MicroeconomicsFinalTest2009
I.MultipleChoice(1pointspereach.Intotal40points)
Identifytheletterofthechoicethatbestcompletesthestatementoranswersthequestion.
_a___1.Whichofthefollowingwillchangeanationscomparative
advantage?
a.atechnologicaladvanceinproducingmanufacturedgoods
b.adoublingofallwages
c.quotasonimports
d.achangeinconsumerspreferencesforimportedgoods
_b___2.IfJapancanproduceeachunitofsteelusingfewer
resourcesthanCanadadoes,
a.Canadahasanabsoluteadvantageinsteelproduction.
b.Japanhasanabsoluteadvantageinsteelproduction.
c.Japanhasacomparativeadvantageinsteelproduction.
d.Canadahasacomparativeadvantageinsteelproduction.
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___c_3.Supposeyouareconsideringgoingtothemovies,andyou
placea$12valueonyouranticipatedenjoymentofthemovie.The
ticketpriceis$6andyouwouldbegivinguptwohoursofwork,
whereyouearn$5perhour.Youwouldgoto
a.work;theopportunitycostofthemoviesexceedstheexpected
benefit.
b.themovies;yourincentiveisthe$6excessexpectedbenefit.
c.themovies;yourenjoymentwillexceedthelostwagesby$2.
d.themovies;thebenefitof$18exceedsthelostwages.
__a__4.Theamountofagoodorservicethatbuyerswouldbe
willingandabletopurchaseataspecificpriceisknownas
a.quantitydemanded.
b.demand.
c.supply.
d.quantitysupplied.
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b
goods?
a.personalcomputersandcomputersoftwareprograms
b.milkandcookies
c.IBMandGatewaypersonalcomputers
d.hotdogsandmustard
complementarygoods?
a.shoesandpizza
b.automobilesandcomputers
c.baseballsandbaseballgloves
d.footballticketsandbaseballtickets
_c___7.Anincreaseinthenumberoftomatoproducerswill
a.increasemarketsuppl