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Practice Exam 1 Key F10

# Practice Exam 1 Key F10 - ECO369 International Economic...

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ECO369 International Economic Issues GVSU, Wei Sun PRACTICE EXAM 1 Answer Key NAME: I. Multiple Choice Questions. Write your answers clearly in the boxes below. Only answers in the boxes will be graded. 1B 2C 3A 4C 5A 6B 7D 8D 9B 10B 11B 12C 1. If the relative price of Nike shoes in terms of Fubu shoes is 3, Nike shoes are \$120 per pair, how much is each pair of Fubu shoes? a) \$360 b) \$40 c) \$120 d) \$60 2. A country’s PPF shows constant opportunity cost, its downward sloping PPF must be 3. Assuming that the opportunity cost of soybean (in terms of textile forgone) at some point along a country’s PPF is 2, and given the relative price is 3, which of the following is true? 4. Suppose that a farmer has an endowment of 20 bushels of barley. The relative price of barley (in terms of wheat) is 4. Draw the farmer’s budget line and place barley along the horizontal axis. Which of the following is False?

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