EC 101.8 Principles of Microeconomics, Quiz 1
Answer Key
1. D
there are no gains from trade between these two countries with these two goods because the opportunity
cost of rugs in terms of spy novels is the same in both countries.
2. A
sewing.
3. C
at least 1 1/2 blankets for 1 dress.
4. B
oligopoly.
5. B
market
6. A
quantity demanded.
7. D
at each possible price of iPhones.
8. C
Dell and Hewlett Packard personal computers
9. C
footballs and football boots
10. A
quantity demanded will equal quantity supplied.