Q1_f07 - Temple University Economics 1101 Fall, 2007 Quiz...

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Temple University Economics 1101 Fall, 2007 Quiz #1 Name __________________________________ A. Short Answer (2 points each) Please circle the most appropriate answer. 1. Comparative Advantage tells us that the U.S. auto industry is declining because a. The U.S. can make computers more efficiently than Japan does b. Japan can make cars more efficiently than the U.S. does c. The opportunity cost of making cars is higher in the U.S. d. The opportunity cost of making cars is higher in Japan 2. If the equilibrium price of rice rises and the equilibrium quantity falls then a. The supply curve of rice has shifted to the left b. The demand curve for rice has shifted to the right c. The supply curve of rice has shifted to the right d. The demand curve for ricehas shifted to the left 3. According to the circular flow, if firms give money to charity a. Total giving might not rise because households have less money to donate b. Total giving will rise c. Total giving will rise because charity is tax deductible
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This note was uploaded on 04/28/2011 for the course ECON 1101 taught by Professor Rappoport during the Fall '08 term at Temple.

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Q1_f07 - Temple University Economics 1101 Fall, 2007 Quiz...

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