Subject: Economics / General Economics
Study Guide Be certain to properly label and write clearly.
1) The following table represent the amount of grapes each state can produce if all its resources are fully
and efficiently utilized and vice versa for corn. (5 pts) Iowa
California Grapes
10
25 Corn
20
100
a) Graph and label separate production possibility frontiers for Iowa and California.
b) Which country has an absolute advantage in the production of Grapes?
c) Which country has an absolute advantage in the production of Corn?
d) What is Iowa’s opportunity cost of producing one grape?
e) What is California’s opportunity cost of producing one grape?
f) What is Iowa’s opportunity cost of producing one corn?
g) What is California’s opportunity cost of producing one corn?
h) What will Iowa specialize in?
i) What will California specialize in?
j) State a terms of trade of your choice that will be mutually beneficial to Iowa and California.
Draw and label a post trade point on both graphs from part (a).
2) Using both a supply and demand curve together, graph and label the effects on the following markets.
(3 pts)
a) A decrease in the price of plastic on the iPhone market
b) A hurricane on the crab market
c) An increase in the price of ketchup on the hot dog market
3) (2 pts)
a) Using both a supply and demand curve together, graph and label the effects of a surplus in
the hamburger market.
b) In a few sentences describe the effect in part (a)
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