MidtermW2006 - Name_ Student Number_ Multiple Choice_ Short...

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Student Number_____________________________ Multiple Choice____________ Short Answer____________ Total_____________ ECON 3150 section M Midterm Exam February 23, 2006 You have 1 hour 20 minutes to complete the test. Please write your name and your student number in the space provided. You should answer every question. Please use pens only . Each multiple choice question is worth 4 points. __________________________________________________________________________ Part I. Circle the best answer for each question: 1. Given the following information: Number of Units Produced by one Unit of Labor Canada Mexico Cloth 10 60 Widgets 20 30 1. Neither country has a comparative advantage. 2. Canada has a comparative advantage in cloth. 3. Mexico has a comparative advantage in cloth. 4. Mexico has a comparative advantage in widgets. 2. Consider the previous question. If the two countries open up to trade 1. Canada will export widgets 2. Mexico will export both goods 3. Canada will export cloth 4. Canada will specialize in cloth 3. Consider the previous question. If the world equilibrium price of widgets were 1 cloths, then 1. both countries could benefit from trade with each other. 2.
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This note was uploaded on 06/09/2010 for the course AP 3150 taught by Professor Allalileeva during the Winter '09 term at York University.

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MidtermW2006 - Name_ Student Number_ Multiple Choice_ Short...

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