EC 301 Lecture Notes - Lecture 17: A Roads In Zone 9 Of The Great Britain Numbering Scheme, Oligopoly, Emac
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Table 1 Output per labor hour
Country |
Tons of Steel |
TVs |
United States |
15 |
45 |
United Kingdom |
10 |
20 |
Referring to Table 1, the United States has the absolute advantage in the production of:
A) Steel
B) TVs
C) Both steel and TVs
D) Neither steel nor TVs
11.
Referring to Table 1, the opportunity cost of one ton of steel in terms of TVs
A) is 45 TVs for the United States and 15 TVs for the United Kingdom.
B) is 15 TVs for the United States and 20TVs for the United Kingdom.
C) is 15/45 = 1/3 of a TV for the United States and 15/20 = 3/4 of a TV for the United Kingdom.
D) is 45/15 = 3 TVs for the United States and 20/10 = 2 TVs for the United Kingdom.
12.
Referring to Table 1, the opportunity cost of one TV in terms of steel
A) is 15 tons of steel for the United States and 10 tons of steel for the United Kingdom.
B) is 10 tons of steel for the United States and 20 tons of steel for the United Kingdom.
C) is 15/45 = 1/3 of a ton of steel for the United States and 10/20 = 1/2 of a ton of steel for the United Kingdom.
D) is 45/15 = 3 tons of steel for the United States and 20/15 tons of steel for the United Kingdom.
13.
Referring to Table 1, the United Kingdom has a comparative advantage in the production of:
A) Steel
B) Televisions
C) Both steel and televisions
D) Neither steel nor televisions
14.
Referring to Table 1, based on the principle of comparative advantage the United States should export
A) steel
B) TVs
C) both steel and TVs
D) neither steel nor TVs
Q7
Marginal cost is
a. |
total revenue divided by the quantity of output. |
|
b. |
total profit minus total costs. |
|
c. |
the change in total cost brought about by selling an additional unit of the good. |
|
d. |
the change in total revenue brought about by selling an additional unit of the good. |
|
e. |
the change in total revenue minus the change in total costs. |
4 points
Q8
[Table 1] The dollar amounts that go in blanks (A) and (B) are, respectively,
Table-1
(1) |
(2) |
(3) |
|
Quantity Sold |
Marginal Revenue |
$10 |
10 |
|
$10 |
11 |
(A) |
$10 |
12 |
(B) |
$10 |
13 |
(C) |
$10 |
14 |
(D) |
a. |
$11 and $11. |
|
b. |
$10 and $10. |
|
c. |
$10 and $11. |
|
d. |
$11 and $12. |
4 points
Q9
[Table 1] The dollar amounts that go in blanks (C) and (D) are, respectively,
Table-1
(1) |
(2) |
(3) |
|
Quantity Sold |
Marginal Revenue |
$10 |
10 |
|
$10 |
11 |
(A) |
$10 |
12 |
(B) |
$10 |
13 |
(C) |
$10 |
14 |
(D) |
a. |
$11 and $11. |
|
b. |
$10 and $10. |
|
c. |
$10 and $11. |
|
d. |
$11 and $12. |
4 points
Q10
[Table 1] The demand curve facing the firm represented by the information in this table is
Table-1
(1) |
(2) |
(3) |
|
Quantity Sold |
Marginal Revenue |
$10 |
10 |
|
$10 |
11 |
(A) |
$10 |
12 |
(B) |
$10 |
13 |
(C) |
$10 |
14 |
(D) |
a. |
downward-sloping. |
|
b. |
upward-sloping. |
|
c. |
horizontal. |
|
d. |
vertical. |
4 points
Q11
[Table 2] The dollar amounts that go in blanks (E) is:
Table 2
-1 |
-2 |
-3 |
-4 |
-5 |
-6 |
-7 |
Quantity Sold |
Marginal Revenue |
Marginal |
Total |
Total |
Profit |
|
Price |
Cost |
Cost |
Revenue |
|||
$10 |
10 |
80 |
$100 |
$20 |
||
$10 |
11 |
(A) |
8 |
88 |
$110 |
$22 |
$10 |
12 |
(B) |
(E) |
97 |
(G) |
(I) |
$10 |
13 |
(C) |
(F) |
107 |
(H) |
(J) |
$10 |
14 |
(D) |
11 |
118 |
$140 |
$22 |
a. |
$8 |
|
b. |
$9 |
|
c. |
$10 |
|
d. |
$11 |
4 points
Q12
[Table 2] The dollar amounts that go in blanks (F) is:
Table 2
-1 |
-2 |
-3 |
-4 |
-5 |
-6 |
-7 |
Quantity Sold |
Marginal Revenue |
Marginal |
Total |
Total |
Profit |
|
Price |
Cost |
Cost |
Revenue |
|||
$10 |
10 |
80 |
$100 |
$20 |
||
$10 |
11 |
(A) |
8 |
88 |
$110 |
$22 |
$10 |
12 |
(B) |
(E) |
97 |
(G) |
(I) |
$10 |
13 |
(C) |
(F) |
107 |
(H) |
(J) |
$10 |
14 |
(D) |
11 |
118 |
$140 |
$22 |
a. |
$8 |
|
b. |
$9 |
|
c. |
$10 |
|
d. |
$11 |