Post quiz2 Mod3 Micro 2012

Post quiz2 Mod3 Micro 2012 - Microeconomics Quiz 2 Name...

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Microeconomics Quiz 2 Name: Eron Lindsey C 1. Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases, but Regan is better at producing both goods. In this case, trade could
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a. benefit both Jayson and Regan. b. benefit Jayson, but not Regan. c. benefit Regan, but not Jayson.
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d. benefit neither Jayson nor Regan.
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C 2. The following table contains some production possibilities for an economy for a given month.
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Sweaters Gloves 4 300 6 ?
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8 100
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If the production possibilities frontier is bowed outward, then “?” could be
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a. 100. b. 150. c. 200.
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d. 250.
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B 3. Suppose a gardener produces both green beans and corn in her garden. If she must give up 14 bushels of corn to get 5 bushels of green beans, then her opportunity cost of 1 bushel of green beans is
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a. 0.36 bushel of corn. b. 2.8 bushels of corn. c. 14 bushels of corn.
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d. 70 bushels of corn.
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A 4. Mike and Sandy are two woodworkers who both make tables and chairs. In one month, Mike can make 4 tables or 20 chairs, while Sandy can make 6 tables or 18 chairs. Given this, we know that
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Mike has an absolute advantage in chairs.
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Post quiz2 Mod3 Micro 2012 - Microeconomics Quiz 2 Name...

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