Post quiz2 Mod3 Micro 2012

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

This preview shows pages 1–15. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
a. benefit both Jayson and Regan. b. benefit Jayson, but not Regan. c. benefit Regan, but not Jayson.
d. benefit neither Jayson nor Regan.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
C 2. The following table contains some production possibilities for an economy for a given month.
Sweaters Gloves 4 300 6 ?

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
8 100
If the production possibilities frontier is bowed outward, then “?” could be

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
a. 100. b. 150. c. 200.
d. 250.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
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
a. 0.36 bushel of corn. b. 2.8 bushels of corn. c. 14 bushels of corn.

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
d. 70 bushels of corn.
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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
Mike has an absolute advantage in chairs.
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

### Page1 / 26

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

This preview shows document pages 1 - 15. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online