Econ 201 Quiz #2 - Gs"v:n-sll^E e-tJ-Name and euiz section...

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Name Gs"v-:n---sll^E e-tJ------ euiz section and rA name -AD---- Quiz2 Econ 201A Spring 2010 Please circle only oneanswer. Total points : 30 Questions 1-7 pertain to the following scenario: The economy of Vino produces two goods: wine and wine barrels. Wine ba:rels areconsidered investment goods' There are 1000 workers in this economy. Each worker can produce 30 gallons of wine or I wine barrel in a year' A gallon of wine is priced at $50. Eath worker is paid Sioooin wagls per year. cunently 900 workers produce wine and 100 remaining workers produce wine barrels. The"government in this country buys l0,0\gallons of wine. The rest of the wine produced is purchased by househ"olds/workers. /\ I I. (,Vino 1) The price of a wine ba:rel in this economv is: \ ,/a. $50 b. $1s0 c. $500 1500 wtno ?) 9l* :colomy of Vino, the value consumption, investment, and government expenditures are: "A.C: $1350K, I= $150K, G = $100K b. C: $1350K, I: $150K, G: $50K -'.CZ $850K, I: $150K, G: $100K W: $850K, I: $150K, G: $500K V ^lYy:_3) The value of National lncome in this economy is: )8fr.* 1 q$1550K ; _, - ,(-.tw t \r>nr^trt .' --w* b,,$lsooK Ibcsr ttov- t\oooo ,x.xyu/ Astssor
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