ECON 2110 Exam 1 Questions And Answers

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.