Quiz%201%200101 - b) Orange consumers in Smithland. c)...

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Quiz 1 Econ 252 0101 Fall 2009 1. Approximately what percentage of the world's economies experience scarcity? a) 25% b) 50% c) 75% d) 100% Consider the production possibilities frontiers for the nations of Smithland and Ricardoville: 2. The opportunity cost in production of oranges in Ricardoville equals ______ apple(s) per orange. a) 1/2 b) 4/5 c) 5/4 d) 2 3. We would expect opposition to a free trade agreement between these countries to come from: a) Apple producers in Smithland.
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Unformatted text preview: b) Orange consumers in Smithland. c) Orange producers in Smithland. d) Apple consumers in Smithland. 4. The terms of trade between these countries will lie between ____ and ____ apples per orange. a) 5/4; 2 b) 1/2; 4/5 c) 1/2: 5/4 d) 4/5; 2 5. GDP will grow at a faster rate than Real GDP during periods of: a) recession b) inflation c) deflation d) financial crisis 100 200 200 250 Apples Oranges Smithland Ricardoville...
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This note was uploaded on 02/06/2012 for the course ECON 252 taught by Professor Robertholand during the Fall '08 term at Purdue University.

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