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Economics 102 questions? Help?
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Content: Specialization leads to greater production than is otherwise possible
a. only if different workers have different natural abilities
b. only if production is organized within business firms
c. under capitalism, but not under communism
d. even if different workers have identical natural abilities
e. under communal ownership, but not under capitalism
72. If Indiana has an absolute advantage over Maine in producing both corn and ball bearings, then
a. Indiana should produce both corn and ball bearings
b. there are no benefits possible from specialization
c. Maine should produce ball bearings and Indiana should produce corn
d. Indiana should produce ball bearings and Maine should produce corn
e. they still may benefit from specialization, but more information is needed to determine which state should specialize in each
73. A person has a comparative advantage if
a. she can produce everything more cheaply than her co-worker can
b. she can produce everything at a faster rate than her co-worker can
c. she can produce a good with a smaller opportunity cost than her co-worker can
d. she sees through corporate and government manipulation
e. she gets rich through inheritance
74. When individuals concentrate on a limited number of productive activities, this is known as
a. shirking
b. productive inefficiency
c. exchange
d. specialization
e. an economic system
75. A method of allocating scarce resources is a necessary component of
a. all economic systems
b. all economic systems except market capitalism
c. centrally-planned socialism and market socialism only
d. centrally-planned capitalism and market capitalism only
e. all economic systems except centrally planned socialism
76. Under a market system of resource allocation
a. prices determine what consumers buy while the government determines what firms produce
b. prices determine what firms produce while the government determines what consumers buy
c. prices determine both what firms produce and what consumers buy
d. the government determines both what firms produce and what consumers buy
e. the government allocates resources while prices allocate goods and services
77. A weakness of the market system of resource allocation is that
a. such economies tend to be stagnant
b. most participants in such an economy have low standards of living
c. there are no limits on an individual's freedom of action
d. it does not address the problem of initial inequities in endowments
e. its participants are free to act according to their desires
78. The system of resource allocation in the United States is a
a. pure market system
b. market system with elements of tradition and command
c. market system with elements of tradition, but not command
d. traditional system with elements of market, but not command
e. pure tradition system
79. In a market economy,
a. the government primarily determines the distribution of resources
b. prices determine the allocation of resources
c. what society produces is what it produced in the past
d. resource costs increase as specialization increases
e. absolute advantage is the primary determinant of resource allocation
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The specialization of labor expands the output a society can produce
The principle of specialization and exchange implies that total production is highest when individuals specialize according to their absolute advantages
Specialization leads to greater production than is otherwise possible only if different workers have different natural abilities
If Indiana has an absolute advantage over Maine in producing both corn and ball bearings, then they still may benefit from specialization, but more information is needed to determine which state should specialize in each
A person has a comparative advantage if she can produce everything at a faster rate than her co-worker can
When individuals concentrate on a limited number of productive activities, this is known as specialization
Don't know 75
Under a market system of resource allocation the government allocates resources while prices allocate goods and services
A weakness of the market system of resource allocation is that such economies tend to be stagnant
Don't know 78
In a market economy, absolute advantage is the primary determinant of resource allocation
PHEW. Don't blame me if they're wrong :)
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