ECO 100Y INTRODUCTION TO ECONOMICS Term Test # 3
|
|
- Madlyn Weaver
- 5 years ago
- Views:
Transcription
1 Department of Economics Prof. Gustavo Indart University of Toronto February 17, 2012 ECO 100Y INTRODUCTION TO ECONOMICS Term Test # 3 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total time for this test is 1 hour and 50 minutes. 2. Aids allowed: a simple calculator. 3. Write with pen instead of pencil. DO NOT WRITE IN THIS SPACE Part I /6 Part II 1. /14 /30 2. /14 3. /11 TOTAL /75 Page 1 of 14
2 PART I (36 marks) Instructions: Enter your answer to each question in the table below. Table cells left blank will receive a zero mark for that question. Each question is worth one-half (0.5) mark for a maximum of six (6) possible marks. No deductions will be made for incorrect answers. In addition to recording your answers in the table below, briefly explain your answers in the space provided. Use graphs to help your explanation whenever appropriate. Up to two and one-half (2.5) additional marks will be awarded for each correct explanation for a maximum of thirty (30) additional marks. Note that no marks will be given for explanations to wrong answers Consider a perfectly competitive, decreasing cost industry. If there is a permanent decrease in demand, which one of the following statements will be true in the long run? a) Price will definitely decrease but the number of firms could increase, decrease or remain constant. b) Price will definitely increase but the number of firms could increase, decrease or remain constant. c) Price will definitely increase and the number of firms will also definitely increase. d) Price will definitely decrease and the number of firms will also definitely decrease. e) Price will definitely increase and the number of firms will definitely decrease. Page 2 of 14
3 2. For a perfect price-discriminating monopoly, which one of the following statements is false? a) The firm sets prices. b) The firm captures the entire consumer surplus. c) Allocative efficiency is worse than with single-price monopoly. d) The firm can distinguish between buyers. e) Buyers cannot resell the product. 3. Comparing the short-run and long-run profit-maximizing positions of a perfectly competitive firm, which one of the following statements is true? a) Price will equal marginal cost in the short-run, but not necessarily in the long-run. b) Economic profit may exist in the short-run and in the long-run. c) The firm will produce at minimum average cost in both the short- and long-run. d) Price should equal average cost in the long-run, but not necessarily in the short-run. e) The firm may have unexploited economies of scale in both the short-run and the long-run. Page 3 of 14
4 4. Assume that the following information applied to a firm in the short run at its current output: the industry price was $20; marginal revenue was $10; average total cost was $22; marginal cost was $10; average fixed costs were $6. On the basis of this information, which one of the following statements is correct in the short run? a) The firm is not in perfect competition and is at a profit maximizing output. b) The firm is in perfect competition and should produce a greater output. c) The firm is not in perfect competition and should shut down. d) The firm is in perfect competition and is at a profit maximizing output. e) The firm is not in perfect competition and should produce a greater output. 5. When the long-run equilibrium solutions are examined between a firm in perfect competition and a single-price unregulated monopolist, which one of the following statements is correct? a) Both the firm in perfect competition and the monopolist could make economic profits. b) Both the firm in perfect competition and the monopolist would produce where price equalled marginal cost. c) Both the firm in perfect competition and the monopolist would produce where marginal revenue equaled marginal cost. d) Both the firm in perfect competition and the monopolist would produce an output associated with the minimum point of the firm s average total cost curve. e) Both the firm in perfect competition and the monopolist must produce where average total cost equals industry price. Page 4 of 14
5 6. Suppose that a commodity s demand function is P = Q. What is marginal revenue when P = $100? a) -$80. b) -$40. c) $40. d) $80. e) None of the above is correct. 7. Suppose a monopolist can sell 10 units of output per day for a price of $10 each, and 11 units of output per day for $9.80 each. The marginal revenue for the 11th unit sold is equal to a) $9.80. b) $5.80. c) $7.80. d) -$0.20. e) none of the above. Page 5 of 14
