ECN 104 Study Guide - Midterm Guide: Luxury Goods, Price Ceiling, Substitute Good
9 Mar 2013
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Instructions: select the best answer for each multiple choice question and record the letter you have chosen on the scanner sheet. Answer all 60 questions: no references (formula sheet, notes, books, etc. ) are permitted, only non-programmable calculators are allowed. What is the opportunity cost to the economy of getting 30 additional toothbrushes by moving from point a to point d: 10 toasters, 15 toasters, 20 toasters, 25 toasters, refer to figure 1. What is the opportunity cost of 1 car for japan: 4 airplanes, 3 airplanes, 1/3 airplane, 1/4 airplane, refer to table 1. What is the opportunity cost of 1 car for canada: 4 airplanes, 3 airplanes, 1/3 airplane, 1/4 airplane, refer to table 1. If canada and japan trade based on the principle of comparative advantage, what product will japan export to canada: cars, both airplanes and cars, airplanes, japan should buy both products from canada.
