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1
If Leslie can produce two pairs of pants in an hour while Eva can make one pair an hour, then
A)Leslie has a comparative advantage.
B)Eva has an absolute advantage.
C)Leslie has an absolute advantage.
D)Eva has a comparative advantage.
E)Leslie has a comparative disadvantage.
2
If a given production combination is known to be attainable, then it must be
A)on the production possibilities curve.
B)beyond the production possibilities curve.
C)an efficient point.
D)an inefficient point.
E)either an inefficient or efficient point.
3
The textbook notes that the last time a major league batter hit .400 was in 1941. It's
A)because the average quality of batters has fallen.
B)because the spitball was banned.
C)because specialization by pitchers and fielders has greatly improved the defense.
D)because all changes in the rules of the game have favored defense.
E)because large contracts for players have reduced the incentive to give 110%.
4
The graph below show’s a country’s production possibilities curve for corn and wheat:
<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=jpg::::/sites/dl/free/0073193976/302233/graph1.jpg','popWin', 'width=675,height=345,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (10.0K)</a>
The opportunity cost to this country of producing an bushel of corn is
A)-.5 units of wheat.
B)-2 units of wheat.
C).5 units of wheat.
D)2 units of wheat.
E)-2/5 units of wheat.
5
Application of the Principle of Comparative Advantage leads to
A)greater and greater specialization of labor and other factors of production.
B)lesser and lesser specialization of labor.
C)societies where everyone can do a little of everything.
D)lower total output.
E)misallocation of resources.





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