Sample Midterm #1 (answers included)

Sample Midterm #1 (answers included) - ECO 302...

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ECO 302 Spring 2016 International Trade Prof. Zhen Sample Midterm #1 Name: I. Multiple Choices Circle the best answer in each of the following multiple choice questions. 1.The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to ________ and it ________ as more cloth is produced. A) -MPL F /MPL C ; becomes steeper B) -MPL F /MPL C ; becomes flatter C) -MPL F /MPL C ; is constant D) -MPL C /MPL F ; becomes steeper E) -MPL C /MPL F ; is constant 2. Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to
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