ECON224 Test 1 Review

# ECON224 Test 1 Review - Name Class Date ID A Review 01...

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

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.

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

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 02/10/2011 for the course ECON 224 taught by Professor Ozturk during the Spring '09 term at South Carolina.

### Page1 / 7

ECON224 Test 1 Review - Name Class Date ID A Review 01...

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

View Full Document
Ask a homework question - tutors are online