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exam 1b - ECON 210 Exam#1 Pink Fall 2009(Practice Exam#1B...

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Econ 210 Page 1 of 11 Fall 2009 Exam 1 Pink ECON 210 Exam #1 Pink Fall 2009 (Practice Exam #1B for Fall 2010) 1. “Income is not distributed equally enough,” is an example of a statement associated with a. normative economics b. positive economics c. price theory d. economic cost 2. Which of the following is an example of the economic resource of capital? 3. Because resources are scarce, 4. Which of the following are irrelevant to decision making? 5. If John has 4 equivalent job offers in the same city for $50,000; $60,000; $70,000; and $90,000, what is his opportunity cost of taking the job paying $60,000 a year? a. $30,000 b. $50,000 c. $70,000 d. $90,000 6. John’s cost of taking the $60,000 a year job (based on the information in the previous problem) is an example of 7. What is opportunity cost?
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Econ 210 Page 2 of 11 Fall 2009 Exam 1 Pink 8. The table below shows the maximum quantity of beer and peanuts that John and Kate can produce in one day. Based on this information, which of the following statements is true? Beer Peanuts John’s production 20 20 Katie’s production 10 30 9. If John’s production possibilities are illustrated on a graph, what is the slope of his production possibility frontier? (Assume that the quantity of peanuts John can produce is measured on the x axis.) a. -3 b. -1 c. -1/3 d. -2
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