ECON 2001.01 Study Guide - Quiz Guide: Mobile Phone, Xenophobia, Absolute Advantage

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Published on 28 Sep 2018
School
Ohio State University
Department
Economics
Course
ECON 2001.01
Professor
Econ 2001.01 Autumn 2017
September 6, 2017
Taught by: Sungjoon Kwon
Quiz 1 (Type 2)
Name:
Instructions:
On your scantron:
Under "name" clearly fill out your last name then your first name; then bubble in the correct
letters. Please make sure to bubble empty space between your last and first name.
Under "identification number" fill out your OSU e-mail number (i.e. if you are
smith.13@osu.edu fill in "13")
Under "special code" fill out the type number of the quiz. Your type number is 2.
You have 50 minutes to finish the quiz.
When you are done with your quiz, you must hand in your scantron and this page (please write
your name). There are 25 questions total on this quiz.
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Indicate the answer choice that best completes the statement or answers the question.
1. The production possibilities frontier illustrates
a.
the combinations of output that an economy can produce.
b.
the combinations of output that an economy should produce.
c.
the combinations of output that an economy should consume.
d.
All of the above are correct.
Table 3-29
Juanita and Shantala run a business that programs and tests cellular phones. Assume that Juanita and
Shantala can switch between programming and testing cellular phones at a constant rate. The following table
applies.
Minutes Needed to
Number of Cellular Phones Programmed or Tested in a 40-
Hour Week
Program 1 Cellular
Phone
Cellular Phones Programmed
Cellular Phones Tested
Juanita
?
160
1200
Shantala
10
240
600
2. Refer to Table 3-29. Juanita’s opportunity cost of programming one cellular phone is testing
a.
2/15 cellular phones and Shantala’s opportunity cost of programming one cellular phone is testing
5/2 cellular phones.
b.
2/15 cellular phones and Shantala’s opportunity cost of programming one cellular phone is testing
2/5 cellular phones.
c.
7.5 cellular phones and Shantala’s opportunity cost of programming one cellular phone is testing 2/5
cellular phones.
d.
7.5 cellular phones and Shantala’s opportunity cost of programming one cellular phone is testing 5/2
cellular phones.
3. The overriding reason why households and societies face many decisions is that
a.
incomes fluctuate with business cycles.
b.
people, by nature, tend to disagree.
c.
resources are scarce.
d.
goods and services are not scarce.
4. Suppose that the country of Xenophobia chose to isolate itself from the rest of the world. Its ruler proclaimed
that Xenophobia should become self-sufficient, so it would not engage in foreign trade. From an economic
perspective, this idea would
a.
make sense if Xenophobia had an absolute advantage in all goods.
b.
make sense if Xenophobia had no absolute advantages in any good.
c.
not make sense as long as Xenophobia had an absolute advantage in at least half the goods that
could be traded.
d.
not make sense as long as Xenophobia had a comparative advantage in some good.
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Document Summary

On your scantron: under name clearly fill out your last name then your first name; then bubble in the correct letters. You have 50 minutes to finish the quiz. When you are done with your quiz, you must hand in your scantron and this page (please write your name). There are 25 questions total on this quiz. Juanita and shantala run a business that programs and tests cellular phones. Shantala can switch between programming and testing cellular phones at a constant rate. Number of cellular phones programmed or tested in a 40- Juanita"s opportunity cost of programming one cellular phone is testing: 2/15 cellular phones and shantala"s opportunity cost of programming one cellular phone is testing. 5/2 cellular phones: 2/15 cellular phones and shantala"s opportunity cost of programming one cellular phone is testing. Its ruler proclaimed that xenophobia should become self-sufficient, so it would not engage in foreign trade. Azerbaijan"s production possibilities frontier: refer to figure 3-21.