Sample Micro Midterm - Sample Questions for the First Midterm for Economics 182A This is a sample of multiple-choice questions of the type that you can

Sample Micro Midterm - Sample Questions for the First...

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Sample Questions for the First Midterm for Economics 182A. This is a sample of multiple-choice questions of the type that you can anticipate being asked on the first midterm test. The answers to the sample questions are listed at the bottom of this file. Seriously attempt the questions before you consult the answers so that you get some useful information on your current ability to answer correctly the types of questions presented to you in the midterm test. 1. A country can produce only guns and butter. It discovers new additional productive resources. As a consequence the country's production possibility frontier (a) has higher opportunity costs of production for both guns and butter. (b) has smaller opportunity costs of production for both guns and butter. (c) has the same opportunity costs of production as before. (d) does not change. (e) shifts outward. 2. Bob mows his lawn. In the time used to mow his lawn he could have done any one,

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