6 8. Four monopolists were overheard talking at an expensive restaurant. Which one of their statements below contains a correct strategy for maximizing profits? a) In my company, we don t increase output unless we know that the larger output will raise total revenue. b) I think cost minimization is the key to maximizing profits. c) We try to make the most of our equipment by producing at maximum capacity. d) I don t really keep close tabs on total profits, but I don t approve any business deal unless it increases my revenue more than it increases my costs. e) I always produce a level of output where my revenues are maximized. 9. Which one of the following is NOT considered an investment item when calculating GDP? a) Construction of a new school. b) Purchase of a new canning machine by Campbell Soup Co. c) Purchase of 20 shares of Bell Canada stock. d) Increase in unsold goods in Walmart s warehouse. e) Both c) and d). Page 6 of 14
7 Use the data in Table 1 to answer questions 10 and 11. Table 1 Consumption 270 Corporate income taxes 10 Depreciation (capital consumption allowance) 45 Exports 55 Government expenditure on goods and services 55 Gross investment 80 Interest on the government debt 0 Imports 70 Indirect taxes minus subsidies 35 Personal income taxes 60 Transfer payments to households 80 Undistributed corporate profits Refer to data in Table 1 above. What is the value of Gross Domestic Product? a) 345. b) 390. c) 405. d) 445. e) None of the above is correct. 11. Refer to data in Table 1 above. What is the value of Net Domestic Income? a) 345. b) 390. c) 405. d) 445. e) None of the above is correct. Page 7 of 14
8 12. Assume a dealership in Toronto bought 40 brand new cars from the Ford Motor Company in Oakville, Ontario at a cost of $15,000 per car in July of By the end of 2011 it sold 20 of these cars at a price of $20,000 each. The remaining cars were sold in January 2012 at a price of $18,000 each. In these transactions, what was the contribution of the dealership to GDP in the year 2011? a) $760,000. b) $600,000. c) $400,000. d) $160,000. e) None of the above is correct. Page 8 of 14
9 PART II (39 marks) Instructions: Answer all questions in the space provided. Question 1 (14 marks) Suppose that the perfectly competitive peanut butter industry is in short-run equilibrium. The industry s demand curve is P = Q and the short-run supply is P = 0.25Q. There are 100 identical firms in the industry and the short-run Marginal Cost of each firm is MC = 25q. Note that price is measured in dollars and quantity in millions of jars per year. P Industry $ Representative Firm ATC Quantity in millions of jars per year Quantity in millions of jars per year 0.6 a) What are the short-run equilibrium price and quantity in this market? What is the equilibrium output of an individual firm? Show how you obtained these figures. (3 marks) Page 9 of 14
10 b) In the diagrams above, draw the market demand and supply curves and the MC curve of the representative firm and show the equilibrium of part a) above. What are the profits of the representative firm? Briefly explain. (3 marks) c) Suppose that all the firms in this industry decide now to form a cartel and operate as a monopoly. What price and output will maximize the profits of the cartel? What output must each firm produce to establish the maximum cartel profits? Show how you obtained these figures. (3 marks) d) In the diagrams above, show the cartel s price and output as well as the output and economic profits of the representative firm. (2 marks) e) In the situation in part c) above, is the representative firm maximizing its individual profits? Why or why not? If not, what output should the firm produce to maximize its profits? Show how you obtained this figure. In the diagram above, show the increase in economic profits of the cheating firm. (3 marks) Page 10 of 14
11 Question 2 (14 marks) Annie is the owner of the only stand selling fresh fruit juice in Lomita Beach. Her daily demand curve for juice is P = Q, where P is in cents and Q is in cups. Annie s only variable costs are the fruit to make the juice and the paper cups in which she sells the juice. The cost of fruit per cup of juice is constant at $0.40 and the cost of paper cups is also constant at $0.10 apiece. Her only fixed cost is the rent of the stand at $10 a day, which she pays to the government of Lomita Beach. P Q a) How many cups of juice will Annie sell a day if she is a profit-maximizer producer? What price will she charge? What economic profits will she make a day? Show all your work. (5 marks) Page 11 of 14
