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Past Exam for ECON 2006 - Principles of Economics with McLeod at Virginia Tech (VT)

Exam Information

Material Type:Exam 4
Professor:McLeod
Class:ECON 2006 - Principles of Economics
Subject:Economics
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Either...or
  • Increase Output
  • Absolute Advantage
  • Cost of Production
  • Price Level
  • Ceteris Paribus
  • Increase in Demand
  • Decrease in Demand
  • Consumption
  • Comparative Advantage
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Sample Document Text

Econ 2006-11665 FORMA Exam 4 1. Which of the following will shift the aggregate demand curve to the left? A) The purchase of securities by the Fed from the pUblic. B) A decrease in the price level. C) A decrease in taxes. D) A decrease in the discount rate. McLeod 2. Suppose Mark can produce 20 baseballs an hour or 15 softballs in an hour. Katie can produce 25 baseballs in an hour, and 20 softballs in an hour. has the absolute advantage in the production of baseballs; has the absolute advantage in the production of softballs; has the comparative advantage in the production of baseballs; has the comparative advantage in the production of softballs. A) Mark; Mark; Mark; Mark B) Katie; Mark; Mark; Mark C) Mark; Katie; Mark; Mark D) Katie; Katie; Katie; Mark E) Katie; Katie; Mark; Katie F) Katie; Katie; Katie; Katie 3. Which of the following is NOT an argument discussed in class for Protectionism? A) Reaping the benefits of gains from trade for countries involved in free ...

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