quiz 1 - A): 1 bolt B): 1/2 bolt C): 8/6 bolts D): 8 bolts...

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T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS E CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU Q UIZ O NE J AN 10, 2008 P RINT Y OUR N AME _____________KEY________________________________ S OCIAL S ECURITY N UMBER (O PTIONAL ) ________________________________ S IGN Y OUR N AME __________________________________________________ I NSTRUCTIONS : Y OU HAVE 12 MINUTES TO COMPLETE THE QUIZ . T HE QUIZ TOTALS 2 POINTS . Y OU HAVE 4 MULTI - CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE HALF POINT . P LEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE , AND TURN IN THIS PAGE ONLY . Y OU KEEP THE QUIZ PROBLEMS . P ICK THE BEST ANSWER FOR EACH QUESTION . P ROBLEM 1 P ROBLEM 2 P ROBLEM 3 P ROBLEM 4 C A B D 1
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1, refer to the production possibilities frontier in the left figure below. Which production point indicates that resources are NOT fully utilized? A): Point a B): Point b C): Point c D): Point e 2, Victor currently produces nuts and bolts at point a in the figure below. Victor's marginal cost of producing an additional nut is ________.
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Unformatted text preview: A): 1 bolt B): 1/2 bolt C): 8/6 bolts D): 8 bolts 2 3, In the economic coordination Circular Flow, which of the following is correct? A): wages flow from household to firms at the factor market B): interests flow from firms to household at the factor market C): goods flow from firms to households at the factor market D): labor flows from household to firms at the goods market 4, In the table below, Country A Country B Good X (units of X ) Good Y (units of Y ) Good X (units of X ) Good Y (units of Y ) 16 12 2 12 2 9 4 8 4 6 6 4 6 3 8 10 A): country A has an absolute advantage. B): country B has an absolute advantage. C): country A has a comparative advantage in good X. D): country B has a comparative advantage in good X. THE END 3...
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This test prep was uploaded on 04/19/2008 for the course ECON 200 taught by Professor Newton during the Spring '08 term at Ohio State.

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quiz 1 - A): 1 bolt B): 1/2 bolt C): 8/6 bolts D): 8 bolts...

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