12 b) In the diagram above, draw Annie s daily demand curve, marginal revenue curve, and marginal cost curve. (1 mark) Why the equilibrium of part a) is not allocative efficient? Briefly explain. What would be the allocative efficient level of output? In the diagram above, show the deadweight loss measuring the degree of allocative inefficiency of the equilibrium of part a). (3 marks) c) Suppose that the local government of Lomita Beach imposes a price ceiling to eliminate allocative inefficiency in the fruit juice market. What would be the level of this price ceiling? How many cups of juice will Annie sell a day? What economic profits will she make a day? Show all your work. (3 marks) d) Would the outcome of part c) above be sustainable? Why or why not? Briefly explain. If it s not, what could the government of Lomita Beach do to make it sustainable? (2 marks) Page 12 of 14
13 Question 3 (11 marks) In Low Literacy town all high-schools are private and none are public. The market for private high-school education is perfectly competitive and all schools are currently making zero economic profits. This market s demand and supply curves are, respectively, P = Q and P = 0.3Q, where P is the monthly tuition fee in dollars and Q is the number of high-school students. This year s census indicated that the total high-school-age population in Low Literacy town was 3,000. P Q a) What are the equilibrium price and quantity in this market? How many high-school-age youth do not attend school in Low Literacy town? Show how you obtained these figures. (3 marks) Page 13 of 14
14 b) In the diagram above, draw the market demand and supply curves for high-school education in Low Literacy town and show the equilibrium of part a) above. (1 mark) c) Studies indicate that educational services produce a positive externality by raising productivity, decreasing unemployment, and reducing criminality rates. The mayor s office estimates that these additional benefits to the people of Low Literacy town are equivalent to $500 per student/month. Given this externality, what is the equation for the social marginal benefit (MB S ) curve for high-school education in Low Literacy town? What is the socially optimum number of high-school students in this town? (2 marks) d) In the diagram above, draw the MB S curve for high-school education in Low Literacy town and show the allocative inefficiency (deadweight loss) of the market outcome of part a) above. (2 marks) e) What should the local government do to increase the number of high-school students to the optimum level of part c) above? What monthly tuition fee would students pay out-of-pocket? What monthly tuition fee would schools receive per student? How many students would now attend high-school in Low Literacy town? (3 marks) Page 14 of 14
University of Toronto February 6, ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 3
Department of Economics Prof. Gustavo Indart University of Toronto February 6, 2009 SOLUTIONS ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 3 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The
More informationUniversity of Toronto July 27, ECO 100Y L0201 INTRODUCTION TO ECONOMICS Midterm Test # 2
Department of Economics Prof. Gustavo Indart University of Toronto July 27, 2006 SOLUTION ECO 100Y L0201 INTRODUCTION TO ECONOMICS Midterm Test # 2 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1.
More informationUniversity of Toronto February 10, 2006 ECO 100Y L0101 INTRODUCTION TO ECONOMICS. Midterm Test #3
Department of Economics Prof. Gustavo Indart University of Toronto February 10, 2006 SOLUTION ECO 100Y L0101 INTRODUCTION TO ECONOMICS Midterm Test #3 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS:
More informationECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 2
Department of Economics Prof. Gustavo Indart University of Toronto July 22, 2010 ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 2 LAST NAME FIRST NAME STUDENT NUMBER Check your section of the course:
More informationUNIVERSITY OF TORONTO Faculty of Arts and Science. August Examinations 2007 ECO 100Y1 Y. Duration: 3 hours
UNIVERSITY OF TORONTO Faculty of Arts and Science August Examinations 2007 ECO 100Y1 Y Duration: 3 hours Examination Aids allowed: Non-programmable calculators only INSTRUCTIONS: Students are required
More informationUNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 100Y1 Y. Duration: 3 hours
UNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 100Y1 Y Duration: 3 hours Examination Aids allowed: Non-programmable calculators only INSTRUCTIONS: Students are required
More informationECO 100Y L0201 INTRODUCTION TO ECONOMICS. Midterm Test #1
epartment of Economics Prof. Gustavo Indart University of Toronto October 26, 2007 ECO 100Y L0201 INTROUCTION TO ECONOMICS SOLUTIONS Midterm Test #1 LAST NAME FIRST NAME INSTRUCTIONS: STUENT NUMBER 1.
