Question

“How to produce a product” is not an economic question. a. True b. False Comparative advantage...

“How to produce a product” is not an economic question. a. True b. False

Comparative advantage is based in the concept of opportunity cost. a. true b. false

Spontaneous order is coordinated by the government. a. true b. false

The production possibility frontier helps explain opportunity cost. a. true b. false

Graphs are not important in explaining economic theories. a. true b. false

A farmer misreads the instructions regarding the new crop spray that he bought and sprays his corn three times more frequently than is required to derive the maximum beneficial effects. Fortunately, over spraying has no harmful effect on the corn yield. Considering the farm’s production possibility frontier, what effect would his action have?

a. Shift the farm’s production to a point inside the frontier b. Shift the frontier outward
c. Shift the frontier inward d. No effect

If an economy is at a point inside its production possibility frontier, what can we conclude?

a. It only has a small resource base. b. It is a small nation and can’t produce much.
c. Poor management practices have led to an inefficient use of resources. d. It has very poor technology.
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Homework Answers

Answer #1

1 - False

How to produce is a type of economic problem .

2 - false

Absolute advantage is based upon the opportunity cost.

3 - false

It is not coordinated by the government

4 - true

It helps to define that how much of one product is to be sacrificed to produce more of another good

5 - false

Graphs help to explain the economic theories more clearly.

6 - option D

No effect

This is because it has been given that the over spraying will not have any adverse effect on the crop.

7 - option D

It has very poor technology

This will result in unefficient production thus economy will lie inside the PPF

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