Exam 1 PINK Econ 251 spring 2011

# Exam 1 PINK Econ 251 spring 2011 - ECON 251 10 2 7 14 P 15...

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P 20 S 14 10 7 D 2 25 Q 15 10 ECON 251 Exam 1 Pink Spring 2011 0001 Blanchard, Kelly Tuesday / Thursday 10:30 – 11:45 0002 Blanchard, Kelly Tuesday / Thursday 1:30 – 2:45 0003 Blanchard, Kelly Tuesday / Thursday 4:30 – 5:45 0004 Lopresti, John Monday / Wednesday / Friday 8:30 – 9:20 0005 Yang, Lihong Monday / Wednesday / Friday 9:30 – 10:20 0006 Yang, Lihong Monday / Wednesday / Friday 10:30 – 11:20 0007 Lopresti, John Monday / Wednesday / Friday 11:30 – 12:20 Econ 251 Spring 2011 Exam 1 PINK Page 1 of 12

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1. Earl can choose among three activities. He can golf, watch a movie, or take a nap. He values golfing at \$36. He values watching a movie at \$23, and he values napping at \$62. What is Earl’s opportunity cost of golfing? a. \$36 b. \$62 c. \$23 d. \$85 Greg can produce pants or hats in the combinations described in the table below. Use the table to answer the following two questions: Pan ts Hats 40 0 30 30 20 60 10 90 0 120 2. What is Greg’s opportunity cost of producing the 15 th pair of pants? 3. If Greg’s production possibilities are graphed, what is the slope of Greg’s PPF when the number of hats is measured on the x axis? Econ 251 Spring 2011 Exam 1 PINK Page 2 of 12
Terrence can produce pairs of gloves and shovels, and his production possibilities frontier is below: 4. Using the above information, what is Terrence’s marginal cost of producing a pair of gloves? Pat and Jackie operate a pizza factory. If Pat uses all of his resources to produce pizza crusts, he can produce 1,000 crusts per hour. If Pat uses all of his resources to produce pizza sauce, he can make 200 gallons of pizza sauce per hour. If Jackie uses all of her resources to produce pizza crusts, she can produce 800 crusts per hour. If Jackie uses all of her resources to produce pizza sauce, she can make 100 gallons of pizza sauce per hour. This data is summarized in the following table. 5. Pat’s opportunity cost of producing 1 pizza crust is: a. 5 pounds of sauce b. 1/5 = 0.2 pounds of sauce c. 5/4 = 1.25 pounds of sauce d. 4/5 = 0.8 pounds of sauce 6. _____has the comparative advantage in pizza crusts. _____has the comparative advantage in pizza sauce:

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