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Unformatted text preview: ECO 304K: INTRODUCTION TO MICROECONOMICS Unique # 33645, Fall 2009, Prof. Wiseman Quiz 7 Select the single best answer for each question. 1. In a given period, a worker can produce either 200 pairs of shoes or 100 hats. What is the opportunity cost of 1 hat? A. 1/2 of a pair of shoes B. 2/3 of a pair of shoes C. 1-1/2 pairs of shoes D. 2 pairs of shoes 2. Trade between a wealthy nation and a poor nation is likely to: A. Harm all workers in the poor nation, who will make less than workers in the wealthy nation and are therefore exploited B. Harm some workers in the wealthy nation, who will lose their jobs to the low-wage workers in the poor nation C. Reduce the overall well-being of both nations D. Harm consumers in both nations, who will find that they have to pay a larger amount of money for the goods they used to buy from domestic producers but are now imported 3. Some states allow any law-abiding citizen to carry a concealed weapon on his or her person after acquiring a license to do...
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This note was uploaded on 02/14/2010 for the course ECO 304K taught by Professor Hickenbottom during the Spring '10 term at University of Texas at Austin.
- Spring '10