1. A campus organization provides a free lunch to all students. In this case A.
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Question
1. A campus organization provides a free lunch to all students. In this case A. the opportunity cost of eating the lunch is zero. B.the explicit cost of eating the lunch is zero. C. the implicit cost of eating the lunch is zero. D. the scarcity principle has been violated
. 2.Answer T for true or F for false. There can be no gains from trade between two countries if one of them has an absolute advantage in the production of all goods. (T or F) Two individuals can benefit from specialization and trade if they agree upon a price that lies between their opportunity costs of producing the good. (T or F) When a country opens to trade, people working in industries producing goods that the country exports are harmed by the trade. (T or F) When two countries decide to engage in specialization and trade, the prices of all goods sold in each country will fall. (T or F)
3.Kate can read 20 pages of astronomy in an hour. She can also read 50 pages of philosophy in an hour. She spends 5 hours per day studying. What is Kate’s opportunity cost of reading 150 pages of philosophy? Enter a whole number with no other characters or words. ____
4. Dave, Jack, and Matt have a business where they mow lawns and wash cars. Each works 8 hours a day. In one hour, Dave can either mow 1 lawn or wash 2 cars; Jack can either mow 1 lawn or wash 1 car; and Matt can either mow 2 lawns or wash 1 car. If they need to mow a total of 16 lawns per day then they can wash at most cars. If they instead need to mow a total of 20 lawns per day then they can wash at most cars.
5. If country A increases production of food from 1500 to 2000 units and car production decreases from 600 to 350 units then the opportunity cost of producing one more unit of food is _____ cars. Do not enter fractions and round your answer to one decimal place such as 3.2.
6. Consider the winter activity of skiing. Assume that the rental cost of ski equipment is $96 and the lift ticket costs $64. If you go skiing, you would wear the ski jacket you purchased last year for $133. If you do not go skiing, you could either work at your part-time job, which would earn you $106, or study at the library, which you value at $27. Suppose that you were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the opportunity cost of going skiing? Enter a whole number and no dollar sign.
7. Snap and Bolt are two countries that both produce bananas and sugar. In Snap each worker in a one-hour period can produce either 13.49 pounds of bananas or 6.48 pounds of sugar. In Bolt each worker in a one-hour period can produce either 14.19 pounds of bananas or 2.43 pounds of sugar. Suppose both countries have constant opportunity cost of production and decide to specialize and exchange. The country that specializes in sugar is willing to sell 100 pounds of sugar for at least _____ pounds of bananas. Enter a numerical value, rounded to two decimal places, such as 4.56 or 8.20.
8. A country should specialize in producing the goods for which A.it has an absolute advantage. B.it has a comparative advantage. C. it can produce a larger quantity than any other country. D. it has the highest opportunity cost.
9. An advantage to specializing in producing a good or service and then trading with another country is A. you will be able to produce at a point outside your production possibilities frontier. B. your production possibilities frontier will shift outward. C.you will be able to produce and consume at a point outside your production possibilities frontier. D. you will be able to consume at a point outside your production possibilities frontier.
10. John collects aluminum cans and sells them to a recycling firm to earn extra cash. Each can he finds earns him 10 cents. He also has an open offer to help out his friend who has a landscaping business. Each hour he works for his friend he is paid $9 per hour. John works 5 hours a day and experience has shown that he finds more cans the more hours he spends searching based on the following schedule: He finds 200, 350, 450, 500, or 525 cans in total if he works 1, 2, 3, 4, or 5 hours respectively. Given that John can devote all 5 work hours to either activity, or he can divide the hours between activities, what is the largest amount of income he can earn for all 5 hours? Enter a whole number with no dollar sign.
Explanation / Answer
1) The asnwer is B -) The explicit cost of eating the lunch is zero.
because An explicit cost is an expense that is occured and that has a clearly some value . therefore here, the lunch is free . so the explicit cost of having lunch is zero.
2) please upload it againt. it against chegg policy.
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