Practice+Final - Practice Final Multiple Choice Identify...

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Practice Final Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The collapse of communism in the Soviet Union and Eastern Europe took place mainly in the a. 1960s. b. 1970s. c. 1980s. d. 1990s. ____ 2. When the "invisible hand" guides economic activity, prices of products reflect ____ 3. In order to provide information on two variables, an economist must use ____ 4. When a country has a comparative advantage in producing a certain good, Use the accompanying table to answer the following questions: Table 3-6 Labor hours needed to make one unit of Amount produced in 40 hours Cheese Bread Cheese Bread England 1 2 40 20 Spain 2 8 20 5 ____ 5. Refer to Table 3-6 . If England and Spain specialize and trade based on the principle of comparative advant- age, England will export which product to Spain? a. cheese b. bread c. both cheese and bread d. England cannot benefit from trade with Spain. ____ 6. When the number of buyers in a market increases, a. the market demand curve shifts to the right. b. the demand curves of the individual demanders in the market are unaffected. c. the market demand for the good in question increases. d. Al of the above are correct.
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____ 7. Suppose the American Medical Association announces that men who shave their heads are less likely to die of heart failure. We could expect the current demand for ____ 8. Rent control Figure 8-3 ____
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