ECON 2110 Exam 1 Questions And
Answers
Caitlinqisqsellingqherqusedqcar.qTheqminimumqamountqsheqneedsqtoqbeqpaidqforqtheqcarqisq$5
,000.qSheqadvertisesqtheqcarqonlineqforq$8,000qandqeventuallyqsellsqtheqcarqforq$6,000.qWh
atqisqherqproducerqsurplus?
-$1,000.q
-$2,000.q
-$3,000.q
-$5,000.q
-Noneqofqtheqaboveqanswersqisqcorrect.q-qCORRECTqqANSWER-$1,000
Iqtradedqmyqoldqtenqspeedqbikeqforqaqvintageqskateboard.qAsqaqresultqofqthisqexchange,
-gainsqfromqtradeqwereqcreated.q
q
-Iqwasqmadeqbetterqoff.q
q
-myqtenqspeedqbikeqincreaseqinqvalue.q
-Allqofqtheqabove.q
-Justqchoicesqaqandqb.q-qCORRECTqqANSWER-Allqofqtheqabove.
Ifqaqcountryqhasqaqcomparativeqadvantageqinqproducingqaqproduct,q
-itqwillqbeqanqimporterqofqthatqproduct.q
-itqwillqbeqanqexporterqofqthatqproduct.q
q
-producersqofqthatqproductqwillqbeqhurtqbyqtrade.q
q
-itqmustqtakeqfewerqhoursqtoqmakeqtheqgoodqthanqitqtakesqotherqcountries.q-
qCORRECTqqANSWER-itqwillqbeqanqexporterqofqthatqproduct.
IfqtheqdemandqequationqisqQDq=q50q-q2PqandqtheqsupplyqequationqisqQSq=qPq-
q10,qtheqequilibriumqpriceqisq________qandqtheqequilibrium qquantityqisq________qunits.
Answers
Caitlinqisqsellingqherqusedqcar.qTheqminimumqamountqsheqneedsqtoqbeqpaidqforqtheqcarqisq$5
,000.qSheqadvertisesqtheqcarqonlineqforq$8,000qandqeventuallyqsellsqtheqcarqforq$6,000.qWh
atqisqherqproducerqsurplus?
-$1,000.q
-$2,000.q
-$3,000.q
-$5,000.q
-Noneqofqtheqaboveqanswersqisqcorrect.q-qCORRECTqqANSWER-$1,000
Iqtradedqmyqoldqtenqspeedqbikeqforqaqvintageqskateboard.qAsqaqresultqofqthisqexchange,
-gainsqfromqtradeqwereqcreated.q
q
-Iqwasqmadeqbetterqoff.q
q
-myqtenqspeedqbikeqincreaseqinqvalue.q
-Allqofqtheqabove.q
-Justqchoicesqaqandqb.q-qCORRECTqqANSWER-Allqofqtheqabove.
Ifqaqcountryqhasqaqcomparativeqadvantageqinqproducingqaqproduct,q
-itqwillqbeqanqimporterqofqthatqproduct.q
-itqwillqbeqanqexporterqofqthatqproduct.q
q
-producersqofqthatqproductqwillqbeqhurtqbyqtrade.q
q
-itqmustqtakeqfewerqhoursqtoqmakeqtheqgoodqthanqitqtakesqotherqcountries.q-
qCORRECTqqANSWER-itqwillqbeqanqexporterqofqthatqproduct.
IfqtheqdemandqequationqisqQDq=q50q-q2PqandqtheqsupplyqequationqisqQSq=qPq-
q10,qtheqequilibriumqpriceqisq________qandqtheqequilibrium qquantityqisq________qunits.