{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

exam micro - question

# exam micro - question - Murat F Iyigun Fall 2003 ECON 2022...

This preview shows pages 1–5. Sign up to view the full content.

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.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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? 4. On the production possibilities frontier shown, which point or points are NOT possible for this economy to produce?
5. On the production possibilities frontier shown, which point or points are efficient? 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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
8. Refer to the graphs given. For Friday the opportunity cost of 1 pound of fish is 9. Refer to the graphs given. For Robinson Crusoe the opportunity cost of 1 pound of coconuts is 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 __________.
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 13

exam micro - question - Murat F Iyigun Fall 2003 ECON 2022...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online