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Quiz%201%200201 - b Orange consumers in Smithland c Orange...

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Quiz 1 Econ 252 0201 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. 3. We would expect opposition to a free trade agreement between these countries to come from:
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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; 5/4 c) 1/2: 4/5 d) 4/5; 2 5. GDP will grow at a slower 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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