04 Jun (a) Usefulness for making predictions.
Question
Econ 20A: Basic Economics I Name:
Winter 2014: Jenkins March 19, 2014
Final Exam: Version A
Instructions: Choose the best answer for each question. Mark your answers on this exam and on your
scantron sheet. You may not use any outside materials: calculators, smartphones, scratch paper, etc. There
are 65 questions.
1. \The US government should impose taris on imported goods in order to make the economy more fair
for domestic producers.” The preceding statement is an example of a(n):
(a) Positive statement.
(b) Normative statement.
(c) Fact.
(d) Testable hypothesis.
2. Which of the following is not a property of a good model?
(a) Usefulness for making predictions.
(b) Generality.
(c) Simplicity.
(d) Complexity.
3. Suppose that a country is producing at a point inside its production possibilities frontier. Which of
the following is true?
(a) The country is producing an ecient combination of goods.
(b) The country is producing beyond its capacity, so its current production in infeasible.
(c) The country is not using all available resources or is using inferior technology or both.
(d) There will be a large opportunity cost if the country tries to increase its production of any good.
1
Use the following information to answer the next 4 questions. Consider two neighbors:
Heteld and Ulrich. In one month, Heteld can produce either 100 pounds of apples or 25 gallons of
root beer. In one month, Ulrich can produce either 60 pounds of apples or 20 gallons of root beer.
Assume that each has a linear production possibilities frontier.
4. What is the opportunity cost to Heteld of producing 1 pound of apples?
(a) 3 gallons of root beer.
(b) 1/4 gallons of root beer.
(c) 4 gallons of root beer.
(d) 1/3 gallons of root beer.
5. Ulrich:
(a) Has a comparative advantage in producing root beer and an absolute advantage in producing
nothing.
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