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Microeconomics 2nd Edition Karlan Test Bank
2. The concepts of specialization and gains from trade can be applied to:
A. international trade.
B. why globalization has expanded recently.
C. consumer decisions.
D. household decisions.
3. The concept of the invisible hand was first introduced to economics by:
A. David Ricardo.
B. Adam Smith.
C. Thomas Malthus.
D. Milton Friedman.
5.
Consider the production possibilities frontier displayed in the figure shown. The fact that the line slopes
downward displays which economic concept?
A. Production possibilities
B. Trade-offs
2-1
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent
of McGraw-Hill Education.
6.
Consider the production possibilities frontier displayed in the figure shown. A society faced with this curve
could choose to produce:
A. A, B, or D.
B. A, B, or C.
C. A, D, or C.
D. B, C, or D.
7.
Consider the production possibilities frontier displayed in the figure shown. Which points are efficient and
attainable with existing resources?
A. Only point B.
B. Only point A.
C. Points A and D.
D. Points A, C, and D.
2-2
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent
of McGraw-Hill Education.
8.
Consider the production possibilities frontier displayed in the figure shown. A society faced with this curve
currently:
A. cannot obtain point B.
B. can only obtain point C.
C. can only obtain point D or point A.
D. cannot obtain point C.
9.
Consider the production possibilities frontier displayed in the figure shown. Which of the following
statements is true?
A. Producing at point D would be inefficient.
B. Producing at point C would be inefficient.
C. Producing at point B would be inefficient.
D. Producing at point A would be inefficient.
2-3
Copyright © 2017 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent
of McGraw-Hill Education.
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