Exam_1_Green_Econ_252_Spring_2006

Exam_1_Green_Econ_252_Spring_2006 - Econ 252 Macroeconomics...

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Econ 252 Macroeconomics Exam 1 Green CL50 Room 224 Tuesday February 7 th , 2006 Name ( Please PRINT ): Last Name First Name Student ID #: Place a checkmark next to your section number then record the 4-digit section number on the scantron. 0101 Monday/Wednesday/Friday 8:30 a.m. – 9:20 a.m. 0201 Monday/Wednesday/Friday 9:30 a.m. – 10:20 a.m. No calculators are allowed. You will not need a calculator for this exam. No brimmed hats are allowed. If you are wearing a hat with a brim, turn the brim to the back. All cell phones are to be turned off and put away. You will be in danger of receiving a zero on the exam if your cell phone is on or not put away Do not begin the exam until the instructor tells you to. While waiting, fill out your scantron completely and accurately and read the remaining instructions on this page. If any suspicious behavior is noted, you will be moved and may also receive a zero on the exam. Cheating will not be tolerated. Exam 1 contains 30 questions on 5 pages. Please be sure that you have 5 pages in your test booklet. If not, please inform the instructor before you begin the exam. Please mark all answers on BOTH the test booklet and the scantron. Once you are finished, please take both your test booklet AND answer sheet to the proper station. Econ 252, Spring 2006 Page 1 of 5 Exam 1 Green
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1. Economist ________ argued that the true wealth of nations (their citizens’ material well being) can be increased if each country produces the goods for which it has an absolute advantage and then engages in free trade with the other countries. a) David Ricardo b) John Maynard Keynes c) Milton Friedman d) Adam Smith 2. Economist ________ argued that trade benefits two countries when each has a comparative advantage in the production of different goods. a) David Ricardo b) John Maynard Keynes c) Milton Friedman d) Adam Smith QUESTIONS 3 THROUGH 7 REFER TO THE ECONOMIC CONDITIONS BELOW: England and Scotland both produce gin and scotch. Suppose an English worker can produce a bottle of Scotch in 3 hours and a bottle of Gin in 4 hours. A Scottish worker can produce a bottle of Scotch in 5 hours and a bottle of Gin in 8 hours. 3. Considering absolute advantages in production, we may conclude that _______ has an absolute advantage in the production of gin. Furthermore, we may conclude that _________ has an absolute advantage in the production of scotch. a)
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This note was uploaded on 01/21/2011 for the course ECON 252 taught by Professor Robertholand during the Spring '08 term at Purdue.

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Exam_1_Green_Econ_252_Spring_2006 - Econ 252 Macroeconomics...

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