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Fall_2009_-_Exam_I_BLUE.M3

# Fall_2009_-_Exam_I_BLUE.M3 - ine(Thousands2000 Wool...

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Wool Cloth (Thousands of Yards) 4000 England 3000 2000 1000 France 400 300 2000 1000 0 Wine (Thousands of Bottles) 1. In the simple circular-flow diagram, households a. are the only decision makers. * b. own the factors of production. c. are buyers of inputs. d. consume only some of the goods and services that firms produce. 2. The two loops in the circular-flow diagram represent * 3. The production possibilities frontier is a graph that shows the various combinations of output that an economy 4. When computing the opportunity cost of attending a concert you should include * 5. A rational decision maker takes an action if and only if a. the marginal cost of the action is zero. b. the opportunity cost of the action is zero. c. the total benefit of the action exceeds the total cost of the action. * d. the marginal benefit of the action exceeds the marginal cost of the action. In the table below opening weekend box office receipts for four movies are listed with the CPI for the year in which the movie was released. The box office receipts are reported as dollars in the year of release. For example, Jaws brought in 13,211,513 1975 dollars during its opening weekend. Year Movie Opening Weekend CPI 2009 The Hangover \$44,979,319 215.6 1982 E.T.: The Extra-Terrestrial \$11,835,389 94.3 1997 Titanic \$28,638,131 154.4 1975 Jaws \$13,211,513 52.1

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Fall_2009_-_Exam_I_BLUE.M3 - ine(Thousands2000 Wool...

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