10:31 Sent Econ 2610
and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow two lawns or wash one car; Curley can either mow two lawns or wash one car. Which of the following could correctly describe a production possibilities frontier graph for this economy?
The difference between macroeconomics and microeconomics is that
Which of the following statements are normative economic statements rather than positive economic statements? (select all that apply)
Which of the following questions are part of "the economic problem" that any economy must answer? (select all that apply)
Suppose that Karen, Sue, and Peter all work 10 hours a day. In an hour, Karen can make one widget or 4 thingamajigs. In an hour, Sue can make one widget or one thingamajig. In an hour, Peter can make 4 widgets or one thingamajig. If they all spend all their time making widgets, how many thingamajigs can they make?
Answer:
Suppose that Karen, Sue, and Peter all work 12 hours a day. In an hour, Karen can make one widget or 2 thingamajigs. In an hour, Sue can make one widget or one thingamajig. In an hour, Peter can make 2 widgets or one thingamajig. If they all split their time evenly between making widgets and thingamajigs, how many thingamajigs can they make?
24
Answer:
Which of the following topics would be primarily studied by microeconomists instead of macroeconomists? (select all that apply)
Economics studies
Suppose that Karen, Sue, and Peter all work 14 hours a day. In an hour, Karen can make one widget or 2 thingamajigs. In an hour, Sue can make one widget or one thingamajig. In an hour, Peter can make 2 widgets or one thingamajig. If they use the most efficient specialization to divide up their time among themselves to together produce the same number of widgets and thingamajigs, how many thingamajigs can they make?
30
Answer:
