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The production possibilities frontier (PPF) is a_______________, when the opportunity cost of two goods is increasing opportunity costs.

Economists talk about good and bad. Good is 1._________________. Bad is 2.__________________ anything that gives a person disutility.

Question27

If person A can produce ramen at a lower opportunity cost than person B, and person B can produce bread at a lower opportunity cost than person A, it follows that person A has (1)_____________________. person B has (2)_____________________.

Question25

Based on the above production possibilities frontier (PPF) graph, G is _____________

Based on the above grape, A, B, and C are Elizabeth’s consumption of two goods without specialization (based on the comparative advantage) and trade between two persons. E, F, and G are Brian’s consumption of two goods without specialization (based on the comparative advantage) and trade between two persons. Elizabeth’s comparative advantage is Bread. Therefore, Elizabeth specializes in 20 Bread and 0 Apples. Brian’s comparative advantage is Apples. Therefore, Brian specializes in 0 Bread and 20 Apples. Then, Elizabeth trades 8 Bread, and Brian trades 12 Apples so that Elizabeth has 12 Bread and 12 Apples (the point D) and Brian has 8 Bread and 18 Apples (the point H) so _________________________ by specializing and trading.

The consequences of scarcity do not include: 

Question43

Question46