ECON&201 ARR Exam 1[1]

ECON&201 ARR Exam 1[1] - ECON&201 Exam 1...

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Unformatted text preview: ECON&201 Exam 1 (arranged) Instructions: Save this file to your desktop including your name in the filename. Answer the questions by filling in blanks, selecting from among choices or otherwise. If you have trouble with the answer blanks, just type your answer at the bottom of the question, or use some other method to indicate what you mean. I will be grading these by hand, so as long as I know your intent it should work. 1. The diagram shows a production possibilities curve for a small nation that produces only two goods: track suits and fruitcakes. A) What amount of track suit production is sacrificed to go from 2,700 to 3,000 in fruitcake production? 200 track suites B) What amount of track suit production is sacrificed to go from 0 to 1,300 fruitcakes? 450 track suits C) What amount of fruitcake production is sacrificed to go from 400 to 450 track suits? 500 fruitcakes D) The principle that explains the shape of the curve is called the principle of increasing opportunity cost or the low-hanging fruit principle. 2. The diagram shows a market for hamburgers. Please fill in the following answers (for quantities, round 2....
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This note was uploaded on 09/08/2008 for the course ECON 201 taught by Professor Tibett during the Spring '08 term at Pierce College.

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ECON&201 ARR Exam 1[1] - ECON&201 Exam 1...

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