More informationQuiz #4 Week 04/05/2009 to 04/11/2009
Quiz #4 Week 04/05/2009 to 04/11/2009 You have 30 minutes to answer the following 15 multiple choice questions. Record your answers in the bubble sheet. Your grade in this quiz will count for 1% of your
More informationDo not remove any pages or add any pages. No additional paper is supplied
ECON 001 Spring 2018 Midterm 2 March 27, 2018 Time Limit: 60 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 5 pages (including this cover page) and 10 questions. Check to see
More informationECO201: PRINCIPLES OF MICROECONOMICS. Second Midterm Examination Prof. Bill Even
YOUR NAME (please print) Row Number for Regular Day of Class (1 is front row). ECO201: PRINCIPLES OF MICROECONOMICS Second Midterm Examination Prof. Bill Even November 14, 2018 FORM 1 Directions 1. Be
More informationECO201: PRINCIPLES OF MICROECONOMICS. Second Midterm Examination Prof. Bill Even
YOUR NAME (please print) Row Number for Regular Day of Class (1 is front row). ECO201: PRINCIPLES OF MICROECONOMICS Second Midterm Examination Prof. Bill Even November 14, 2018 FORM 2 Directions 1. Be
More informationECO201: PRINCIPLES OF MICROECONOMICS. Second Midterm Examination Prof. Bill Even
YOUR NAME (please print) Row Number for Regular Day of Class (1 is front row). ECO201: PRINCIPLES OF MICROECONOMICS Second Midterm Examination Prof. Bill Even November 14, 2018 FORM 4 Directions 1. Be
More informationECO201: PRINCIPLES OF MICROECONOMICS. Second Midterm Examination Prof. Bill Even
YOUR NAME (please print) Row Number for Regular Day of Class (1 is front row). ECO201: PRINCIPLES OF MICROECONOMICS Second Midterm Examination Prof. Bill Even November 14, 2018 FORM 3 Directions 1. Be
More informationFord School of Public Policy 555: Microeconomics A Fall 2010 Exam 3 December 13, 2010 Professor Kevin Stange
Ford School of Public Policy 555: Microeconomics A Fall 2010 Exam 3 December 13, 2010 Professor Kevin Stange This exam has 7 questions [ 5 short, 1 medium length, 1 very long] and spans the topics we have
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even Novermber 12, 2015 FORM 3 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even Novermber 12, 2015 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECON 101 KONG Midterm 2 CMP Review Session. Presented by Benji Huang
ECON 101 KONG Midterm 2 CMP Review Session Presented by Benji Huang Chapter 5 Efficiency and Equity Benefit, Cost, Surplus Consumers (1) A consumer benefits from the consumption of a product this benefit
More informationThis exam contains 11 pages (including this cover page) and 12 questions.
ECON 001 Fall 2015 A. Duchene Midterm 2 November 4, 2015 Time Limit: 0 Minutes Name (Print): Recitation Section: Name of TA: Read these instructions carefully: This exam contains 11 pages (including this
More informationECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1
Department of Economics Prof. Gustavo Indart University of Toronto October 17, 2008 ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The total time
More informationMULTIMEDIA COLLEGE JALAN GURNEY KIRI KUALA LUMPUR
STUDENT IDENTIFICATION NO MULTIMEDIA COLLEGE JALAN GURNEY KIRI 54100 KUALA LUMPUR FOUR SEMESTER FINAL EXAMINATION, 2014/2015 SESSION ECO2023 INTRODUCTION TO ECONOMICS DMGW-E-F-2/13, DMGS-E-F-2/13, DMGQ-E-F-2/13,
More informationJANUARY EXAMINATIONS 2008
No. of Pages: (A) 9 No. of Questions: 38 EC1000A micro 2008 JANUARY EXAMINATIONS 2008 Subject Title of Paper ECONOMICS EC1000 MICROECONOMICS Time Allowed Two Hours (2 Hours) Instructions to candidates
More information1. Welfare economics is the study of a. the well-being of less fortunate people. b. welfare programs in the United States.
1. Welfare economics is the study of a. the well-being of less fortunate people. b. welfare programs in the United States. c. the effect of income redistribution on work effort. d. how the allocation of
More informationEco402 - Microeconomics Glossary By
Eco402 - Microeconomics Glossary By Break-even point : the point at which price equals the minimum of average total cost. Externalities : the spillover effects of production or consumption for which no
More informationa. Sells a product differentiated from that of its competitors d. produces at the minimum of average total cost in the long run
I. From Seminar Slides: 3, 4, 5, 6. 3. For each of the following characteristics, say whether it describes a perfectly competitive firm (PC), a monopolistically competitive firm (MC), both, or neither.
More informationUniversity of Toronto June 14, ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1
Department of Economics Prof. Gustavo Indart University of Toronto June 14, 2007 SOLUTION ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1 A LAST NAME FIRST NAME STUDENT NUMBER SECTION ( Morning or
More informationFINALTERM EXAMINATION FALL 2006
FINALTERM EXAMINATION FALL 2006 QUESTION NO: 1 (MARKS: 1) - PLEASE CHOOSE ONE Compared to the equilibrium price and quantity sold in a competitive market, a monopolist Will charge a price and sell a quantity.
More informationExam 1. Price $ per minute $.55 $.30 $.25 $.05. Figure 1. a) 4 b) 5 c) d) 11 e) none
ECONOMICS 10-008 Dr. John Stewart September 24, 2002 Exam 1 Instructions: Mark the letter for your chosen answer for each question on the computer readable answer sheet using a No.2 pencil. Note =1, b)=2
More informationEcn Intermediate Microeconomic Theory University of California - Davis June 11, 2009 Instructor: John Parman. Final Exam
Ecn 100 - Intermediate Microeconomic Theory University of California - Davis June 11, 2009 Instructor: John Parman Final Exam You have until 8pm to complete the exam, be certain to use your time wisely.
