Exam 1 Blue Econ 252 Spring 2008

Exam 1 Blue Econ - To view the exam key Microsoft Office 2003 In the document go to the Tools menu click Options and then click the View tab Under

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To view the exam key: Microsoft Office 2003: In the document, go to the Tools menu, click Options , and then click the View tab. Under formatting , make sure the Hidden text box is checked. To print hidden text, click the Print tab . Under Include with document , make sure the Hidden text box is checked. Microsoft Office 2007: In the document, click on the Microsoft Office Button , click Word Options , and then click Display . Under Always show these formatting marks on the screen , select the Hidden text . Econ 252 Spring 2008 Page 1 of 8 Exam 1 Blue
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Econ 252 Exam 1 Blue January 28 th , 2008 Name ( Please PRINT ): Last Name First Name Student ID #: Place a checkmark next to your section number then record the 4-digit section number on the scantron. 0101 Tuesday / Thursday 7:30 – 8:45 a.m. 0201 Tuesday / Thursday 9:00 – 10:15 a.m. No brimmed hats are allowed. If you are wearing a hat with a brim, turn the brim to the back. All cell phones are to be turned off and put away. You will be in danger of receiving a zero on the exam if your cell phone is on or not put away Do not begin the exam until the instructor tells you to. While waiting, fill out your scantron completely and accurately and read the remaining instructions on this page. If any suspicious behavior is noted, you will be moved and may also receive a zero on the exam. Cheating will not be tolerated. Exam 1 contains 35 questions on 7 pages. Please be sure that you have 7 pages in your test booklet. If not, please inform the instructor before you begin the exam. Please mark all answers on BOTH the test booklet and the scantron. Once you are finished, please take both your test booklet AND answer sheet to the proper station. Econ 252 Spring 2008 Page 2 of 8 Exam 1 Blue
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The production possibilities frontiers for Ricardoville and Smithland – both countries produce Beans and Rice – are shown in the graph below: 1. In Ricardoville the opportunity cost in production equals _______ pounds of rice per pound of beans. a) 2/3 b) 4/5 c) 5/4 d) 3/2 2. Consider a basket which consists of 13 million pounds of rice and 9 million pounds of beans. Smithland and Ricardoville a) can reach this total level of production only if both countries use all of their resources efficiently. b) cannot reach this total level of production, even if they use all of their resources efficiently. c) can reach this total level production even if there exists some unemployment or inefficient use of resources in their countries. d) There is not enough information available to determine whether or not Smithland and Ricardoland could reach this level of combined output. 3. We would expect opposition to a free trade agreement between Ricardoville and Smithland to come from a) producers of beans in Smithland. c) producers of beans in Ricardoville. b)
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This note was uploaded on 04/07/2008 for the course ECON 252 taught by Professor Robertholand during the Spring '08 term at Purdue University-West Lafayette.

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Exam 1 Blue Econ - To view the exam key Microsoft Office 2003 In the document go to the Tools menu click Options and then click the View tab Under

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