Question
Help me asap please answer the question accurately please! 1. (01.02 MC) Assume that it takes 2 hours of labor to produce a unit of
Help me asap please
answer the question accurately please!
1.
(01.02 MC) Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a unit of good Y. What is the opportunity cost of producing 2 units of good Y? (1 point)
1/6 unit of good X | |
2 units of good X | |
4 units of good X | |
6 units of good X | |
Zero opportunity cost, if all the labor is currently employed |
2.
(01.03 MC) If Country A can produce 3 X or 6 Y with a unit of labor and Country B can produce 3 X and 3 Y with a unit of labor, which of the following statements is true? (1 point)
Country B has absolute advantage in producing good Y. | |
Country A has absolute advantage in producing good X. | |
Country A has comparative advantage in producing good Y. | |
Country B has absolute advantage and comparative advantage in producing good X. | |
Neither country has comparative advantage in producing good X. |
3.
(01.06 MC) If it is assumed that the market for good Z is in equilibrium and Z is an inferior good, what will be the result following an increase in the average income of consumers? (1 point)
A decrease in the equilibrium price of good Z and a decrease in the equilibrium quantity of good Z. | |
An increase in the equilibrium price of good Z and an increase in the equilibrium quantity of good Z. | |
An increase in the equilibrium price of good Z and a decrease in the equilibrium quantity of good Z. | |
Since the demand for an inferior good must be perfectly inelastic, there will be no change in quantity; price may increase or decrease. | |
An increase in equilibrium quantity with an indeterminate impact on the equilibrium price. |
4.
\f5. (01.06 MC) Use the graph to answer the question that follows. Price/$ $2 $1 p2 p1 $3 p3 d1 0 q2 91 93 Quantity14. (02.07 MC) Use the graph to answer the question that follows. Real GDP Potential Real GDP Actual Real GDP T, TA Time19. (03.03 MC) Use the graph to answer the question that follows. Price Level SRAS P2 P1 0 Y1 Y2 Real GDPStep by Step Solution
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