Answer+Keys+to+Quiz+1

Answer+Keys+to+Quiz+1 - Answer Key to Quiz 1 Global Economy...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Answer Key to Quiz 1 Global Economy, Econ 13/IS 13 1. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of not working is: (5 points) a. the $24 she could have earned had she worked. b. the enjoyment she would have received from watching the video minus $24. c. the enjoyment of watching the video. d. none of the above. 2. When income rises, the demand curve for inferior goods: (5 points) a. shifts to the right. b. shifts to the left. b. Stays the same. d. none of the above. 3. If apples and oranges are substitutes then as the price of apples increases: (5 points) a. the demand curve for apples will shift to the left. b. the supply curve for apples will shift to the right. c. the supply curve for oranges will shift to the left. d. the demand curve for oranges will shift to the right. 4. It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours to produce every good than it takes German workers. True or False? (5 points) 5. Trade can make some individuals worse off, even as it makes the country as a whole better off. True or false? (5 points) 6. Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $25. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $10. Both Julia and Jacque be better off if she pays
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/23/2010 for the course ECONOMICS Econ 13 taught by Professor Georgesarraf during the Spring '10 term at UC Irvine.

Page1 / 3

Answer+Keys+to+Quiz+1 - Answer Key to Quiz 1 Global Economy...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online