ECO 365 Final Exam SET- 2 (2016 Version)/ECO 365 Final Exam SET- 2 (2016 Version)

  
1. Because you can only obtain more of one good by giving up some of another good, the shape of a production possibility curve is:
upward sloping.
perfectly vertical.
perfectly horizontal.
downward sloping
2. Refer to the table shown. The average product when eight workers are employed is:
_____6____
Number of workers Total Output
1 4
2 10
3 18
4 28
5 35
6 41
7 45
8 48
9 50
10 49
3. A resource is said to have a comparative advantage if:
it is equally suited to the production of all goods.

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