Econ303 Exam I Type A Answer
Part I (20 points)
True or False
Part II (30 points)
Filling the blanks
Country Carmaniac only produces steel and cars.
The steel company
produces 20 million tons of steel, out of which 16 million tons are sold to the car
company, 3.5 million tons are exported, and 0.5 million tons stay in the steel company’s
inventory stock. Price of steel is $600 per ton. The car company produces 8 million
cars and each sold for $5,000. 5 million cars are sold to households and 3 million are
exported. Households also imported 2 million foreign cars at price of $6,000 each.
Country M has 43.5 million employed workers, 2.7 million unemployed