OHIO THE STATE UNIVERSITY DEPARTMENT OF ECONOMICS ECON 200N, WINTER 2008 INSTRUCTOR: YU ZHOU QUIZ ONE JAN 10, 2008
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INSTRUCTIONS:
YOU HAVE 12 MINUTES TO COMPLETE THE QUIZ. THE QUIZ TOTALS 2 POINTS. YOU HAVE 4 MULTI-CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE HALF POINT. PLEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE, AND TURN IN THIS PAGE ONLY. YOU KEEP THE QUIZ PROBLEMS. PICK THE BEST ANSWER FOR EACH QUESTION.
PROBLEM 1
C
PROBLEM 2
A
PROBLEM 3
B
PROBLEM 4
D
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1, refer to the production possibilities frontier in the left figure below. Which production point indicates that resources are NOT fully utilized?
A): Point a B): Point b C): Point c D): Point e
2, currently Victor produces nuts and bolts at point a in the figure below. Victor's marginal cost of producing an additional nut is ________.
A): 1 bolt B): 1/2 bolt C): 8/6 bolts D): 8 bolts
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3, In the economic coordination Circular Flow, which of the following is correct? A): wages flow from household to firms at the factor market B): interests flow from firms to household at the factor market C): goods flow from firms to households at the factor market D): labor flows from household to firms at the goods market
4, In the table below, Country A Good X (units of X) 0 2 4 6 8 16 12 8 4 0 Good Y (units of Y) 0 2 4 6 10 Good X (units of X) 12 9 6 3 0 Country B Good Y (units of Y)
A): country A has an absolute advantage. B): country B has an absolute advantage. C): country A has a comparative advantage in good X. D): country B has a comparative advantage in good X.
THE END
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