More informationMIDTERM II. GROUP A Instructions: December 18, 2013
EC101 Sections 03 Fall 2013 NAME: ID #: SECTION: MIDTERM II December 18, 2013 GROUP A Instructions: You have 60 minutes to complete the exam. There will be no extensions. The exam consists of 30 multiple
More informationUNIVERSITY OF VICTORIA EXAMINATIONS APRIL 2006 ECON 103
UNIVERSITY OF VICTORIA EXAMINATIONS APRIL 2006 ECON 103 NAME: INSTRUCTOR: STUDENT NO: SECTION: DURATION: TWO (2) HOURS TO BE ANSWERED ON THE PAPER AND ON N.C.S. ANSWER SHEETS STUDENTS MUST COUNT THE NUMBER
More informationEcon 98 (CHIU) Midterm 1 Review: Part A Fall 2004
Disclaimer: The review may help you prepare for the exam. The review is not comprehensive and the selected topics may not be representative of the exam. In fact, we do not know what will be on the exam.
More informationUnit 4: Imperfect Competition
Unit 4: Imperfect Competition 1 Monopoly 2 Characteristics of Monopolies 3 5 Characteristics of a Monopoly 1. Single Seller One Firm controls the vast majority of a market The Firm IS the Industry 2. Unique
More informationFord School of Public Policy 555: Microeconomics A Fall 2010 Exam 3 December 13, 2010 Professor Kevin Stange
Ford School of Public Policy 555: Microeconomics A Fall 2010 Exam 3 December 13, 2010 Professor Kevin Stange This exam has 7 questions [ 5 short, 1 medium length, 1 very long] and spans the topics we have
More informationUniversity of Toronto October 17, ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1
Department of Economics Prof. Gustavo Indart University of Toronto October 17, 2008 SOLUTIONS ECO 100Y INTRODUCTION TO ECONOMICS Midterm Test # 1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS: 1. The
More informationEco 202 Exam 2 Spring 2014
Eco 202 Exam 2 Spring 2014 PLEASE ANSWER 50 OF THE FOLLOWING QUESTIONS. 1. Jon Brooks quit his job in a bicycle shop, where he earned $15,000 per year, to become a graduate student in economics. At the
More information2007 Thomson South-Western
Monopolistic Competition Characteristics: Many sellers Product differentiation Free entry and exit In the long run, profits are driven to zero Firms have some control over price What does the costs graph
More informationPractice Exam 3: S201 Walker Fall 2004
Practice Exam 3: S201 Walker Fall 2004 I. Multiple Choice (3 points each) 1. Which of the following statements about the short-run is false? A. The marginal product of labor may increase or decrease. B.
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even November 14, 2011 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even November 14, 2011 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number
More informationCLEP Microeconomics Practice Test
Practice Test Time 90 Minutes 80 Questions For each of the questions below, choose the best answer from the choices given. 1. In economics, the opportunity cost of an item or entity is (A) the out-of-pocket
More informationMICROECONOMICS SECTION I. Time - 70 minutes 60 Questions
MICROECONOMICS SECTION I Time - 70 minutes 60 Questions Directions: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best
More informationMidterm 1 60 minutes Econ 1101: Principles of Microeconomics October 12, Exam Form A
Midterm 1 60 minutes Econ 1101: Principles of Microeconomics October 12, 2015 Exam Form A Name Student ID number Signature Teaching Assistant Section The answer form (the bubble sheet) and this question
More informationECO 162: MICROECONOMICS INTRODUCTION TO ECONOMICS Quiz 1. ECO 162: MICROECONOMICS DEMAND Quiz 2
INTRODUCTION TO ECONOMICS Quiz 1 Answer the entire question You are required to give brief explanation for each of the questions. 1. Explain the basic economic concepts with the help of Production Possibility
More informationEC1000 MICROECONOMICS ' MOCK EXAM
EC1000 MICROECONOMICS ' MOCK EXAM Time Allowed Two Hours (2 Hours) Instructions to candidates This paper is in two sections. Students should attempt ALL the questions in both Sections The maximum mark
More informationNew Zealand Economics Competition
New Zealand Economics Competition Tuesday 2 July 2013 Instructions: 1. Do not open this question booklet until instructed to do so. 2. You have fifty (50) minutes to answer all forty (40) questions. No
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even November 17, 2010 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION
YOUR NAME (please print) ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION November 6, 2007 FORM 3. Directions 1. FILL IN YOUR SCANTRON WITH YOUR UNIQUE ID AND THE FORM NUMBER LISTED ON THIS
More informationProblem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011
Problem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011 There are 30 multiple choice questions in this problem set. Answer these questions by the beginning of the class
More informationEastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester
Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2016-17 Fall Semester Duration: 110 minutes ECON101 - Introduction to Economics I Final Exam Type A 11 January
More informationTitle: Micro In the market below, what would be true at a price of $6?
