Warm_up_prelim_I__Kyle___Wissink

Warm_up_prelim_I__Kyle___Wissink - Econ 002 Kyle and...

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Econ 002 Kyle and Wissink Prelim I practice MC problems Warm up for Prelim I _____Consider the Production Possibility Frontier (P.P.F.) for Chengdu, China. If the unemployment rate in Chengdu decreases from 8% to 7.5%, the Chengdu economy will A. move along its P.P.F. B. experience an outward expansion/shift of its P.P.F. C. move its economy’s output allocation closer to an allocation that is actually on the P.P.F. D. experience stagflation. E. move from being within the P.P.F. to being on the P.P.F. _____The market for boots is unregulated and is presently characterized by excess demand due to the heavy snows. You accurately predict that while it’s still winter the A. price of boots will increase, the quantity demanded will fall, and the quantity supplied will rise. B. price of boots will increase, the quantity demanded will rise, and the quantity supplied will fall. C. price of boots will decrease, the quantity demanded will fall, and the quantity supplied will rise. D. price of boots will decrease, the quantity demanded will rise, and the quantity supplied will fall. E. price of boots will increase, the demand will fall, and the supply will rise. _____Which of the following individuals is considered unemployed according to the way the U.S. calculates their official statistics? A. A former blue-collar worker, now out of work for half a year, who starts to enjoy staying at home and has stopped looking for work. B. A 15-year-old who lost his job from a local restaurant and is actively looking for another one. C. A college sophomore, who is actively looking for an unpaid summer intern on Wall Street. D. A Chrysler auto worker, just laid off last week, who is trying to get back into his old job or find a new one and is searching. E. A female with a Ph.D. in physics who decides to stay home and take care of her children. _____If 2006 is taken as the base year, and the 2007 C.P.I. is 80, then between 2006 and 2007 : A. there is inflation of 20%. B. there is deflation of 20%. C. there is inflation of 25%. D. there is stagflation of 20% E. there is a hyperinflation. LSC, Spring 2008 page1 of 4
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Econ 002 Kyle and Wissink Prelim I practice MC problems _____Which of the following is necessarily true if the law of diminishing returns applies in the production of cigars? A.
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Warm_up_prelim_I__Kyle___Wissink - Econ 002 Kyle and...

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