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ECON 252 Midterm 1 - Maymester 2010

ECON 252 Midterm 1 - Maymester 2010 - ECON 252-002 Midterm...

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ECON 252-002 Midterm I Name: Student ID: (Please write down your name and student ID. You have one hour. Good luck~!) 1. A tradeoff exists between a clean environment and a higher level of income in that a) studies show that individuals with higher levels of income pollute less than low-income individuals. b) efforts to reduce pollution typically are not completely successful. c) laws that reduce pollution raise costs of production and reduce incomes. d) employing individuals to clean up pollution causes increases in employment and income. 2. Which of the following statements about trade is false? a) Trade increases competition. b) With trade, one country wins and one country loses. c) Bulgaria can benefit, potentially, from trade with any other country. d) Trade allows people to buy a greater variety of goods and services at lower cost. 3. The term "market failure" 4. Most economists believe that an increase in the quantity of money results in 5. The circular-flow diagram is an example of
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6. The following table contains some production possibilities for an economy for a given month. Sweaters Gloves 4 300 6 ? 8 100 If the production possibilities frontier is bowed outward, then “?” could be a) 100. b) 150. c) 200. d) 250. Figure 1 goods goods A B consumer capital
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