Title: Micro 1.1 1. In the market below, what would be true at a price of $6? a. There is excess demand (a shortage) of 10 units. b. The market is in equilibrium. *c. There is excess supply (a surplus)
More informationMidterm 2 Sample Questions. Use the demand curve diagram below to answer the following THREE questions.
! Midterm 2 Sample uestions Use the demand curve diagram below to answer the following THREE questions. 8 6 4 2 4 8 12 16 1. What is the own-price elasticity of demand as price decreases from 6 per unit
More informationECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION Prof. Bill Even April 20, 2016 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed
More informationThis exam contains 14 pages (including this cover page) and 17 questions. Check to see if any pages are missing.
ECON 1 Fall 217 Final Exam December 18, 217 Time Limit: 12 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 14 pages (including this cover page) and 17 questions. Check to see if
More information2. Graphing lines from points and using models to evaluate a policy
Econ 102 Spring 2013 Homework 2 Due February 26, 2014 1. Market Demand and Supply (Hint: this question is a review of material you should have seen and learned in Economics 101.) Suppose the market for
More information4. Which of the following statements about marginal revenue for a perfectly competitive firm is incorrect? A) TR
Name: Date: 1. Which of the following will not be true of a perfectly competitive market? A) Buyers and sellers will have an imperceptible effect on the market. B) Firms can freely enter and exit the market.
More informationPostgraduate Diploma in Marketing December 2017 Examination Economic and Legal Impact (Econ)
Postgraduate Diploma in Marketing December 2017 Examination Economic and Legal Impact (Econ) Date: 20 December 2017 Time: 0830 Hrs 1130 Hrs Duration: Three (03) Hrs ) Total marks for this paper is 100
More informationThis exam contains 15 pages (including this cover page) and 17 questions. Check to see if any pages are missing.
ECON 001 Fall 2016 Final Exam December 21, 2016 Time Limit: 120 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 15 pages (including this cover page) and 17 questions. Check to
More informationMonopoly and How It Arises
Monopoly and How It Arises A monopoly is a market: That produces a good or service for which no close substitute exists In which there is one supplier that is protected from competition by a barrier preventing
More informationCommerce 295 Midterm Answers
Commerce 295 Midterm Answers October 27, 2010 PART I MULTIPLE CHOICE QUESTIONS Each question has one correct response. Please circle the letter in front of the correct response for each question. There
More informationVERSION 1. Economics 101 Lec 3 Elizabeth Kelly Fall 2000 Midterm #3 / Version #1 December 4, Student Name: ID Number: Section Number: TA Name:
Economics 101 Lec 3 Elizabeth Kelly Fall 2000 Midterm #3 / Version #1 December 4, 2000 VERSION 1 TF+MC roblem Total Student Name: ID Number: Section Number: TA Name: NOTE: This information and the similar
More informationPractice Test for Midterm 2 Econ Fall 2009 Instructor: Soojae Moon
Practice Test for Midterm 2 Econ 2010-200 Fall 2009 Instructor: Soojae Moon Please read carefully and choose the choice that best completes the statement or answers the question. Table 7-2 This table refers
More informationANSWER KEY Multiple Choice. 3 marks each. Indicate your answers on the bubble sheet provided.
