Midterm ECON 1 study guide - ECON2113, Spring 2016, ECU...

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ECON2113, Spring 2016, ECUPrinciples of MicroeconomicsMidterm Exam 1MULTIPLE CHOICE.Choose the one alternative thatbest completes the statement or answers the question.1) An opportunity cost isA) the dollar amount that is paid.B) another term for all the sunk costs.C) anything the decision maker believescosts to be.D) the benefits of the highest-valuedalternative forgone.E) whatever is paid out and cannot bereduced or reversed.2) In order to study one more hour of economics,you must give up one hour of tennis. The hourof tennis is3) Suppose you have tickets to a hockey game.The tickets cannot be refunded or resold. Indeciding whether or not to attend the game,the cost of the tickets is4) Production efficiency is represented by________ a production possibilities frontier.5) The negative slope of the productionpossibilities frontier represents the ideaA) of unemployment.B) of tradeoffs, that in order to produce moreof one good, the nation must produce lessof another.C) of inefficient production.D) that free lunches are possible.E) that prices rise as less is produced.6) Moving from one point to another on aproduction possibilities frontier implies7) Which point in the figure above is an attainablecombination that would have unemployedresources?ABCDB8) The figure above illustrates a small country'sproduction possibilities frontier. Moving frompointCto pointB, the per unit opportunitycost of computers is ________ per computer.A) 4/5 of a tabletB) 5/4 of a tabletC) 1/4 of a tabletD) 4 tabletsE) 1 computer1
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Chapter 15 / Exercise 05
Principles of Macroeconomics
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9) A country has a comparative advantage in theproduction of a good if it canPossibilityBread(number)Books(number)ABCDE01002003004001,0009007004000

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Principles of Macroeconomics
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Chapter 15 / Exercise 05
Principles of Macroeconomics
Mankiw
Expert Verified

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