Economics and Policy
Economics and Policy ECON 2100
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This 0 page Class Notes was uploaded by Wilfrid Schuster on Monday November 2, 2015. The Class Notes belongs to ECON 2100 at Georgia Institute of Technology - Main Campus taught by Brian Hunt in Fall. Since its upload, it has received 9 views. For similar materials see /class/234296/econ-2100-georgia-institute-of-technology-main-campus in Economcs at Georgia Institute of Technology - Main Campus.
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Date Created: 11/02/15
ECON 2100 GT Quiz 1 Chapter 2 Wed 0901 10 questions Name Date Use the following to answer question 1 Eastland and Westland produce only two goods peaches and oranges and this gure shows each nation39s production possibilities curve for the two goods Figure Comparative Advantage 2 Eastland Westland Oranges Oranges 150 130 SCI 90 El 50 7 FEI EJZI EU SCI 5le I1CI 4113 31239 31239 21 2121 39III 10 739 El 41 ED 301001213140160150230 3 20 40 ED Bl1CD12C 14E391EWHE ZUE Peaches Peaches 1 Figure Comparative Advantage 2 The opportunity cost of producing 1 unit of oranges for Eastland is A 1 unit of peaches B l 4 units of peaches C 4 units of peaches D 10 units of peaches Page 1 2 Coworkers Yvonne and Rodney are trying to nish cleaning up the store by washing dishes and sweeping the oors To nish both tasks as quickly as possible they know that each of them should focus on just one task but they don39t know who should do what To decide which coworker should wash dishes Yvonne and Rodney should determine which one A has the absolute advantage in dishwashing B has the comparative advantage in dishwashing C has the largest production possibilities frontier in dishwashing D can complete the dishwashjng in the least amount of time Use the following to answer questions 34 Figure Guns and Butter Guns per period Production possibilities CLI NB 1393 0 d B 12 16 18 20 Butter per period E Figure Guns and Butter This production possibilities curve is A bowed out from the origin because of increasing opportunity costs B bowed in toward the origin because of increasing opportunity costs C bowed in toward the origin because of constant cost of guns and butter D linear because of constant costs 5 Figure Guns and Butter The combination of guns and butter at point H A can be obtained but would cost too much B cannot be attained given the level of technology and the factors of production available C has no meaning since it does not relate to the preferences of consumers D is attainable but would increase unemployment V Page 2 Use the following to answer question 5 Table Production Possibilities Schedule 2 Production alternatives ICapital goods per period I 0 1 IConsumer goods per period I 20 18 XlllZl 2341 141 8 0 5 Table Production Possibilities Schedule 2 If the economy is producing at alternative X the opportunity cost to it of producing at Y instead of X is goods per period A 0 B 6 C 8 D 14 0 origin of a graph demonstrates the law of A increasing opportunity cost B decreasing opportunity cost C constant opportunity cost D concave opportunity cost Page 3 units of consumer The fact that a society s production possibilities curve is bowed out or concave to the Use the following to answer question 7 Fignr Cnnmmer and Capital Gnnds omnmt time tntnntmt Cnn 2 99nd mmttnut 7 thute Consumer and Capttai Goods The movement ftom Curve 1 to ottve 2 indica s A th ge ftom unemployment to full employment crease tn the level of teehnoiogy b 1tty B ehan C ads D tnstat to have an A absolutea v ag B en ti ezdvan C ptoduetton posstbtitnes curve D increasing oppottuntty eost E u w than tn Bntatn then the Untted States wt ttatn t m machinery 1 nm Britain D tmpott sweatets ftom Bntatn and expottmaehtnety to Bntatn PigeA Use the following to answer question 10 Table Comparative Advantage 1 Sweden and Finland produce only two goods herring and cell phones and this table shows the maximum amount that each nation can produce of the two goods I erring ell phones 10000 10000 10 Table Comparative Advantage 1 Sweden has a comparative advantage in producing A cell phones only B herring only C both cell phones and herring D none of the above Page 5
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