e1_102_s08 v3 - Econ 102 Wissink S08 PRELIM #1 Multiple...

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1 Econ 102 – Wissink – S08 PRELIM #1 Multiple Choice Answer Sheet Instructions: Remove this page from the attached pages. Fill in your name and check your TA’s name. Circle opposite each number which of five possible answers you feel is the correct answer. Return this sheet with your exam books at the end of the exam. YOUR NAME: _____________________________ Your C.U. Netid: _____________ TA: Brian __________ Ram ____________ --------------------------------------------------------------------------------------------------------------- CIRCLE ONLY ONE CORRECT ANSWER 1. a b c d e 2. a b c d e 3. a b c d e 4. a b c d e 5. a b c d e 6. a b c d e 7. a b c d e 8. a b c d e 9. a b c d e 10. a b c d e 11. a b c d e 12. a b c d e
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2 Econ 102 - Wissink - S08 PRELIM #1 J. WISSINK February 28, 2008 YOUR NAME: _____________________________ Your C.U. Netid: _____________ TA: Brian __________ Ram ____________ --------------------------------------------------------------------------------------------------------------- INSTRUCTIONS: There are three sections in this exam: Part I: 12 multiple choice questions (3 points each) Part II: 2 problems (15 points each) Part III: 2 problems (15 and 19 points, respectively) ANSWER ALL QUESTIONS. TOTAL POINTS = 100. TOTAL TIME = 90 minutes HINTS: Read all questions carefully. Write legibly and remember to label all graphs and axes in diagrams. NO QUESTIONS CAN BE ASKED DURING THE EXAM: If you need to use the restroom, quietly bring your exam papers up to the TA proctoring and they will hold your materials while you are out at the restroom. NO CELL PHONES. NO GRAPHING CALCULATORS. NO BOOKS. NO NOTES. NO HELP SHEETS. NO TALKING TO EACH OTHER. GOOD LUCK!
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3 Multiple Choice: Make sure to transfer your choices to your answer sheet CAREFULLY! 1. There are two citizens in the local market, Fred and Gilbert. They are producing and consuming two goods: chairs and desks. The table below shows their production abilities: It shows how many labor hours it takes each of them to make one chair and how many labor hours it takes each of them to make one desk. Based on the information you are given, which of the following statements is false ? Chair Info (1 chair) Desk Info (1 desk) Fred 4 hours 2 hours Gilbert 3 hours 1 hour A. Gilbert has an absolute advantage in the production of both goods. B. Fred has a comparative advantage in the production of chairs. C. The two consumers have the potential to benefit from trade. D. Fred has a comparative advantage in the production of both goods. E. The joint production possibilities frontier will be bowed-out. 2. For an economy to produce an output combination beyond its current PPF, the economy must A. increase its resource base. B. produce more of one good and less of another. C. waste less resources. D. reduce its inputs. E. become more isolationist. 3. Suppose the marginal opportunity cost of rice in terms of computers in Japan is 2. Suppose that the marginal opportunity cost of rice in terms of computers is ½ in Korea. If the two countries trade without government restrictions, and transportation costs are negligible, and markets are competitive, then the likely terms of trade between these two countries will fall in the range of A. 4 to 5 computers per unit of rice.
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e1_102_s08 v3 - Econ 102 Wissink S08 PRELIM #1 Multiple...

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