Exam_1_Yellow_Econ_252_Spring_2006

# Exam_1_Yellow_Econ_252_Spring_2006 - Econ 252...

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1. A tariff imposed on imports of steel will benefit: a) domestic producers of steel c) foreign producers and consumers of steel b) domestic consumers of steel d) All of the above. 2. To produce good A, a producer uses 2 units of good B and 3 units of good C. He pays \$2.00 for each unit of good B and \$1.00 for each unit of good C. He sells good A for \$10.00 per unit. The value added in production of good C is _____ per unit produced. a) \$1.00 b) \$2.00 c) \$3.00 d) \$4.00 3. We discover that variables X and Y are positively correlated. We may conclude: a) X and Y are directly related variables. b) A rise in X will cause a rise in Y, or a rise in Y will cause a rise in X. c) On average, when the value of X is above its mean, the value of Y will be above its mean. d) All of the above are correct. 4. Given the Production Possibilities Frontier shown here, the opportunity cost in production of Butter is greatest at basket: a) A b) B c) C d) D 5. Given the Production Possibilities Frontier shown here, the opportunity cost in production of Butter is smallest at basket: a) A b) B c) C d) D 6. Given the Production Possibilities Frontier shown here, the
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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 University-West Lafayette.

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Exam_1_Yellow_Econ_252_Spring_2006 - Econ 252...

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