November 17, 2009 90 minutes No calculators, no aids allowed. Economics 103 Second Midterm Dr. J. Friesen ANSWER KEY Multiple Choice. 3 marks each. Indicate your answers on the bubble sheet provided. 1)
More informationECON 200. Introduction to Microeconomics
ECON 200. Introduction to Microeconomics Homework 5 Part II Name: [Multiple Choice] 1. A firm is a natural monopoly if it exhibits the following as its output increases: (d) a. decreasing marginal revenue
More informationREDEEMER S UNIVERSITY
REDEEMER S UNIVERSITY Km 46/48 Lagos Ibadan Expressway, Redemption City, Ogun State COLLEGE OF MANAGEMENT SCIENCE DEPARTMENT OF ECONOMICS AND BUSINESS STUDIES COURSE CODE /TITLE ECO 202/Microeconomics
More informationEcon 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007
Instructions: Econ 001: Midterm 2 (Dr. Stein) Answer Key Nov 13, 2007 This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 7, 2013 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number
More informationa) I, II and III. b) I c) II and III only. d) I and III only. 2. Refer to the PPF diagram below. PPF
1. Suppose that - at a given level of an economic activity - marginal social cost is greater than marginal social benefit. Which of the following statements is TRUE? I. Social surplus would be higher at
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Micro - HW 4 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) In central Florida during the spring, strawberry growers are price takers. The reason
More informationECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION
Name Seat Assignment ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION November 17, 2009 FORM 3. Directions 1. FILL IN YOUR SCANTRON WITH YOUR UNIQUE ID AND THE FORM NUMBER LISTED ON THIS
More informationMidterm 1 60 minutes Econ 1101: Principles of Microeconomics October 8, Exam Form A
Midterm 1 60 minutes Econ 1101: Principles of Microeconomics October 8, 2012 Exam Form A Name Student ID number Signature Teaching Assistant Section The answer form (the bubble sheet) and this question
More informationECON 2100 (Summer 2014 Sections 08 & 09) Exam #3A
ECON 21 (Summer 214 Sections 8 & 9) Exam #3A Multiple Choice Questions: (3 points each) 1. I am taking of the exam. A. Version A 2. Average Fixed Costs of Production A. must remain constant as the level
More informationThis exam contains 13 pages (including this cover page) and 17 questions. Check to see if any pages are missing.
ECON 001 Fall 2016 Final Exam December 21, 2016 Time Limit: 120 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 13 pages (including this cover page) and 17 questions. Check to
More information2. What is Taylor s marginal utility per dollar spent on the 2 nd race? a. 2 b. 3 c. 4 d. 5
ECON 251 Practice questions based on Spring 2013 Exam 2 Taylor has $100 to spend on playing golf and running in races. The price of a round of golf is $20 and the price of running a race is $10. The total
More informationUnit 4: Imperfect Competition
Unit 4: Imperfect Competition 1 FOUR MARKET STRUCTURES Perfect Competition Monopolistic Competition Oligopoly Pure Monopoly Imperfect Competition Every product is sold in a market that can be considered
More informationECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION
Name Seat Assignment ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION November 17, 2009 FORM 4. Directions 1. FILL IN YOUR SCANTRON WITH YOUR UNIQUE ID AND THE FORM NUMBER LISTED ON THIS
More informationPractice Exam 3: S201 Walker Fall 2009
Practice Exam 3: S201 Walker Fall 2009 I. Multiple Choice (3 points each) 1. Which of the following statements about the short-run is false? A. The marginal product of labor may increase or decrease. B.
More informationECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION
Name Seat Assignment ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION November 17, 2009 FORM 1. Directions 1. FILL IN YOUR SCANTRON WITH YOUR UNIQUE ID AND THE FORM NUMBER LISTED ON THIS
More informationEastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester
Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2014 15 Fall Semester ECON101 Introduction to Economics I Final Exam Type A 26 January 2015 Duration: 100 minutes
More informationPrinciples of Microeconomics Module 5.1. Understanding Profit
Principles of Microeconomics Module 5.1 Understanding Profit 180 Production Choices of Firms All firms have one goal in mind: MAX PROFITS PROFITS = TOTAL REVENUE TOTAL COST Two ways to reach this goal:
More informationUnit 4: Imperfect Competition
Unit 4: Imperfect Competition 1 Monopoly 2 Characteristics of Monopolies 3 5 Characteristics of a Monopoly 1. Single Seller One Firm controls the vast majority of a market The Firm IS the Industry 2. Unique
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even Novermber 12, 2014 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number
More informationECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION
YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even Novermber 12, 2014 FORM 3 Directions 1. Fill in your scantron with your unique-id and the form number
More informationSOLUTIONS ECO 100Y L0101 INTRODUCTION TO ECONOMICS. Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER. University of Toronto October 22, 2004
Department of Economics Prof. Gustavo Indart University of Toronto October 22, 2004 SOLUTIONS ECO 100Y L0101 INTRODUCTION TO ECONOMICS Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS:
More informationINTI COLLEGE MALAYSIA BUSINESS FOUNDATION PROGRAMME ECO 181: INTRODUCTORY ECONOMICS FINAL EXAMINATION: AUGUST 2003 SESSION
ECO 181 (F) / Page 1 of 15 INTI COLLEGE MALAYSIA BUSINESS FOUNDATION PROGRAMME ECO 181: INTRODUCTORY ECONOMICS FINAL EXAMINATION: AUGUST 2003 SESSION SECTION A There are SIXTY questions on this paper.
