practiceexam1B

# practiceexam1B - ECON 251 Exam#1 Fall 2008(Practice Exam#1B...

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ECON 251 Exam #1 Fall 2008 (Practice Exam #1B for Fall 2009) 1. Rob is thinking of going to a movie tonight. He hasn’t bought a ticket yet, and tickets cost \$10. He’ll also have to miss 2 hours of work (at \$5 per hour) to go. What’s the opportunity cost of going to the movie, given this information? a. \$10 b. \$5 c. \$20 d. 2 hours 2. Which of the following is NOT a factor of production? 3. Scott produces 4 pizzas or 8 sandwiches in an hour. Caroline produces 5 pizzas and 7 sandwiches in an hour. Based on this information, which of the following is true? 4. Scott produces 4 pizzas or 8 sandwiches in an hour. Caroline produces 5 pizzas and 7 sandwiches in an hour. If the number of sandwiches produced in an hour is measured on the X axis, and the number of pizzas produced in an hour is measured on the Y axis, then 5. Anna can produce either rice or footballs. One pound of rice costs 2 footballs. If one feasible and efficient production point for Anna is 10 footballs and 5 pounds of rice in one day, what is the largest quantity of rice Anna could produce in one day? a. 2.5 pounds b. 5 pounds c. 10 pounds d. 15 pounds 6. If a country discovers new resources, this will, other things equal, result in the country’s Kelly Blanchard Page 1 of 10 Econ 251 Fall 2008 Exam 1 Pink

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A B C D E Mars bars 0 50 100 150 200 M&M's 1000 750 500 250 0 7. What is the marginal cost of Mars bar production between C and D?
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