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Question #1: List some constraints on our labor force that prevent our fully using our plant and equipment 24 hours a day, seven days a week

Question #2: When we are efficiently allocating our resources and using the best available technology, we are operating on our _________.

Question #3: Economic growth can be attained by:

Question #4: Full employment implies an unemployment rate of about ____________ percent.

Question #5: The law of increasing costs states that, as the output of one good expands, ________________________.

Question #6a: If we were at point C, could we quickly produce substantially more houses and more cars?

Question #6b: If we were at point M, could we quickly produce substantially more houses andmore cars?

Question #6c: If we were at point C, could we quickly go to point J?

Question #7: Fill in the following points:

Point X: where our economy generally operates
Point Y: a serious recession
Point Z: a catastrophic depression
Point W: economic growth

Question #8: Use the following illustration to answer the questions below:

a. What is the opportunity cost of going from point B to point C?
b. What is the opportunity cost of going from point D to point C?
c. What is the opportunity cost of gong from point B to point A?
d. What is the opportunity cost of going from point C to point D?

Question #9: The basis for international trade is _____________________________________.

Question #10: Brazil is better at producing ______________ than at producing ____________________.

Argentina is better at producing _____________________ than at producing ______________________________.

Question #11: If one ton of steel could be traded for one ton of wheat, Brazil would trade its _______________________ for Argentina's

Question #12: Bolivia has a comparative advantage in the production of which type of metal?

Question #13: Chile has a comparative advantage in the production of which, type of metal?

Question #14: Bolivia will trade ______________________ for ___________________.

Question #15: Chile will trade _______________________ for ____________________.

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