ECON 110
Chapter 1
-labour is divided into land, labour and capital
>capital: these resources called factors of production
PPB: Scarcity> indicated by the unattainable combinations outside the boundary
Choice> the need to choose among the alternative atta
Econ 102
Summer 2014
Quiz #4
Name _
Please write all answers neatly and legibly.
1. (3 points) Suppose the loanable funds market is initially in equilibrium. Holding everything else
constant, if the government increases the size of its surplus what do you
Econ 102
Summer 2014
Quiz #0
Name _
Please write all answers neatly and legibly.
1. Suppose that you are given the line X = 2Y + 10. You are also told that for every Y value the X value
has now increased by 10 units. Write the equation for this new line.
Econ 102 Name
Summer 2013
Quiz #1
Please write all answers neatly and legibly.
1. Suppose that there are two countries, Island and Mainland, that both produce bananas (B) and
shing boats (FB). Each of these countries have linear production possibility f
Econ 102
Summer 2014
Quiz #3
Name _
Please write all answers neatly and legibly.
1. (1 point) Maurice purchased 100 shares of IBM stock in 2014 with each share costing $120. He
used the services of Lola, a stockbroker, to make this transaction. Lola colle
Econ 102
Summer 2014
Answers to Quiz #4
Name _
Please write all answers neatly and legibly.
1. (3 points) Suppose the loanable funds market is initially in equilibrium. Holding everything else
constant, if the government increases the size of its surplus
Econ 102 Name 0 T Kg
Summer 2014'
Quiz #4
Please write all answers neatly and legibly.
1. (3 points) Suppose the loanable funds market is initially in equilibrium. Holding everything else
constant, if the government increases the size of its su_rplus what
Econ 102
Summer 2014
Answers to Quiz #0
Name _
Please write all answers neatly and legibly.
1. Suppose that you are given the line X = 2Y + 10. You are also told that for every Y value the X value
has now increased by 10 units. Write the equation for this
Econ 102
Name
Summer 20l3
Answers to Quiz #1
Please write all answers neatly and legibly.
1.
Suppose that there are two countries, Island and Mainland, that both produce bananas (B) and
shing boats (FB). Each of these countries have linear production po
Econ 102
Summer 2014
Answers to Quiz #3
Name _
Please write all answers neatly and legibly.
1. (1 point) Maurice purchased 100 shares of IBM stock in 2014 with each share costing $120. He
used the services of Lola, a stockbroker, to make this transaction.
Econ 102
Summer 2014
Answers to Quiz #2
Name _
Please write all answers neatly and legibly.
1. (2 points) Consider the market for bananas that is initially described by the following equations
where Q is the quantity of bananas and P is the price per unit
A1-1. True, the saying there is no such thing as a free lunch, captures the two
fundamental issues that form the basis for the study of economics: the limitless
needs and wants of a society, and the limited resources to satisfy them. This scarcity
of reso