practice exam 1B03 w2007 - Page 1 of 16 ILL HAVE AN ANSWER...

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Page 1 of 16 I’LL HAVE AN ANSWER KEY POSTED SOON… 1) Suppose fires destroy many millions of hectares of commercially valuable Canadian forest. The effect on the Canadian economy would be best illustrated by a __________ the production possibility frontier. A) shift outward of B) movement inside C) movement along D) point beyond E) inward shift of 2) Katie and Hugh are producing pies and jars of pickles. Katie can produce either 200 jars of pickles or 100 pies per month. Hugh can produce either 800 jars of pickles or 200 pies per month. Each divide their time equally between production of the two goods per month: Katie 100 jars of pickles and 50 pies ; Hugh 400 jars of pickles and 100 pies. In order to gain from specialization, which of the following changes should take place?
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