e1prac - Name EXAM ONE Introduction to Microeconomics ECO...

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Name___________________ EXAM ONE Introduction to Microeconomics ECO 304K Dr. Trinque 21 September 2006 Part One: Memorization 1. Define rationality. (2 points) 2. Modern, complex economies can function only to the extent that most people are willing to engage in unpleasant, menial tasks (like weeding). Our willingness to do so is sustained, in part, by the government activity of removing damaged currency from circulation. Explain how keeping our currency “clean” helps to keep us “well behaved” (in our economic behaviors, at least). (12 points)
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2 MORE SPACE TO ANSWER #2 3. The Production Possibilities Frontier (PPF) is, in general, bowed-out from the origin (concave). List the reasons for this. (6 points) Part Two: Application Jorge, Pat, and Geeta share an apartment. None of them likes to do laundry, nor to clean the floors. TABLE A indicates the maximum number of loads of laundry and the maximum number of floors cleaned that each can do per semester.
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