ECON 105 Study Guide - Midterm Guide: Oneword, Melanocortin 3 Receptor, Comparative Advantage

• School: Simon Fraser University
• Department: Economics
• Course: ECON 105
• Professor: All

Document Summary

No marks will be given for one-word answers: limit your answer to the space provided below each question. Any work outside the space provided will be given zero credit: you will lose at least 5 marks on your exam for failure to follow the instructions. I have read and fully understand the above instructions. Multiple choice section: read each question carefully and put the best answer (a, b, c, d, or e) on the mc answer sheet, don"t just circle the answer on the exam paper or it will not be counted. When economists attempt to simplify the real world and make it easier to understand, what do they do: they make assumptions, they make mistakes in judgment, they make predictions, they make evaluations. What is helen"s opportunity cost of producing 1 quilt: 2 dresses, 3 dresses, 4 dresses, 5 dresses. What is carolyn"s opportunity cost of producing 1 dress: 5 quilts, 1 quilt, 1/5 quilt, 4 quilts.