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quiz 1.A solutions

quiz 1.A solutions - Quiz 1 Version A Solutions ECON 010...

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Quiz 1 Version A Solutions ECON 010, Fall 2011 09/28/11 Total Score NAME:_________________________ RI’s NAME:__________________________ Recitation Section/ Time:______________________ INSTRUCTIONS Please put your name on BOTH pages. There are a total of 4 questions. There are 20 total points. Plan your time accordingly. Read all questions carefully. ONLY four function calculators are allowed Write legibly and label any diagrams appropriately and thoroughly. This quiz is given under the terms of Penn’s Code of Academic Integrity 1
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NAME: RI’s NAME: QUESTION 1 (4 Points) Suppose that there are only two goods in the world: coffee and tea and two counties that produce them. The following table specifies how much coffee and tea each worker in a particular country can produce. Coffee Tea USA 6 pounds per worker 3 pounds per worker England 1 pounds per worker 2 pounds per worker a) (2 points) Circle the correct answer: USA / ENGLAND has an absolute advantage in the production of tea and USA / ENGLAND has a comparative advantage in the production of coffee.
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