AP Microeconomics - AP Micro Economics 2005 Section I MICROECONOMICS Section I Time 70 minutes 60 questions Directions Each of the questions or

AP Microeconomics - AP Micro Economics 2005 Section I...

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AP Micro Economics 2005 Section I MICROECONOMICS Section I Time - 70 minutes 60 questions Directions : Each of the questions or incomplete statements below is followed by five suggested answers or comple- tions. Select the one that is best in each case and then fill in the corresponding oval on the answer sheet. 1. A professor hires two aides, assigning them thetasks of reading student papers and of typing lec-ture notes on a computer. One of the aides, Ben,can read 1 page of a student paper per minute ortype 50 words of 1 lecture notes per minute, andthe other aide, Ann, can read 3 pages of a studentpaper per minute or type 60 words of lecture notesper minute.Which of the following statements is true? A. Ann has a comparative advantage inreading student papers, and Ben has acomparative advantage in typing lecturenotes.B. Ann has an absolute advantage in read-ing student papers, and Ben has an ab-solute advantage in typing lecture notes. 2 According to the graph above, if a country is cur-rently producing at point X, the opportunity costof producing another consumer good is c 2005 - Compiled by DAN LI 1 GO ON TO THE NEXT PAGE 1
AP Micro Economics 2005 Section I 3 To alleviate a financial crisis, a university increasesstudent fees.This action will increase universityrevenues if the price elasticity of demand for uni-versity education is 4 Which of the following will occur if the governmentimposes a price ceiling below the equilibrium priceof a good?

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