Question 1

Refer to the first image (Production Possibilities Frontier). If the economy is operating at point C and wants to produce an additional 15 units of bacon, what is the opportunity cost in terms of eggs?

Accepted Answer

$$30$$ units\ of\ eggs$

Question 2

Based on the second image (Australia and Korea production table), what is the opportunity cost of producing 1 unit of electronics in Australia?

Accepted Answer

$$5$$\ units\ of\ food$

Question 3

Using the third image (Peru and Argentina PPFs), what is the opportunity cost of producing 1 tonne of beef in Peru?

Accepted Answer

$$3$$\ tonnes\ of\ fruit$

Question 4

Refer to the fourth image (Market for Personal-Sized Pizzas). If demand shifts from $$D_1 to$$ $$D_2$$, what happens to the equilibrium price and quantity?

Accepted Answer

$$P = \4.00$$;\ Q = 150$

Question 5

In the fifth image (Market for Hand-Held Calculators), what is the new equilibrium price and quantity after the supply curve shifts from $$S_1 to$$ $$S_2$$?

Accepted Answer

$$P = \5$$;\ Q = 375$

Question 6

If the economy is operating at point F in the first image, what does this point represent?

Accepted Answer

A combination of production that can be reached if there is a sufficient advance in technology.

Question 7

Using the second image, which country has a comparative advantage in the production of food?

Accepted Answer

Australia

Question 8

Based on the third image, which country will export beef?

Accepted Answer

Argentina

Question 9

Refer to the first image. What does a movement from point A to point D represent?

Accepted Answer

The opportunity cost of eggs in terms of bacon rises.

Question 10

Using the second image, what is the opportunity cost of producing 1 unit of food in Korea?

Accepted Answer

$$2$$\ units\ of\ electronics$

Question 11

In the fourth image, which of the following would cause the demand for pizzas among university students to shift to the right?

Accepted Answer

An increase in financial aid to university students.

Question 12

Refer to the fifth image. If demand for calculators rises even more than supply, what is the net effect on equilibrium price and quantity?

Accepted Answer

Increases in both quantity and price.

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