IVY SOFTWARE MBA PREPWORKS FUNDAMENTAL EXAM
QUESTIONS WITH COMPLETE SOLUTIONS GUARANTEED PASS
BRAND NEW 2025
The main concept demonstrated in the production possibilities
frontier is - ANSWER>>>Opportunity cost
When country A has a lower opportunity cost of producing sugar
relative to country B, then country A is said to have -
ANSWER>>>Comparative Advantage
A graph that shows the combinations of two goods that the
economy can produce given the available scarce resources and
available technology is called a - ANSWER>>>Production
Possibilities Frontier
Assume a production possibilities frontier for pickup trucks and big
Mac hamburgers. The economy is producing 20 big Mac
hamburgers and 65 pickup trucks (point 20, 65). What is the
opportunity cost of producing an additional 20 Big Mac
hamburgers (point 40, 60)? - ANSWER>>>Five Pickup Trucks
The opportunity cost of an item is - ANSWER>>>whatever must
be given up to obtain the item.
Consider market for pork, suppose that price of beef, a substitute
for pork, increases. Because of the change in price of beef, the
equilibrium price of pork...? - ANSWER>>>Increases
