Test bank and solution manual of essential of economics 4e by hubbard (1)

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Test bank and solution manual of essential of economics 4e by hubbard (1)

Essentials of Economics, 4e (Hubbard/O'Brien)Chapter 2 Trade-offs, Comparative Advantage, and the Market System2.1 Production Possibilities Frontiers

Test bank and solution manual of essential of economics 4e by hubbard (1) and Opportunity Costs1)ScarcityA)stems from the incompatibility between limited resources and unlimited wants.B)can be overcome by discovering new re

sources.C)can be eliminated by rationing products.D)is a bigger problem in market economies than in socialist economies.Answer: ADiff: 2 Page Ref: 38T Test bank and solution manual of essential of economics 4e by hubbard (1)

opic: Scarcity*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economistAACSB: Analy

Test bank and solution manual of essential of economics 4e by hubbard (1)

tic thinking2)Tesla Motors manufacturers its cars at a plant in Fremont. California. At this plant. Tesla is able to take advantage of the high level

Essentials of Economics, 4e (Hubbard/O'Brien)Chapter 2 Trade-offs, Comparative Advantage, and the Market System2.1 Production Possibilities Frontiers

Test bank and solution manual of essential of economics 4e by hubbard (1)w-wage country such as Mexico. India, or China. In deciding to open the Fremont plant. TeslaA)faced no trade-offs because employing more technically-s

killed workers increased efficiency.B)faced a trade-off between higher cost and lower precision.C)adopted a negative technological change because it c Test bank and solution manual of essential of economics 4e by hubbard (1)

hose high-skilled workers over low-paid workers.D)eroded some of its competitiveness in the luxury electric car market because of its increased cost o

Test bank and solution manual of essential of economics 4e by hubbard (1)

f production.Answer: BDili: 2 Page Ref: 37Topic: Opportunity CostLearning Outcome: Micro-3: Discuss different types of market systems and the gains th

Essentials of Economics, 4e (Hubbard/O'Brien)Chapter 2 Trade-offs, Comparative Advantage, and the Market System2.1 Production Possibilities Frontiers

Test bank and solution manual of essential of economics 4e by hubbard (1)ducation. Inc.3)The principle of opportunity cost is thatA)in a market economy, taking advantage of profitable opportunities involves some money cost.

B)the economic cost of using a factor of production is the alternative use of that factor that is given up.C)taking advantage of investment opportunit Test bank and solution manual of essential of economics 4e by hubbard (1)

ies involves costs.D)the cost of production varies depending on the opportunity for technological application.Answer: BDiff: 2 Page Ref: 39Topic: Oppo

Test bank and solution manual of essential of economics 4e by hubbard (1)

rtunity Cost*: RecurringLearning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist

Essentials of Economics, 4e (Hubbard/O'Brien)Chapter 2 Trade-offs, Comparative Advantage, and the Market System2.1 Production Possibilities Frontiers