Sec_All_Short_Answer_and_Essay_Ch_3_

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1、SubjectiveShortAnswer1. SupposethatVenezuelaproducesbeefandoilanditcanswitchproductionbetweeneachataconstantrate.Ifthemostbeefitcanproduceis300millionpoundsandthemostoilitcanproduceis50millionbarrels,thenwhatistheopportunitycostofapoundofbeefandwhatistheopportunitycostofabarr

2、elofoil?ANSWER:  Theopportunitycostofapoundofbeefis50barrelsofoil/300=1/6barrelsofoil.Theopportunitycostofabarrelofoilis300poundsofbeef/50=6poundsofbeef.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.278-Giveninformationonproductionpossibilities,determinetheopportunitycostf

3、orproducingeachcommodity.TOPICS:  ProductionpossibilitiesmodelOpportunitycostKEYWORDS:  BLOOM'S:ApplicationCUSTOM ID:  001.03-SAE-MANK082. Charlottecanproduceporkandbeansandcanswitchbetweenproducingthemataconstantrate.Ifittakesher10hourstoproduceapoundofporkand5hourstoproduce

4、apoundofbeans,whatisheropportunitycostofporkandwhatisheropportunitycostofbeans?ANSWER:  Theopportunitycostofporkis10poundsofbeans/5=2poundsofbeans.Theopportunitycostofbeansis5poundsofpork/10poundsofpork=1/2poundofpork.DIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.278-Given

5、informationonproductionpossibilities,determinetheopportunitycostforproducingeachcommodity.TOPICS:  ProductionpossibilitiesmodelOpportunitycostKEYWORDS:  BLOOM'S:ApplicationCUSTOM ID:  002.03-SAE-MANK08Scenario3-1TheproductionpossibilitiesfrontiersbelowshowhowmuchGregandCather

6、inecaneachproducein8hoursoftime.Greg’sProductionPossibilitiesCatherine’sProductionPossibilities3. RefertoScenario3-1.WhatisGreg’sopportunitycostofproducingicecream?Explainhowyouderivedyouranswer.ANSWER:  IttakesGreg1hourtoproduceaquartoficecreamand2hourstoproduceacake.So,theo

7、pportunitycostofproducingaquartoficecreamis1/2cake.CopyrightCengageLearning.PoweredbyCognero.Page 16DIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.278-Giveninformationonproductionpossibilities,determinetheopportunitycostforproducingeachcommodity.TOPICS:  Productionpossi

8、bilitiesmodelOpportunitycostKEYWORDS:  BLOOM'S:AnalysisCUSTOM ID:  0