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3. The Economic Problem. CLICKER QUESTIONS. Checkpoint 3.4. Checkpoint 3.1. Checkpoint 3.3. Question 5. Question 1. Question 8. Question 6. Question 2. Question 9. Question 7. Question 10. Checkpoint 3.2. Question 3. Question 4. CHECKPOINT 3.1. Question 1
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3 The Economic Problem CLICKER QUESTIONS
Checkpoint 3.4 Checkpoint 3.1 Checkpoint 3.3 Question 5 Question 1 Question 8 Question 6 Question 2 Question 9 Question 7 Question 10 Checkpoint 3.2 Question 3 Question 4
CHECKPOINT 3.1 Question 1 Points inside the PPF are all ___________. • unattainable and have fully employed resources • attainable and have fully employed resources • unattainable and have some unemployed resources • attainable and have some unemployed resources • unaffordable and productive resources are misallocated
CHECKPOINT 3.1 Question 2 Moving along the production possibilities frontier itself illustrates _________. • the existence of a tradeoff between goods produced • unemployment of productive resources. • the existence of free lunches. • how the efficiency of production changes with tradeoffs • how tradeoffs do not occur if the production is efficient.
CHECKPOINT 3.2 Question 3 Moving along its PPF, a country produces 8 additional desktop computers and its production of laptop computers decreases by 4. The opportunity cost of 1 desktop computer is _______. • 4 laptop computers • 8 desktop computers • 1 desktop computer • 2 laptop computers • 1/2 of a laptop computer
CHECKPOINT 3.2 Question 4 A country produces only cans and bottles. If the country produces on its PPF and increases its production of cans, the opportunity cost of an additional ______. • can increases • can decreases • can is constant, but the opportunity cost of an additional bottle increases • bottle increases • can or an additional bottle increases
CHECKPOINT 3.3 Question 5 If a nation devotes a larger share of its current production to consumption goods, then ________. • its economic growth will slow down • its production possibilities will expand • its production possibilities will shrink • some factors of production will become unemployed • it must producing at the efficient point on its PPF
CHECKPOINT 3.3 Question 6 The opportunity cost of economic growth is ____ current consumption and the benefit of economic growth is ____ future consumption. • increased; increased • increased; decreased • no loss of; increased • decreased; increased • decreased; decreased
CHECKPOINT 3.3 Question 7 In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Scott’s opportunity cost of producing 1 taco is ________. • 1/2 of a pizza • 1 pizza • 2 pizzas • 20 pizzas • 2 tacos
CHECKPOINT 3.4 Question 8 In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. • Cindy has a comparative advantage in producing tacos. • Scott has a comparative advantage in producing tacos. • Both Cindy and Scott have a comparative advantage in producing tacos. • Neither has a comparative advantage in producing tacos. • Scott has a comparative advantage in producing pizzas.
CHECKPOINT 3.4 Question 9 In one hour John can produce 20 loaves of bread or 8 cakes and Phyllis can produce 30 loaves of bread or 15 cakes. John and Phyllis will reap the largest gains from specialization and trade if John produces _____ and Phyllis produces ______. • only loaves; only cakes • only cakes; only loaves • both loaves and cakes; only loaves • only cakes; both loaves and cakes • both loaves and cakes; both loaves and cakes
CHECKPOINT 3.4 Question 10 If Sue and Mark reap the maximum gains from trade, together they produce ______. • 6 shirts and 6 blouses • 4 shirts and 6 blouses • 6 shirts and 2 blouses • 4 shirts and 4 blouses • 2 shirts and 2 blouses