Blog

Which of the following statements best illustrates the form of an economic theory?

A country is currently producing 60 units of food and 40 units of clothing. If all resources are fully used, it could instead produce 80 units of food and 20 units of clothing. What is the opportunity cost of increasing clothing production from 20 to 40 units?

Exhibit 2-4 Production possibilities curve data   A B C D E Capital goods     0   10   20 30 40 Consumer goods 200 180 140 80   0 In Exhibit 2-4, choose the best production alternative if the only goal of the economy is investment.

Three of the four following questions are indicative of the three fundamental economic questions. Leaving out the irrelevant question, rearrange the three relevant questions in the order an economy must answer them.   – Should electricity be produced from oil, solar, or nuclear power?  – Should corn be produced in the North or in the South?  – Who drives a Mercedes?  – Should more hybrid cars and fewer SUVs be produced?

Suppose an economist collects the following data between May and December of a given year: gasoline prices rose sharply, consumer incomes remained constant, consumers purchased more fuel efficient vehicles than in the previous year, the size of the population did not change, sales of gasoline decreased by 15 percent. Which of the following theories could be tested with this information?

The signal information that is used to calculate positions is                  . 

A clock error of 1/1000 of a second could produce a position error of                miles. 

GPS provides positions in [word1] dimensions by using [word2] or more satellites. 

A master control station is located at                                  in Colorado. 

The combination of [word1], [word2], and [word3] provide a global navigation satellite system (GNSS) infrastructure.