PracticeQuiz01

Principles of Macroeconomics

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 101: Principles of Economics NAME: Korinna K. Hansen Disc. Section: Practice Quiz 1 Use graphs where necessary, and show your work for the problems below. Be brief, but clear and neat. You can use the back of this page as scrap. We will not look at the back when grading this quiz, so you should present your complete answer by the question. Make sure that you label all your axes and curves . No long full sentences are required for this quiz. Jill and Jack can maw lawns and type pages and neither cares whether they type or mow lawns. The table below gives what they can do in a day.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Lawns Pages Opportunity Cost Opportunity Cost Per Day Per Day of Lawn Mowing of Typing pages Jack 2 20 Jill 8 50 1). (3 points) Fill in the opportunity costs for both tasks above. (You can leave them as ratios). 2). (2 points) Who has the absolute advantage in mowing and in typing? Briefly why. 3). (2 points) Who has the comparative advantage in mowing and typing? Briefly why. 4). (3 points) Graph the production possibility frontiers for Jack and Jill. (Make sure you mark graph with all the information you have....
View Full Document

Ask a homework question - tutors are online