Answer all mc
60. Under a price ceiling of $20, what is the Producer Surplus? (A) $50. (B) $100. (C) $150. (D) $200. 61. Under a price ceiling of $20, what is the Deadweight Loss? (A) $2,400. (B) $1,800. (C) $1,350. (D) $1,050. 62. Under a price ceiling of $20, what is the Total Surplus? (A) $2,400. (B) $1,800. (C) $1,350. (D) $1,050. 63. Tomorrow is Saturday, and you can do one of three things: 1. Reconquer Constantinople (nonviolently, through Chad intimidation). 2. Be a simp and spend all day on Tinder. 3. Improve your mind by reading Anna Komnene's Aimed. You hate being a simp and using Tinder, but enjoy the other two activities. What is your opportunity cost of retaking Constantinople? (A) Your pleasure from being a simp on Tinder. (B) Your pleasure from re-taking Constantinople. (C) Your pleasure from reading Anna Komnene. (D) There is NEVER an opportunity cost to retaking the Heavenly City. We may die today, but we will live forever as heroes in the Heavenly Realms! To arms! 22 The next four questions deal with the following situation. Consider two nations, Abyssinia and Judah. They can each produce two goods: myrrh and olive oil. In a single year, Abyssinia can make 2,000 tons of myrrh or 2,000 tons of olive oil. In the same time period, Judah can produce 1,000 tons of myrrh, or 1,500 tons of olive oil. Iniitally, both countries are under a state of autarky, meaning they do not trade. 64. Which country has an absolute advantage in myrrh production? (A) Abyssinia. (B) Judah. (C) Neither. (D) Both. 65. Which of the following statements is true? (A) Abyssinia has absolute advantage in olive oil production, while Judah has compar- ative advantge in myrrh production. (B) Abyssinia has absolute advantage in olive oil production, while Judah has compar- ative advantage in olive oil production. C) Judah has absolute advantage in olive oil production, while Abyssinia has compar- ative advantage in myrrh production. (D) Judah has absolute advantage in olive oil production, while Abyssinia has compar- ative advantage in olive oil production. 66. The Queen of Abyssinia visits the King of Judah, and the two nations commence trade relations. If they specialize in the goods for which they have comparative advan- tage, what will occur? (A) Abyssinia will produce only olive oil, and Judah will produce only myrrh. (B) Abyssinia will produce only olive oil, and so will Judah. (C) Abyssinia will produce only myrrh, and so will Judah. (D) Abyssinia will produce only myrrh, and Judah will produce only olive oil. 2367. If the two nations trade, then which of the following trades would be mutually ben- ecial and feasible? Assume that each country has constant Marginal Rates of Trans- formation. (A) Abyssinia gives Judah one ton of olive oil in exchange for one ton of myrrh. (B) Abyssinia gives Judah one ton of olive oil in exchange for two tons of myrrh. (C) Abyssinia gives Judah 200 tons of olive oil in exchange for 250 tons of myrrh. (D) Abyssinia gives Judah 2,000 tons of olive oil in exchange for 2,500 tons of myrrh. 68. Which period in history, from 1715 to 1789, was marked by the idolization of science and reason, along with a repudiation of established religion? (A) The Scientic Revolution. (B) The Reformation. (C) The Enlightenment. (D) The Marginal Revolution. 69. Which of the following is a possible future direction for economics, that may lead to another paradigm shift? (A) Marginalism. (B) Optimization theory. (C) Virtue ethics. (D) Social Network Analysis. 70. According to Karl Popper's denition of science, which of the following would be a scientic statement? (A) \"Vaccines are perfectly safe and established. You should take them.\" (B) \"There is no evidence that God exists. Therefore, He does not.\" (C) \"I tried to disprove the theory of gravity, but failed to do 50.\" (D) \"Based on our polling data, most Canadians like the Edmonton Oilers.\" 24
