1bb3 test 1 solutions - PRACTICE TEST#1 ANSWER GUIDE PART A...

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Unformatted text preview: PRACTICE TEST #1 ANSWER GUIDE PART A MULTIPLE CHOICE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 PART B SHORT ANSWER 1. a) Jessica 20 tuna, 50 chicken; Nick 40 tuna, 15 chicken b) Jessica will trade chicken, Nick will trade tuna c) Jessica 30 tuna, 70 chicken; 50 tuna, 30 chicken 2. Diagram: supply shifts in (left), P rises and Q falls Explanation: Peanuts are an input in the production of peanut butter. When the peanut crop is decimated, causing the price of peanuts to rise, the supply curve in the market for peanut butter shifts in to the left. This is what causes the price of peanut butter to rise. 3. a) [(48 96)/96]*100 = 50% b) 1929: 100 = [(96/(real NNP)]*100 real NNP = 96 1933: 75 = [48/(real NNP)]*100 real NNP = 64 Percentage change in real NNP from 1929 to 1933 = [(64 96)/96]*100 = 33.3% B B C D A B C D C A C A D A B A A C B C 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 C D D C B C C B D A D C B D D B B B C A ...
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