In the economy of Libro, when 1 million yoga mats are produced each year, the citizens of Libro are willing to give up 9 protein shakes to get one yoga mat. Draw a marginal benefit curve for the economy of Libro that is consistent with this information. Label it. Draw an arrow along the marginal benefit curve to illustrate the change in marginal benefit and change in the quantity of yoga mats as the quantity of yoga mats produced increases. 10- Willingness to pay (protein shakes per yoga mat) ADD A LABEL + Yoga mats (millions per year) 10 Q

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Question 6 Listen Efficient resource allocation should be accomplished when any production of a product shows the marginal benefit outweighs marginal cost of its output. 1) True 2) False Question 7 ) Listen If we say that two variables are inversely related, this means that an increase in one variable is associated with a decrease in the other. 1) True 2) False Question 8 ) Listen Consider the problem Amy faces of how to allocate her weekly allowance between books and videos. An increase in Amy's allowance will a) shift her budget line to the right b) rotate her budget line, allowing her to buy more videos but not more books c) rotate her budget line, allowing her to buy more books but not more videos O d) shift her budget line to the left

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Consider two people in the market for tilapia, Reagan and Cheryl. The marginal benefit curves for both individuals are shown in the accompanying graph. a. Suppose the market price of tilapia is $2.00 per pound. Move point A to Cheryl’s quantity purchased. Move point B to Reagan’s quantity purchased. b. How many pounds of tilapia do they collectively purchase?   _________ pounds   c. To achieve an efficient allocation, Cheryl should purchase _______(more tilapia than, the same amount of tilapia as, less tilapia than)     she is currently purchasing, and Reagan should purchase ________ (more tilapia than, the same amount of tilapia as, less tilapia than) she is currently purchasing.

show on the graph where is the opportunity cost is measured

A typical consumer in Lykesville has a market basket consisting of 2 blueberries, 9 peaches, and 10 apples. The data table below provides information on Lykesville’s prices of blueberries, peaches, and apples from 2013 through 2015.                                                  2013         2014          2015Price per unit of blueberries     $1.9            $1             $1.7Price per unit of peaches          $2.15        $1.25          $1.85Price per unit of apples             $2.4          $1.75          $2.3 What is the CPI for 2014 and 2015? Annual inflation (%) for 2014 and 2015?

25. Assuming labor is the only resource and England has 60 man-hours (mhrs) and Portugal 180 mhrs of labor resource available for production, which country has the comparative advantage in wine?     a) Portugal     b) England     c) Both     d) Neither     e) Cannot tell

Small engines are the main components of office and house appliances like printers, hand dryers, microwave ovens, food processors, etc. The graph depicts the market for small engines in the United States. Suppose that the government imposes a $15 tariff on each imported engine in an effort to bring manufacturing jobs back to the United States. Place the Waste shape to describe the waste of resources that would result from the trade restriction. Price (3) Incorrect 50 45 40 35 30 25 20 15 10 5 0 0 total cost: What is the total cost of the tariff? 337.5 Domestic supply Domestic demand 15 30 45 60 75 90 105 120 135 150 Quantity (millions of engines) Incorrect World supply Waste millions of dollars

7. Two people make up a small economy producing oats and/or shirts. The table below shows the maximum each individual can produce in one day for each good (and any linear combination). Sam Lindsay Oats 300 150 Shirts 100 75 a) Who has the comparative advantage in producing Oats? In producing shirts? b) In terms of shirts, what is the cost of producing one unit of oats for Sam? For Lindsay? c) If the total number of shirts produced is 100, then how many units of oats will be produced if production takes place according to comparative advantage?