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Exam
Name___________________________________
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
2) Which one of the following concepts is not illustrated by a production possibilities frontier?
A) the tradeoff between producing one good versus another
B) attainable and unattainable points
C) opportunity cost
D) marginal benefit
E) scarcity
Answer: D
Figure 2.1.1
7) Refer to the production possibilities frontier in Figure 2.1.1. Which one of the following statements is true about
point A?
A) It is unattainable.
B) It is preferred to point B.
C) Although no more of good Y can be produced, more of good X can be produced.
D) Although no more of good X can be produced, more of good Y can be produced.
E) Resources are either unused or misallocated or both.
Answer: E
2
9) Refer to the production possibilities frontier in Figure 2.1.1. Which one of the following is true about point C?
A) It is attainable and inefficient.
B) It is unattainable.
C) It is attainable only if the opportunity cost of producing X increases.
D) It is attainable only if the opportunity cost of producing X decreases.
E) It is efficient and attainable.
Answer: B
10) If Harold can increase production of good X without decreasing production of any other good, then Harold
A) is producing inside his production possibilities frontier.
B) is producing on his production possibilities frontier.
C) prefers good X to any other good.
D) is producing outside his production possibilities frontier.
E) has a linear production possibilities frontier.
Answer: A
11) If Harold must decrease production of some other good to increase production of good X, then Harold
A) has a linear production possibilities frontier.
B) is producing outside his production possibilities frontier.
C) is producing inside his production possibilities frontier.
D) is producing on his production possibilities frontier.
E) prefers good X to any other good.
Answer: D
12) A situation in which resources are either wasted or misallocated or both is illustrated by
A) a point above or to the right of the production possibilities frontier.
B) a point inside the production possibilities frontier.
C) any point on either the horizontal or the vertical axis.
D) a point on or inside the production possibilities frontier.
E) a point outside the production possibilities frontier.
Answer: B
14) Ted chooses to study for his economics exam instead of going to the concert. The concert he will miss is Ted's
________ of studying for the exam.
A) opportunity cost
B) discretionary cost
C) comparative cost
D) monetary cost
E) absolute cost
Answer: A
3
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There are no courses in this repast. You light a cigarette with your
first mouthful and smoke straight through: it is that kind of a
breakfast.
Then you spread yourself over space, flat on your back, the smoke
curling out through the half-drawn curtains. Soon your gondolier
gathers up the fragments, half a melon and the rest,—there is
always enough for two,—moves aft, and you hear the clink of the
glass and the swish of the siphon. Later you note the closely-eaten
crescents floating by, and the empty leaf. Giorgio was hungry too.
But the garden!—there is time for that. You soon discover that it is
unlike any other you know. There are no flower-beds and gravel
walks, and no brick fountains with the scantily dressed cast-iron boy
struggling with the green-painted dolphin, the water spurting from its
open mouth. There is water, of course, but it is down a deep well
with a great coping of marble, encircled by exquisite carvings and
mellow with mould; and there are low trellises of grapes, and a
tangle of climbing roses half concealing a weather-stained Cupid
with a broken arm. And there is an old-fashioned sun-dial, and sweet
smelling box cut into fantastic shapes, and a nest of an arbor so
thickly matted with leaves and interlaced branches that you think of
your Dulcinea at once. And there are marble benches and stone
steps, and at the farther end an old rusty gate through which Giorgio
brought the luncheon.
It is all so new to you, and so cool and restful! For the first time you
begin to realize that you are breathing the air of a City of Silence. No
hum of busy loom, no tramp of horse or rumble of wheel, no jar or
shock; only the voices that come over the water, and the plash of the
ripples as you pass. But the day is waning; into the sunlight once
more.
Giorgio is fast asleep; his arm across his face, his great broad chest
bared to the sky.
“Si, Signore!”
He is up in an instant, rubbing the sleep from his eyes, catching his
oar as he springs.
You glide in and out again, under marble bridges thronged with
people; along quays lined with boats; by caffè, church, and palace,
and so on to the broad water of the Public Garden.
But you do not land; some other day for that. You want the row back
up the canal, with the glory of the setting sun in your face. Suddenly,
as you turn, the sun is shut out: it is the great warship Stromboli,
lying at anchor off the garden wall; huge, solid as a fort, fine-lined as
a yacht, with exquisite detail of rail, mast, yard-arms, and gun
mountings, the light flashing from her polished brasses.
In a moment you are under her stern, and beyond, skirting the old
shipyard with the curious arch,—the one Whistler etched,—sheering
to avoid the little steamers puffing with modern pride, their noses
high in air at the gondolas; past the long quay of the Riva, where the
torpedo-boats lie tethered in a row, like swift horses eager for a
dash; past the fruit-boats dropping their sails for a short cut to the
market next the Rialto; past the long, low, ugly bath-house anchored
off the Dogana; past the wonderful, the matchless, the never-to-be-
unloved or forgotten, the most blessed, the Santa Maria della Salute.