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University of Texas ECON 101-Mid-Term Part 1

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Question;Question 1;The United States can use all its resources to produce 250;DVDs or 500 shoes. China can use all of its resources to produce 30 DVDs or 300;shoes. The opportunity cost of producing a DVD in the United States is;Question 2;The relationship between real GDP and potential GDP over the;business cycle can be best summarized by which of the following statements?;Question 3;A south sea island produces only coconuts. In 2012, the price;of a coconut is $1 and the quantity produced is 200. In 2013, the price of a;coconut is $1.50 and the quantity produced is 250. 2012 is the base year. Real;GDP in 2013 is ________.;Question 4;Computer chips are a normal good. Suppose the economy slips;into a recession so that income falls. As a result, the demand for computer;chips ________ so that the price of a computer chip ________.;Question5;The expenditure approach to measuring GDP is done by using;data on only;Question 6;Scarcity requires that we;Question 7;Why is a production possibilities frontier bowed out;(concave)?;Question 8;The law of supply states that, other things remaining the;same;Question 9;When a person has a comparative advantage in producing a good;or service, the person has;Question 10;The difference between nominal GDP and real GDP is;Question 11;Assume a competitive market is in equilibrium. There is an;increase in demand, but no change in supply. As a result the equilibrium price;and the equilibrium quantity ________.;Question 12;GDP is best defined as the ________ in a given time period.;Question 13;The circular flow model is used to show the;Question 14;Real GDP can increase if the;Question 15;A point on the production possibilities;frontier reflects an;Question 16;Consumers regard Dell computers and Apple;computers as substitutes. If the price of a Dell computer decreases, the;Question 17;Hank requires 1 hour to cut the grass and;3 hours to clean the house. His sister Holly requires 1 hour to cut the grass;and 4 hours to clean the house. Which of the following statements is true?;Question 18;The demand for oranges increases while;the supply decreases. The equilibrium price of oranges ________, and the;equilibrium quantity ________.;Question;19;In order to measure gross domestic product, we can follow;Question 20;The opportunity cost of one more slice of pizza in terms of;sodas is the;Question 21;One reason the total sum of the income categories does not;equal GDP is that;Question 22;The law of demand implies that, other things remaining the;same;Question 23;Moving along the production possibilities frontier itself;illustrates;Question 24;What is gained when people engage in specialization and;trade?;Question 25;Because of the circular flows of expenditure and income in;the economy, total ________ equals total ________ equals total ________.

 

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