[单选]An economy’s production possibilities frontier is also its consumption possibilities frontier
A. under all circumstances.
B. under no circumstances.
C. when the economy is self-sufficient.
D. when the rate of tradeoff between the two goods being produced is constant.
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[单选]Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases, but Regan is better at producing both goods. In this case, trade could
A. benefit both Jayson and Regan.
B. benefit Jayson, but not Regan.
C. benefit Regan, but not Jayson.
D. benefit neither Jayson nor Regan.
[单选]The following table contains some production possibilities for an economy for a given year.If the production possibilities frontier is a straight line, then “?” must be
A. 340.
B. 330.
C. 320.
D. 310.
[单选]Assume for the United States that the opportunity cost of each airplane is 100 cars. Then which of these pairs of points could be on the United States' production possibilities frontier?
A. (200 airplanes, 5,000 cars) and (150 airplanes, 4,000 cars)
B. (200 airplanes, 10,000 cars) and (150 airplanes, 20,000 cars)
C. (300 airplanes, 15,000 cars) and (200 airplanes, 25,000 cars)
D. (300 airplanes, 25,000 cars) and (200 airplanes, 40,000 cars)
[单选]If Korea is capable of producing either shoes or soccer balls or some combination of the two, then
A. Korea should specialize in the product in which it has an absolute advantage.
B. it would be impossible for Korea to have an absolute advantage over another country in both products.
C. it would be difficult for Korea to benefit from trade with another country if Korea is efficient in the production of both goods.
D. Korea’s opportunity cost of shoes is the inverse of its opportunity cost of soccer balls.
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