaf of bread and four hours to make 1 pie. What is Joey’s opportunity cost of baking 1 loaf of bread? • Question 8 Based on the figure below, the opportunity cost of increasing the production of apple pies from 12 to 14 pies is: • Question 9 Goods that are produced today in order to make other valuable goods and services in the future are called: • Question 10 Car companies build wind tunnels to test the aerodynamics and the handling capabilities of their car designs. The many variables that can be precisely controlled inside the wind tunnel are considered: • Question 11 Which of the following is a normative statement? • Question 12 In the figure, point A is: • Question 13 Which of the following is necessary to build a good economic model? • Question 14 Which of the following is a positive statement? • Question 15 Variables that are controlled for in a model are called:

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