Macroeconomics focuses on the economy as a whole. A) True B) False Grant has fou

Question

Macroeconomics focuses on the economy as a whole. A) True B) False Grant has four hours of time to divide between studying for a physics exam and a geology exam. Figure 2-1 shows his estimates of the grades (on a scale of 0 to 100) that he could earn from studying a particular number of hours on each subject. If he plans on spending two hours studying each subject, what would be his opportunity cost of an additional hour studying physics? A) 10 points on his geology exam B) 20 points on his geology exam C) 80 points on his geology exam D) 25 points on his physics exam E) 85 points on his physics exam 5. According to the law of increasing opportunity cost, which of the following is true? A) production points outside the production possibility frontier are unattainable B) the production possibility frontier becomes flatter as production increases along the horizontal axis OQ the opportunity cost of producing a good rises as production of that good falls D) production points inside the production possibility frontier are unattainable OE) the opportunity cost of producing a good rises as production of that good rises If the same dairy can produce cither whole milk or skim milk, an increase in the profitability of whole milk results in a(n). A) decrease in the quantity supplied of whole milk B) increase in the supply of whole milk OQ decrease in the supply of skim milk D) increase in the supply of skim milk E) decrease in the quantity supplied of skim milk

Explanation / Answer

3. True

4.opportunity cost = 85 points on his physics exam

5.e) the opportunity cost of producing a good rises as production of good rises

6.b) increase in supply of whole milk

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