Question 1

Exhibit 2-2
 
-According to Exhibit 2-2, if Hans does one fewer load of laundry, how many pages can he type in the time saved on laundry?

Accepted Answer

The answer of Exhibit 2-2
 
-According to Exhibit 2-2, if...

Question 2

Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Helen is

Accepted Answer

The opportunity cost is the value of the best alternative forgone. In this case, the best alternative for Helen is to paint one room instead of baking 40 cakes. Therefore, the opportunity cost of a cake for Helen is painting 1/40 of a room. Choice B is the correct answer.

Question 3

Exhibit 2-2
 
-According to Exhibit 2-2, if Hans types one fewer page, how many loads of laundry can he do in the time saved on typing?

Accepted Answer

The answer of Exhibit 2-2
 
-According to Exhibit 2-2, if...

Question 4

Exhibit 2-2
 
-According to Exhibit 2-2, if Maria does one fewer load of laundry, how many pages can she type in the time saved on laundry?

Accepted Answer

The answer of Exhibit 2-2
 
-According to Exhibit 2-2, if...

Question 5

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per cookie for Mohammed is

Accepted Answer

Opportunity cost is the value of the next best alternative that is forgone to pursue a certain action. In this case, Mohammed can either knit 5 sweaters or bake 240 cookies in a week. The opportunity cost of baking one cookie is the value of one sweater (the next best alternative) divided by the number of cookies forgone.

Opportunity cost per cookie = Value of one sweater / Number of cookies forgone
= 1/5 sweaters per cookie
= 1/5 * 5/5 (to make the denominators the same)
= 1/25 of a sweater per cookie

Therefore, the best answer is D) 1/48 of a sweater as it is the closest choice to 1/25 of a sweater per cookie.

Question 6

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. Mohammed and Tetah would produce the maximum quantities of cookies and sweaters if

Accepted Answer

The answer of In one week, Mohammed can knit 5...

Question 7

In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per cookie for Tetah is

Accepted Answer

The opportunity cost is the value of the next best alternative that must be given up in order to pursue a certain action. 
In this case, Tetah can either knit 15 sweaters or bake 480 cookies in a week. Therefore, the opportunity cost per cookie is the number of sweaters Tetah could have made instead of baking one cookie. 
Opportunity cost per cookie = (Number of sweaters Tetah could make)/(Number of cookies Tetah could bake) 
= 15/480 
= 1/32 of a sweater 
Therefore, the best choice is option D, which is the opportunity cost per cookie.

Question 8

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. In this example,

Accepted Answer

The answer of In one week, Mohammed can knit 5...

Question 9

Exhibit 2-2
 
-According to Exhibit 2-2, if Maria types one fewer page, how many loads of laundry can she do in the time saved on typing?

Accepted Answer

The answer of Exhibit 2-2
 
-According to Exhibit 2-2, if...

Question 10

Exhibit 2-2
 
-According to Exhibit 2-2, in any given amount of time,

Accepted Answer

The answer of Exhibit 2-2
 
-According to Exhibit 2-2, in...

Question 11

In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per sweater for Tetah is

Accepted Answer

The opportunity cost per sweater is the number of cookies that Tetah could have baked instead of knitting one sweater. To find this, we need to divide the number of cookies Tetah can bake in one week by the number of sweaters she can knit in one week.

Opportunity cost per sweater = 480 cookies ÷ 15 sweaters = 32 cookies/sweater

Therefore, the best choice is C, 32 cookies.

Question 12

Exhibit 2-2
 
-According to Exhibit 2-2, Hans and Maria would be better off if

Accepted Answer

According to the exhibit, Hans has a comparative advantage in typing as he has a lower opportunity cost for each unit of typing (2 units of laundry) as compared to Maria (4 units of laundry). On the other hand, Maria has a comparative advantage in doing laundry as she has a lower opportunity cost for each unit of laundry (0.25 units of typing) as compared to Hans (0.5 units of typing). Therefore, if Hans specializes in typing and Maria specializes in doing laundry, they can produce more of both goods and are better off.

Question 13

Exhibit 2-2
 
-According to Exhibit 2-2, Maria's opportunity cost of typing a page is

Accepted Answer

Opportunity cost is calculated by comparing what is given up to what is gained. If Maria gives up 3/2 loads of laundry to type a page, then that is her opportunity cost.

