Assignemnt
Question #1: List some constraints on our labor force that prevent our fully using our plant and equipment 24 hours a day, seven days a week
Question #2: When we are efficiently allocating our resources and using the best available technology, we are operating on our _________.
Question #3: Economic growth can be attained by:
Question #4: Full employment implies an unemployment rate of about ____________ percent.
Question #5: The law of increasing costs states that, as the output of one good expands, ________________________.
Question #6a: If we were at point C, could we quickly produce substantially more houses and more cars?
Question #6b: If we were at point M, could we quickly produce substantially more houses andmore cars?
Question #6c: If we were at point C, could we quickly go to point J?
Question #7: Fill in the following points:
Point X: where our economy generally operates
Point Y: a serious recession
Point Z: a catastrophic depression
Point W: economic growth
Question #8: Use the following illustration to answer the questions below:
a. What is the opportunity cost of going from point B to point C?
b. What is the opportunity cost of going from point D to point C?
c. What is the opportunity cost of gong from point B to point A?
d. What is the opportunity cost of going from point C to point D?
Question #9: The basis for international trade is _____________________________________.
Question #10: Brazil is better at producing ______________ than at producing ____________________.
Argentina is better at producing _____________________ than at producing ______________________________.
Question #11: If one ton of steel could be traded for one ton of wheat, Brazil would trade its _______________________ for Argentina's
Question #12: Bolivia has a comparative advantage in the production of which type of metal?
Question #13: Chile has a comparative advantage in the production of which, type of metal?
Question #14: Bolivia will trade ______________________ for ___________________.
Question #15: Chile will trade _______________________ for ____________________.
Attachment:- Problem-Sets.rar