Exam1 Review Test

# Exam1 Review Test - New(Spring 07 Eco 2023 Review Exam 1...

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New (Spring 07) Eco 2023 Review Exam 1: Answers at the end of the exam. 5) Consider two individuals, Willy and Blithe, who produce carrots and apples. Table 3.1 shows how much of each good Willy and Blithe can produce in one hour. Willy's opportunity cost of one apple is: A) 2/3 carrot. B) 4 carrots. C) 1 carrot. D) 6 carrots. 6) Based on the data in Table 3.1: A) Blithe should specialize in both goods. B) Willy should specialize in both goods. C) Willy should specialize in apples and trade for carrots. D) Willy should specialize in carrots and trade for apples. 7) Consider two individuals, Willy and Blithe, who produce carrots and apples. Table 3.1 shows how much of each good Willy and Blithe can produce in one hour. Blithe's opportunity cost of one apple is: A) 6 carrots. B) 1 carrot. C) 1/3 carrot. D) 4 carrots. 4.18
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## This note was uploaded on 12/16/2009 for the course ACCT 116B 00138 taught by Professor Seymour during the Fall '09 term at Mesa CC.

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Exam1 Review Test - New(Spring 07 Eco 2023 Review Exam 1...

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