Exhibit 2-1 Refer to Exhibit 2-1. Scarcity exists

A person has a comparative advantage in the production of a good when they can produce the product at a(n) ________ opportunity cost compared to another person.

Exhibit 2-2 Refer to Exhibit 2-2. If PPF2 is the relevant production possibilities frontier, then point __________ illustrates productive inefficiency.

The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y.

Exhibit 2-4 Refer to Exhibit 2-4. The opportunity cost of moving from point A to point B is

Exhibit 2-6 Refer to Exhibit 2-6. Which graph depicts a technological breakthrough in the production of good Y only?

Minerals, animals, water and forests are all considered to be part of  the resource category known as                                                  

Attempts to determine “what is” are part of __________ economics.                                                    

A mandatory seatbelt law ends up raising the number of traffic fatalities if it lowers fatalities per accident from 0.11 to 0.08 while raising the number of accidents per period from 100,000 to any more than                                                                                                        

Which of the following is not one of the four broad categories of resources?