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Final - Name Class Date ID A Final Exam Multiple Choice...

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Name: ________________________ Class: ___________________ Date: __________ ID: A 1 Final Exam Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Suppose the PPF’s for Kansas and South Dakota are depicted below. Use this information to answer the questions that follow. 18 15 12 12 Corn Wheat Kansas Wheat Corn South Dakota ____ 1. What is the opportunity cost of wheat in Kansas? a. 3/2 Corn c. 5/6 Corn b. 6/5 Corn d. 3/4 Corn ____ 2. Which of the following is true? ____ 3. If each were to specialize in what they have the comparative advantage, what is the possible range of prices of corn?
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Name: ________________________ ID: A 2 Suppose that Atlantis, Athens, and Sumeria can produce either Swords or Salt. Each has 100 units of labor and the productivity of each unit of labor is summarized below: Swords Salt Atlantis 5 5 Athens 2 5 Sumeria 10 1 ____ 4. What is the opportunity cost of one sword in Athens ____ 5. Suppose that Atlantis and Athens join together, which of the following depicts the joint-PPF for JUST Atlantis and Athens? a. Sw ords Salt 700 1000 500 500 c. Sw ords 700 1000 500 500 200 800 b. Sw ords Salt 700 1000 200 500 d. Sw ords Salt 700 1000
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Name: ________________________ ID: A 3 ____ 6. The joint PPF of all three countries is given below. Which of the following is true? Sw ords Salt 1700 1100 1000 1000 1500 500 A B C D Read the following excerpt from the NYT dated September 2nd, 2008 and answer the questions that follow. This year, however, fewer people are ordering the region’s signature dish, driving down lobster prices and making times harder for lobster fishermen already reeling from the high cost of fuel and bait. “Lobster is a luxury item, and when things are tight, people don’t buy lobster,” said Peter Eaton, a lobsterman from Kennebunkport, Me., who is getting about $3.75 per lobster off the boat, a quarter less than three months ago and about a dollar less than last summer.
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