Test _1 final version

Test _1 final version - BA 315 Economy Industry and...

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Unformatted text preview: BA 315: Economy Industry and Competitive Analysis Student Name: _______________ Final Exam, Winter 2006 Lundquist College of Business University of Oregon Ali Emami Please answer all questions. Each question is worth one point. Use the following to answer question 1: Figure 1 - Production-possibilities curve A B C D O F F I C E B U I L D I N G S HOUSING 1. Society is producing the maximum potential output, given its existing resources and technology. Select the appropriate point. (See Figure 1) A) A B) B C) C D) D 2. Limited resources: A) Act as a constraint on what can be produced. B) Require economic choices to be made. C) May cause tradeoffs when the mix of output changes. D) All of the above. 3. The economic problem of scarcity exists because: A) We are capable of producing more than people actually want. B) Society's desires exceed the capability of the resources available to satisfy those desires. C) Of opportunity costs. D) The world is running out of resources such as petroleum, for example. Use the following to answer question 4: Table 1 - Production possibilities for missiles and houses Table 1 shows the tradeoff between different combinations of missile production and home construction, ceteris paribus. Complete the table by calculating the required opportunity costs for both missiles and houses in cells marked by”?”. Then answer the question number 4 below. Combination Number of Houses Opportunity cost of Houses in terms of Missiles Number of missiles per House Number of Missiles Opportunity cost of Missiles in terms of Houses Number of Houses per Missile S 100...
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This test prep was uploaded on 04/22/2008 for the course ECON 315 taught by Professor Aliemami during the Spring '08 term at Oregon.

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Test _1 final version - BA 315 Economy Industry and...

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