ECON224 Test 1 Review

ECON224 Test 1 Review - Name: _ Class: _ Date: _ ID: A...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Review 01 Multiple Choice Identify the choice that best completes the statement or answers the question. Table 3-1 Assume that Sardi and Tinaka can switch between producing corn and producing pork at a constant rate. Minutes Needed to Make 1 Bushel of Corn Pound of Pork Sardi 20 12 Tinaka 15 10 ____ 1. Refer to Table 3-1. Assume that Sardi and Tinaka each has 360 minutes available. If each person divides his time equally between the production of corn and pork, then total production is a. 10.5 bushels of corn and 16.5 pounds of pork. b. 21 bushels of corn and 33 pounds of pork. c. 35 bushels of corn and 22 pounds of pork. d. 42 bushels of corn and 66 pounds of pork. ____ 2. Refer to Table 3-1. What is Sardi’s opportunity cost of producing one bushel of corn? a. 3/5 pound of pork b. 6/5 pounds of pork c. 4/3 pounds of pork d. 5/3 pounds of pork ____ 3. Refer to Table 3-1. What is Tinaka’s opportunity cost of producing one bushel of corn? a. 2/3 pound of pork b. 3/4 pound of pork c. 5/6 pound of pork d. 3/2 pounds of pork ____ 4. Refer to Table 3-1. Sardi has an absolute advantage in the production of a. corn and Tinaka has an absolute advantage in the production of pork. b. pork and Tinaka has an absolute advantage in the production of corn. c. both goods and Tinaka has an absolute advantage in the production of neither good. d. neither good and Tinaka has an absolute advantage in the production of both goods. ____ 5. A competitive market is a market in which a. an auctioneer helps set prices and arrange sales. b.
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ECON224 Test 1 Review - Name: _ Class: _ Date: _ ID: A...

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