3 If instead of specialized doctors neurologists cardiologis

3- If instead of specialized doctors (neurologists, cardiologists, gastroenterologists, etc.) we had doctors who each knew the same things about all aspects of medicine, it would be:

Select one:

a. better because then we could just go to one doctor with no loss of quality in medical care.

b. better because total medical knowledge in society would increase.

c. worse because the human brain is limited.

d. worse because total medical knowledge in society would decrease.

5-The slope of the production possibilities frontier at a given point indicates ______.

Select one:

a. the preferences of a country.

b. a country\'s total gains from trade.

c. a country\'s opportunity cost of production.

d. a country\'s trade balance.

6- Which of the following is typically a result of the division of knowledge?

Select one:

a. The society runs with the knowledge of a few persons.

b. Each person has the same knowledge as everyone else.

c. Labor productivity is higher..

d. No one specializes in any activity.

7-The production possibilities frontier shows:

Select one:

a. the combinations of outputs a country can produce given its resources and productivity.

b. the combinations of inputs that a country has given its outputs and productivity.

c. the combinations of outputs and resources that a country possesses given its productivity.

d. the maximum level of a country\'s productivity given its resources and outputs.

8-Producers who have absolute advantages in all goods:

Select one:

a. cannot exist.

b. have no use for trade.

c. are better off specializing in their comparative advantages and trading for other goods.

d. should avoid the global division of labor because it is counterproductive for them.

9-The real cost of producing a good is:

Select one:

a. the dollar cost of inputs used to make the item.

b. the opportunity cost of producing the good.

c. the resources that were used to make the good.

d. the dollar amount it costs to sell the good.

Solution

Ans

1 C because human brain is limited and it can\'t efficiently handle all knowledge

2 c. It again is c. It shows OPPUTUNITY cost

3 c Again it results in higher labour productivity due to repetion gaining skill etc. So answer is c

4 A is right. Given resources and technology it shows the maximum output that can be produced

5 c. Each should focus on comparative advantage

6 OPPUTUNITY costs shows real cost

Was required to answer only 4 parts according to Chegg policy but still answered all Please please like answer.