EC 201 Quiz 1 - Q uiz 1 1 For an economist the cost of...

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Quiz 1 1. For an economist, the cost of something is: a. what you gave up to get it. 2. Which of the following is an example of marginal analysis? a. What additional output does a family business produce when it hires one more worker? 3. Which of the following methods of reducing pollution is likely to be most effective? a. imposing a tax per unit of pollution generated 4. Figure: Production Possibilities Curve for Tealand Reference: Ref 2-1 (Figure: Production Possibilities Curve for Tealand) In the accompanying figure, Tealand is currently producing at point C on its production possibilities frontier. What is the opportunity cost in Tealand of increasing the production of tea from 20 million cups to 30 million cups? a. 5 million scones 5. If Poland decides to increase the production of steel—and decrease the production of vodka —the production possibilities frontier would suggest that there will be a(n)____________ opportunity cost of producing more steel. a.
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This note was uploaded on 08/14/2010 for the course ECONOMICS 201 taught by Professor Rcollier during the Spring '10 term at Portland CC.

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EC 201 Quiz 1 - Q uiz 1 1 For an economist the cost of...

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