ECON 1011 Midterm: ECON 1011 Final Exam 2012 Fall Solutions

• School: GWU
• Department: Economics
• Course: ECON 1011
• Professor: All

Document Summary

Do not open until asked to do so. Important please read: to receive partial credit, show your work when solving problems. You will lose points for missing signs, missing units and missing labels on axes and curves on graphs: cell phones may not be used as calculators. If anyone is found using a cell phone, you will be asked to leave the exam, and will receive a score of zero: you must take your exam with the section you are registered for. Your instructor and your tas will bear no responsibility for your exam if you fail to sign the attendance sheet. Question 1 (10 points) trade/opportunity cost/ppf (cid:1) (cid:3)(cid:7)(cid:10)(cid:10)(cid:1)(cid:20)(cid:18)(cid:19)(cid:20)(cid:1) The figure below shows the production possibilities frontiers for luxembourg and thailand. Each country produces two goods, chairs and hdtvs. Hdtvs: (2 points) suppose the two countries now decide to specialize and trade. Complete the table below to show each country"s output with specialization.