University of Texas ECON101 MidTerm Part 1 with A+ Grades Answers

Question 1The 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 isQuestion 2The relationship between real GDP and potential GDP over the business cycle can be best summarized by which of the following statements?Question 3A 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 4Computer 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 ________.Question5The expenditure approach to measuring GDP is done by using data on onlyQuestion 6Scarcity requires that weQuestion 7Why is a production possibilities frontier bowed out (concave)?Question 8The law of supply states that, other things remaining the same,Question 9When a person has a comparative advantage in producing a good or service, the person hasQuestion 10The difference between nominal GDP and real GDP isQuestion 11Assume 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 12GDP is best defined as the ________ in a given time period.Question 13The circular flow model is used to show theQuestion 14Real GDP can increase if theQuestion 15A point on the production possibilities frontier reflects anQuestion 16Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, theQuestion 17Hank 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 18The demand for oranges increases while the supply decreases. The equilibrium price of oranges ________, and the equilibrium quantity ________.Question 19In order to measure gross domestic product, we can followQuestion 20The opportunity cost of one more slice of pizza in terms of sodas is theQuestion 21One reason the total sum of the income categories does not equal GDP is thatQuestion 22The law of demand implies that, other things remaining the same,Question 23Moving along the production possibilities frontier itself illustratesQuestion 24What is gained when people engage in specialization and trade?Question 25Because of the circular flows of expenditure and income in the economy, total ________ equals total ________ equals total ________.

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