1 - Page 1 ECON 201 Mid-Term Fall 2001 Dr D Jaques M/C...

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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: 3. Which of the following would not be found on one of the axes of a production possibilities curve graph? 4. The difference between points inside the production possibilities curve and those on the curve is that: underused. I: . "rp.',
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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: Fighter Jets R ew T v Satellites Figure 1.3
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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? Computers -._~- ...... Computers - ..... --.- " ........... ...... ......... ~, '. '. -. " '. " .. .. \ , , . , Food Dlaarill11A Computers Food DiagramD DiagramC Figure 1.4 8. Microeconomic analysis can be used to: 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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