Information system

Question 1
1 out of 1 points

According to the graph below, if a country is currently producing at point X, the opportunity cost of producing another consumer good is

Selected Answer: 20 capital goods
Answers:

20 capital goods

More than 20 capital goods

Fewer than 20 capital goods

20 consumer goods

Fewer than 20 consumer goods

Question 2
1 out of 1 points

The basic economic problem of all countries is the existence of

Selected Answer: Limited resources and unlimited wants
Answers:
Tax increases and budget deficits

Limited resources and unlimited wants

Unemployment and inflation

Government and private industry

Unions and monopoly firms

Question 3
1 out of 1 points

A student earns $17 per hour at a part-time job. In order to attend a concert, she will have to take off three hours without pay. If she values the concert at $100, what is the highest price that she would pay to buy a ticket for the concert?

Selected Answer: 49
Answers:
17

49

51

100

151

Question 4
1 out of 1 points

UNITS OF MANUFACTURED GOODS AND SERVICE GOODS PRODUCED IN ONE HOUR OF LABOR
Country
Manufactured Goods
Service Goods
A
100 units
300 units
B
75 units
150 units

According to the information shown in the table above, which of the following statements in true?

Selected Answer: Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods
Answers:
Country A has both an absolute and a comparative advantage in manufactured goods

Country A has an absolute advantage in manufactured goods, but a comparative advantage in service goods

Country B has a comparative advantage in service goods, but no absolute advantage in either good

Country A has an absolute advantage in service goods, but a comparative advantage in manufactured goods

Country A has an