ECON 20A Midterm: ECON20A_Midterm1_2014Fall
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Multiple choice and true/false questions
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Document Summary
What is the opportunity cost to toyland of increasing the production of dolls from 200 to 300? a. b. c. d. Suppose that a decrease in the price of good x results in fewer units of good y being sold. This implies that x and y are a. b. c. d. complementary goods. normal goods. inferior goods. substitute goods: moira decides to spend two hours taking a nap rather than attending her classes. In one month, mike can make 4 tables or 20 chairs, where sandy can make 6 tables or 18 chairs. Given this, we know that the opportunity cost of 1 table is a. b. c. d. 1/5 chair for mike and 1/3 chair for sandy. 1/5 chair for mike and 3 chairs for sandy. 5 chairs for mike and 1/3 chair for sandy. 5 chairs for mike and 3 chairs for sandy. Econ 20a: pizza is a normal good if.