QUIZ 5 - QUIZ 5 Recitation for Economics 2010-400 Principles of Microeconomics Fall 2007 Name Recitation day and time Directions 1 Choose the best

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QUIZ 5 Recitation for Economics 2010-400 – Principles of Microeconomics Fall 2007 Name:____________________________ Recitation day and time: ___________ Directions : 1. Choose the best available alternative. 2. Please, write the answers on the answer sheet! 1. Which of the following concepts is NOT illustrated by the production possibilities frontier? a. efficiency b. opportunity cost c. equity d. tradeoffs 2. When a production possibilities frontier is linear it shows a. a truer picture of real life than a bowed out production possibilities frontier. b. that resources are perfectly exchanged from the production of one good to another. c. an example of increasing opportunity cost. d. all of the above are correct. Use the graph below to answer questions 3 and 4. 3. On the production possibilities frontier shown, the economy can produce at which point or points? a. B, D, E b. A, B, D, E c. D, C d. D 4. On the production possibilities frontier shown, which point or points are inefficient? 1
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a. A, C b. D, C c. C d. D 5. A demand curve shows the relationship a. between income and quantity demanded. b. between price and income.
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This note was uploaded on 02/28/2008 for the course ATOC 1050 taught by Professor Forrest,be during the Fall '06 term at Colorado.

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QUIZ 5 - QUIZ 5 Recitation for Economics 2010-400 Principles of Microeconomics Fall 2007 Name Recitation day and time Directions 1 Choose the best

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