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Unformatted text preview: 1 ECMA04H First Term Test - October 25, 2008 Professor Gordon Cleveland Time: 90 minutes Version A 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. At 12 units of X, the opportunity cost of Y is 2/3rds. The correct answer is (D). At 16 units of X, the opportunity cost of X is 8/3rds. The correct answer is (H). The utility function is maximized at 11.55 units of X. The correct answer is (E). Sherry Cooper is warning about a recession, which will cause the economy to perform at less than its capacity because of a reduced demand for goods and services. She...
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This note was uploaded on 06/11/2011 for the course ECMA 04 taught by Professor Cleverland during the Fall '09 term at University of Toronto- Toronto.

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