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F2008MT1 - Econ 001 Midterm Exam(Dr Spiegel October 6 2008...

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Econ 001: Midterm Exam (Dr. Spiegel) October 6, 2008 Instructions: ° This is a 60-minute examination. ° Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all diagrams carefully. ° Write your name and your Recitation Instructor's name in every blue book that you use. ° This exam is given under the rules of Penn's Honor system. ° All blue books, blank or filled, must be handed in at the end of this exam. No blue books may be taken from the room. ° The use of Programmable Calculators is in violation of Departmental rule. It is strictly forbidden! Check: The Exam has 2 parts. Part 1 consists of 6 multiple-choice questions. Please write you answers on the first page of a blue book. Part 2 consists of 3 short answer questions. Part I: Multiple Choice Questions (4 points each/24 points total): 1. The United States has a total of 10 workers who are identical and can cumulatively produce either 20 Movies or 60 Cars. Similarly, Japan has a total of 7 workers who can cumulatively produce either 70 Movies or 20 Cars. Which of the following is true? a. Japan has an absolute and comparative advantage in producing movies. b. The USA has an absolute and comparative advantage in producing movies. c. Japan has an absolute advantage and the USA has a comparative advantage in producing movies. d. The USA has an absolute advantage and Japan has a comparative advantage in producing movies.
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