Quiz #2 sol - Principles of Microeconomics ECON 101 6-28-06...

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d d d d Principles of Microeconomics ECON 101 6-28-06 Quiz #2 1. If an individual is able to produce a good with relatively less time, effort, or resources than anybody else, then that individual has a. avoided opportunity costs. b. an interaction advantage. c. cornered the market. d. removed scarcity. e. a comparative advantage. 2. Given a production possibilities curve for defense goods and non-defense goods, if a nation is producing at a point inside the production possibilities curve, then a. too many resources are being used for non-defense goods. b. only new technology will increase the production of defense or non-defense goods. c. too many resources are being used for defense goods. d. society is maximizing output from the limited number of resources. e. it is possible to increase defense goods without sacrificing non-defense goods. Price Quantity Demanded Quantity Supplied $1 1000 100 $2 900 350 $3 500 500 $4 300 1000 $5 100 1200 3. Consider the market represented by the table above.
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Quiz #2 sol - Principles of Microeconomics ECON 101 6-28-06...

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