exam micro - question

exam micro - question - Murat F. Iyigun Fall 2003 ECON...

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Murat F. Iyigun Fall 2003 ECON 2022: Principles of Microeconomics Final Examination Please read each question carefully and circle the choice that is most suitable. Each correct answer is worth 2 points.
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1. The production possibilities frontier is a. a map which shows the frontier beyond which agriculture is unprofitable. b. a map which shows areas of the world in which capitalist production is now possible. c. a graph that shows the various combinations of output the economy can possibly produce given the available resources and technology. d. a graph which shows the various combinations of resources that can be used to produce a given level of output. 2. On the production possibilities frontier shown, which point or points are possible for this economy to produce? a. A, B, C, D b. A, B, C, F c. A, B, C, D, E, F d. D 3. On the production possibilities frontier shown, which point represents the maximum possible production of CD s? a. A b. B c. C d. D 4. On the production possibilities frontier shown, which point or points are NOT possible for this economy to produce? a. D b. E, F c. A, B, C d. D, E, F
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5. On the production possibilities frontier shown, which point or points are efficient? a. A, B, C b. A, C, F c. E d. D 6. On the production possibilities frontier shown, which point or points are inefficient? a. A, B, C b. E, F c. B d. D These figures illustrate the production possibilities frontiers for Robinson Crusoe and Friday with 12 hours of labor. 7. Refer to the graphs given. For Robinson Crusoe the opportunity cost of 1 pound of fish is a. 2 pounds of coconuts. b. 1/2 pound of coconuts. c. 4 pounds of coconuts. d. 1/4 pound of coconuts.
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Refer to the graphs given. For Friday the opportunity cost of 1 pound of fish is a. 1 pound of coconuts. b. 3/2 pounds of coconuts. c. 1/3 pound of coconuts. d. 2 pounds of fish. 9. Refer to the graphs given. For Robinson Crusoe the opportunity cost of 1 pound of coconuts is a. 2 pounds of fish. b. 1/2 pound of fish. c. 4 pounds of fish. d. 1/4 pound of fish. 10. Refer to the graphs given. For Friday the opportunity cost of 1 pound of coconuts is a. 2/3 pound of fish. b. 3 pounds of fish. c. 1 pound of fish. d. 2 pounds of fish. 11. Refer to the graphs given. Robinson Crusoe has an absolute advantage in __________ and Friday has an absolute advantage in __________. a. fish, coconuts b. coconuts, fish c. neither good, both goods d. both goods, neither good 12. Refer to the graphs given. Robinson Crusoe has a comparative advantage in __________ and Friday has an absolute advantage in __________. a. fish, both goods b. fish, coconuts c. fish, neither good d. coconuts, fish 13. Refer to the graphs given. Robinson Crusoe has an absolute advantage in __________ and Friday has a comparative advantage in __________. a. coconuts, fish
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This note was uploaded on 05/20/2010 for the course MARKETING 107 taught by Professor Vivian during the Spring '10 term at SCA NC.

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exam micro - question - Murat F. Iyigun Fall 2003 ECON...

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