Page1 / 3

ECON_2030_exam_1_answers[1] - ECON 2030 EXAM ONE 1 If an...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
ECON_2030_exam_1_answers[1]

ECON_2030_exam_1_answers[1] - ECON 2030 EXAM ONE 1 If an...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ECON 2030 – EXAM ONE 1 If an economy produces on its production possibility curve, it is using its resources: B: efficiently 2 Suppose you are earning $15 an hour at a bookstore. At that wage you have decided to work 30 hours a week. If your wage were to increase $16 an hour, using the economic decision rule you will most likely choose to work: D: more hours because the opportunity cost of leisure has risen. 3 If the government poses an excise tax on cars equal to $5000 per automobile, the supply of automobiles will shift to the: B: left and the price of automobiles will increase by an unknown amount. 4 This production possibility table shows marginal opportunity costs that are: Bolts Nuts 100 0 80 10 60 20 40 30 20 40 0 50 B: constant 5 Rent control makes apartments: D: hard to find 6 Suppose the equilibrium price of oranges is $0.79, but government takes steps to prevent the price from exceeding $0.60. The likely result will be a: D; shortage of oranges as the price ceiling keeps the market from reaching equilibrium
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
Ask a homework question - tutors are online