# ECON 102 ECON102 Quiz 2 Answers (Penn State University)

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ECON 102 Quiz 2 Answers (Penn State University)

Question 1

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Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. What is Mark’s opportunity cost of producing 20 bats?

Question 2

1 / 1 pts

Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. What is Katie’s opportunity cost of producing 20 bats?

Question 3

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Mark can produce 60 baseballs in a month and Katie can produce 42 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. ______________has the absolute advantage in the production of bats, and _____________ has the comparative advantage in the production of bats.

Question 4

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The negative slope of the Production Possibilities frontier best represents which of the following concepts?

Question 5

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Consider the following table which shows the yield per acre of cotton and wheat in two countries, USA and Mexico: _____________ has the absolute advantage in the production of wheat, and __________ has the comparative advantage in the production of wheat.

Question 6

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Consider the following table which shows the yield per acre of cotton and wheat in two countries, USA and Mexico: In Mexico, the opportunity cost of producing 1 unit of cotton is

Question 7

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Assume Oklahoma and South Dakota each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: Suppose the two states decide that they want to produce 150 total units of corn. What is the maximum amount of wheat that they could produce?

Question 8

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Refer to Figure 1. At point A, the opportunity cost of producing capital goods is _________ it is at point C.

Question 9

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Refer to Table 2. Suppose the country is producing 30 units of capital goods. What is the opportunity cost of producing an additional 10 units of capital goods?

Question 10

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Assume Oklahoma and South Dakota each have 100 acres of farmland. The following table gives hypothetical figures for yield per acre in the two states: What is the marginal rate of transformation between wheat and corn in Oklahoma?

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