More informationLECTURE NOTES ON MICROECONOMICS
LECTURE NOTES ON MICROECONOMICS ANALYZING MARKETS WITH BASIC CALCULUS William M. Boal Part 3: Firms and competition Chapter 12: Welfare analysis Problems (12.1) [Pareto improvement, economic efficiency]
More informationMICROECONOMIC FOUNDATIONS OF COST-BENEFIT ANALYSIS. Townley, Chapter 4
MICROECONOMIC FOUNDATIONS OF COST-BENEFIT ANALYSIS Townley, Chapter 4 Review of Basic Microeconomics Slides cover the following topics from textbook: Input markets. Decision making on the margin. Pricing
More informationECON 101: Principles of Microeconomics Discussion Section Week 12 TA: Kanit Kuevibulvanich
Important Concepts: Monopoly ECON 101: Principles of Microeconomics Discussion Section Week 12 Comparison of Perfectly Competitive Market and Monopoly Market Perfect Competition Monopoly Number of Participants
More informationChoose the single best answer for each question. Do all of your scratch work in the margins or in the blank space at the bottom of the last page.
Econ 101, Section 1, F09, Schroeter Makeup Exam Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space at the bottom of the last page. 1. When
More informationThis paper is not to be removed from the Examination Halls
~~EC2066 ZA d0 This paper is not to be removed from the Examination Halls UNIVERSITY OF LONDON EC2066 ZB BSc degrees and Diplomas for Graduates in Economics, Management, Finance and the Social Sciences,
More information(AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING
All Rights Reserved ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA AA1 EXAMINATION - JULY 2015 (AA13) ECONOMICS FOR BUSINESS AND ACCOUNTING Instructions to candidates (Please Read Carefully): (1) Time:
More informationEconomics. In an economy, the production units are called (a) Firm (b) Household (c) Government (d) External Sector
Economics The author of the book "The General Theory of Employment Interest and Money" is (a) Adam Smith (b) John Maynard Keynes (c) Alfred Marshall (d) Amartya Sen In an economy, the production units
More informationUnit 13 AP Economics - Practice
DO NOT WRITE ON THIS TEST! Unit 13 AP Economics - Practice Multiple Choice Identify the choice that best completes the statement or answers the question. 1. A natural monopoly exists whenever a single
More informationCH 13. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.
Class: Date: CH 13 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. One requirement for an industry to be perfectly competitive is that a. sellers and buyers
More informationDURATION: 3 HOURS TOTAL MARKS: 100. External Examiner: MR MAG Darroch Internal Examiners: Dr E Wale and Prof GF Ortmann
DURATION: 3 HOURS TOTAL MARKS: 100 External Examiner: MR MAG Darroch Internal Examiners: Dr E Wale and Prof GF Ortmann NOTE: THIS PAPER CONSISTS OF 9 PAGES. PLEASE SEE THAT YOU HAVE THEM ALL. ANSWER SECTIONS
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following statements is correct? A) Consumers have the ability to buy everything
More informationECO 162: MICROECONOMICS
ECO 162: MICROECONOMICS PREPARED BY Dr. V.G.R. CHANDRAN Email: vgrchan@gmail.com Website: www.vgrchandran.com/default.html UNIVERSITI TEKNOLOGI MARA 0 P a g e TUTORIAL QUESTIONS ALL RIGHTS RESERVED 2010
More informationDo not open this exam until told to do so. Solution
Do not open this exam until told to do so. Department of Economics College of Social and Applied Human Sciences K. Annen, Fall 003 Final (Version): Intermediate Microeconomics (ECON30) Solution Final (Version
More informationEfficiency and Fairness of Markets
Efficiency and Fairness of Markets Chapter 6 CHAPTER IN PERSPECTIVE In Chapter 6 we study the equilibrium quantities of goods, services, and factors of production to determine if markets are efficient.
More informationEcon 111 2nd MT 16 17
Econ 111 2nd MT 16 17 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Starting from a situation in which a firm in a competitive market produces and sells
More information