Principles of microeconomics test bank chp 1

The Test Bank includes questions from the following levels: Remembering questions test students' basic understanding of facts and concepts. Understanding questions pose problems in a context different from the one in which the material was learned, requiring students to draw from their understanding of concepts.

Principles of microeconomics test bank chp 1

The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine.

The opportunity cost of moving one miner from Middle Drift to another mine is: If it has no other orders for that day, it should: If it has no other orders to fill that day, and it's not possible to transfer miners from one mine to another, it should: Refer to the figure below.

If this restaurant makes 75 salads in one hour, then what's the maximum number of pizzas it can make in that same hour? Relative to point B, at point C this restaurant is: Moving from point C to point B, the opportunity cost of 25 more salads is: Moving from point B to point A, the opportunity cost of 25 more salads is: The opportunity cost of making an additional salad: If this restaurant goes from producing 20 to 25 pizzas per hour, then which of the following statements is true?

It has It has It has It has to to to to up up up up exactly 25 salads. As the production of pizza increases, the opportunity cost of producing pizza: Which of the following is true? Point A is efficient because it is farthest from the origin.

Point D is efficient because it requires using the fewest resources. Point F is the most efficient because medical care is the highest there. Points B, C, E and F are efficient.

Principles of microeconomics test bank chp 1

Suppose that the government requires that resources be used efficiently. Which of the following would the government definitely not allow? Specialization in warhead production.

Specialization in medical care production. Production at any point other than C. Production at point D. If this economy is currently producing at point C, then the opportunity cost of providing additional units of medical care would be:Principles Of Macroeconomics 5th Edition Test Bank – N November 9th, - Test Bank Duck is a professional provider of all Test Banks N Gregory Mankiw 5th Edition Test Bank or would like a receive a.

Description. Principles of Microeconomics, N.

Principles of microeconomics test bank chp 1

Gregory Mankiw, 5th Edition, Test Bank ***THIS IS NOT THE ACTUAL TEXTBOOK. YOU ARE PURCHASING the Test Bank in e-version of the following textbook***. Title: Principles of Microeconomics. Microeconomics and macroeconomics are two different perspectives on the economy.

The microeconomic perspective focuses on parts of the economy: individuals, firms, and industries. The macroeconomic perspective looks at the economy as a whole, focusing on goals like growth in the standard of living, unemployment, and inflation. Jul 25,  · This feature is not available right now.

Please try again later. Chapter 2: Thinking like an Economist Principles of Economics, 8th Edition N. Gregory Mankiw Page 2 available production technology.

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P. 24 (1) Figure 2: The Production Possibilities Frontier. P. 24 (2) It illustrates the potential for inefficient outcomes. Test Bank for Principles of Microeconomics 11th Edition by Case Principles of Microeconomics, 11e -TB1 (Case/Fair/Oster) Chapter 2: The Economic Problem: Scarcity and Choice Scarcity, Choice, and Opportunity Cost 1) The process by which resources are transformed into useful forms is.

Principles of Microeconomics Chapter 1 | CourseNotes