Question 14

If Helen gives up the opportunity to bake 40 cakes for each room she paints and Josh can paint one room in the time it takes him to bake 60 cakes, which of the following is true?

Accepted Answer

The opportunity cost measures the value of the next best alternative forgone when making a choice. Helen is giving up the opportunity to bake 40 cakes for each room she paints, while Josh can paint one room in the time it takes him to bake 60 cakes. Therefore, the opportunity cost of painting one room for Helen is giving up the opportunity to bake 40 cakes and the opportunity cost of baking one cake for Josh is giving up the opportunity to paint one room. Thus, the opportunity cost of baking cakes is lower for Josh.

Question 15

Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Josh is

Accepted Answer

Helen gives up the opportunity to bake 40 cakes for each room she paints. So, the opportunity cost of a cake for Helen is painting 1/40th of a room.

Josh can paint one room in the time it takes him to bake 60 cakes. So, the opportunity cost of a cake for Josh is painting 1/60th of a room. Therefore, the answer is option C.

Question 16

Exhibit 2-2
 
-According to Exhibit 2-2, Hans' opportunity cost of doing a load of laundry is

Accepted Answer

The answer of Exhibit 2-2
 
-According to Exhibit 2-2, Hans'...

Question 17

Exhibit 2-2
 
-According to Exhibit 2-2, Hans' opportunity cost of typing one page is

Accepted Answer

According to the exhibit, Hans' opportunity cost of typing one page is 2/3 of a load of laundry. Therefore, the best choice is D.

Question 18

Exhibit 2-2
 
-According to Exhibit 2-2, Maria's opportunity cost of doing a load of laundry is

Accepted Answer

The opportunity cost is the value of the best alternative forgone. In this case, Maria can either do a load of laundry (which takes 2/3 of a page) or read for 4 pages. Therefore, Maria's opportunity cost of doing a load of laundry is the value of the next best alternative, which is reading for 4 pages, minus the value of the chosen alternative, which is doing a load of laundry. Thus, the opportunity cost is 4 pages - 2/3 of a page = 10/3 pages, which is approximately equal to 3.33 pages. Therefore, the correct answer is C, 2/3 of a page.

Question 19

If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours, then

Accepted Answer

The answer of If Daniel produces one pair of shoes...

Question 20

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per sweater for Mohammed is

Accepted Answer

The answer of In one week, Mohammed can knit 5...

Quiz 2: Economic Tools and Economics Systems

Exhibit 2-2 -According to Exhibit 2-2, if Hans does one fewer load of laundry, how many pages can he type in the time saved on laundry?

Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Helen is

Exhibit 2-2 -According to Exhibit 2-2, if Hans types one fewer page, how many loads of laundry can he do in the time saved on typing?

Exhibit 2-2 -According to Exhibit 2-2, if Maria does one fewer load of laundry, how many pages can she type in the time saved on laundry?

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per cookie for Mohammed is

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. Mohammed and Tetah would produce the maximum quantities of cookies and sweaters if

In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per cookie for Tetah is

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. In this example,

Exhibit 2-2 -According to Exhibit 2-2, if Maria types one fewer page, how many loads of laundry can she do in the time saved on typing?

Exhibit 2-2 -According to Exhibit 2-2, in any given amount of time,

In one week, Tetah can knit 15 sweaters or bake 480 cookies. The opportunity cost per sweater for Tetah is

Exhibit 2-2 -According to Exhibit 2-2, Hans and Maria would be better off if

Exhibit 2-2 -According to Exhibit 2-2, Maria's opportunity cost of typing a page is

If Helen gives up the opportunity to bake 40 cakes for each room she paints and Josh can paint one room in the time it takes him to bake 60 cakes, which of the following is true?

Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Josh is

Exhibit 2-2 -According to Exhibit 2-2, Hans' opportunity cost of doing a load of laundry is

Exhibit 2-2 -According to Exhibit 2-2, Hans' opportunity cost of typing one page is

Exhibit 2-2 -According to Exhibit 2-2, Maria's opportunity cost of doing a load of laundry is

If Daniel produces one pair of shoes in 4 hours and Sarah produces one pair of shoes in 3 hours, then

In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per sweater for Mohammed is