midterm2_w2016A.pdf - Section_Student Name ECON 3 Winter...

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Section ____________________Student Name__________________________________ 1 ECON 3 Winter 2016A SECOND MIDTERM EXAMINATION There are 25 True/False questions worth 2 points each, 2 short answer questions worth 50 points for a total of 100 points. Budget your time in each section accordingly. For the short answer section, feel free to comment and explain answers in bullet points rather than in well-crafted essays. (i.e. I’m more interested in the substance and content of your answer than in the style you present it.) Please write legibly. True/False: Use computer scantron. Fill “A” for True. “B” for False (2 pts each): Questions 1-15: Suppose Sweden, a small importing country, imposes a quota on imports of apples from all exporting countries in the world. All the other countries in the world are engaged in free trade in apples before and after the quota introduction in Sweden (assume perfect competition). Questions 1-3: Before the quota introduction … 1. Sweden has comparative advantage in producing apples. 2. In Sweden, the quantity of apples consumed is higher than the quantity of apples produced. 3. Sweden is importing apples from the lowest-cost exporter of apples. Questions 4-11: After the quota introduction … 4. The imports of apples decrease in Sweden. 5. The domestic price of apples decreases in Sweden.
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