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Unformatted text preview: Page 1 ECON 201 Mid-Term Fall 2001 Dr. D. Jaques M/C 1. Which of the following is not a factor of production? a. human capi tal b. physical capital c. money d. natur-al resources 2. The set of all attainable combinationH of goods and services is illustrated by the: a. scarcity curve. b. production possibilities curve. c. set of infeasible production. d. efficiency frontier. 3. Which of the following would not be found on one of the axes of a production possibilities curve graph? a. quantity of airplanes b. quantity of natural resources c. quantity of doctor's office visits d. quantity of students finishing college e. quantity of cars 4. The difference between points inside the production possibilities curve and those on the curve is that: a. for any point inside the curve we can find a point on the curve that generates more of both goods. b. for any point inside the curve we can find a point on the curve that generates less of both goods. c. if an economy is producing at a point inside the curve resources are fully employed. d. if an economy is producing at a point on the curve some resources might be underused. I: . "rp.', Page 2 5. According to Figure 1.3, at which point is it possible for the economy to produce more of both goods? a. R b. S c. T d. U Fighter Jets R ew T v Satellites Figure 1.3 6. According to Figure 1.3, the best possible point of production for this economy is: a. R b. S c. w d. Cannot be determined based on the information provided. Fighter Jets R ew T v Satellites Figure 1.3 Page 3 7. O'Sullivania, a small country, produces two types of goods: computers and food. O'Sullivania's initial production possibilities frontier is denoted by the solid line on Figure 1.4. Suppose that O'Sullivania's computer industry enjoys a technological innovation while its agricultural community faces a significant drought. Which diagram shows the most likely change in the produce ion possibilities frontier? a. A b. B c. C d. None of the above are correct. Computers -._~- ...... Computers -.....--.- " ........... . . . . . . . . ~, '. '.-. " '. " .. .. \ , , . , Food Dlaarill11A Computers Food DiagramD DiagramC Figure 1.4 8. Microeconomic analysis can be used to: a. better understand how markets work. b. make personal or managerial decisions. c. evaluate the merits of public policies. d. All of the above are correct. 9. Which of the following is not a macroeconomic question? a. Should we have a constitutional amendment to balance the federal budget? b. Do employers discriminate against women by paying them lower wages? c. How does a political candidates' economic reform package affect the inflation rate? d. All of the above are macroeconomic questions ....
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1 - Page 1 ECON 201 Mid-Term Fall 2001 Dr. D. Jaques M/C 1....

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