# Framingham State College Department of Economics and Business Principles of Microeconomics 1 st Midterm Practice Exam Fall 2006

Size: px
Start display at page:

Download "Framingham State College Department of Economics and Business Principles of Microeconomics 1 st Midterm Practice Exam Fall 2006"

Transcription

2 2. In the United States, incomes have historically grown about 2% per year. At this rate incomes will double every a. 10 years. b. 25 years. c. 35 years. d. 50 years. 35 years. After one year 100 dollars would grow to 102 dollars. 102 dollars would be dollars by the end of the second year and by the 35 th year the amount would have doubled. Answer c. 3. Senator Smith wants to increase taxes on people with high incomes and use the money to help the poor. Senator Jones argues that such a tax will discourage successful people from working and will therefore make society worse off. An economist would say that a. we should agree with Senator Smith. b. we should agree with Senator Jones. c. a good decision requires that we recognize both viewpoints. d. there are no tradeoffs between equity and efficiency. An economist would say that a good decision requires that we recognize both viewpoints. Answer c. 4. What would be the best statement about a theory based on assumptions that are not true? a. If the assumptions underlying the theory are not true, the theory must be false. b. The ideas may be good in theory, but not in practice. c. The theory is a good one if it helps us to understand how the world works. d. The theory is a good one if no logical mistakes were made in developing it. The theory is a good one if it helps us to understand how the world works. Answer c. 5. Economists use models in order to a. learn how the economy works. b. make their profession appear more precise. c. make economics difficult for students. d. make sure that all of the details of the economy are included in their analysis. Economists use models in order to learn how the economy works. Answer a.

3 Figure Refer to Figure 2-3 at the foot of the previous page. The economy can produce at which point or points? a. B, D, E b. A, B, D, E c. D, C d. D Neither C nor a are feasible so the economy could produce at points B, D or E. Answer a. 7. One way to determine the direction of causality is to a. assume the 2 variables move in the same direction. b. assume the 2 variables move in opposite directions. c. determine which variable moves first. d. determine which variable is the dependent variable and which variable could be the independent variable. One way to determine the direction of causality is to determine which variable moves first. Answer d. 8. If Jane receives a decrease in her pay, we would expect a. Jane's demand for each good she purchases to remain unchanged. b. Jane's demand for normal goods to increase. c. Jane's demand for luxury goods to increase. d. Jane's demand for inferior goods to increase. If Jane receives a decrease in her pay we would expect her demand for inferior goods to increase. Answer d.

4 9. Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and Y are: a. complementary goods. b. normal goods. c. inferior goods. d. substitute goods. X and Y are substitute goods if the decrease in the price of one of them leads to less of the other one being sold. Answer d. 10. When it comes to people's tastes, economists generally believe that a. tastes are based on forces beyond the realm of economics. b. tastes are based on historical and psychological forces. c. tastes can only be studied through well-constructed, real-life models. d. since tastes do not directly affect demand, there is little need to explain people's tastes. Economists generally believe that tastes are based on historical and psychological forces. Answer b. True/False: Indicate whether the sentence or statement is true or false. 11. Tuition is the single-largest cost of attending college for most students. False, the opportunity cost of lost income is the single largest cost of attending college for most students 12. Inflation increases the value of money. False, inflation decreases the value of money. 13. In the markets for goods and services, as in the markets for the factors of production, households are buyers and firms are sellers. Households are not generally the buyers in the markets for the factors of production. They generally sell their labor in such markets. Hence False. 14. Jonathan can make a bird house in 3 hours. He can make a bird feeder in 1 hour. The opportunity cost to Jonathan of making a bird house is 1/3 bird feeder. Jonathan can make 3 bird feeders for every bird house that he makes. The opportunity cost of a bird feeder is 1/3 of a bird house. The opportunity cost of a bird house on the other hand is 3 bird feeders. Hence False. 15. The computer software industry is an example of monopolistic competition. True. See Section 4.1

5 16. A local cable TV company might be a monopolist. True. See Section Baseballs and baseball bats are substitute goods. False, baseballs cannot be used in place of baseball bats. The game needs both so the goods are complements. Hence False. 18. If there is an improvement in the technology of producing a product, the supply curve for that product will shift to the left. A shift to the left is a decrease in supply. An improvement in technology will lead to an increase in supply. Hence False. 19. Surpluses drive price up while shortages drive price down. False, the price of goods in surplus tend to be driven down and the price of goods in short supply tend to be driven up. 20. The behavior of buyers and sellers drives markets toward equilibrium. True. See Section 4.4. Short Answer: Your answers should be given in complete sentences. 21. Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class today? Whatever must be given up to obtain some item it its opportunity cost. Basically, this would be a person's second choice. The opportunity cost of a person attending college is the value of the best alternative use of that person's time. For most students this would be the income the student gives up by not working. A student's opportunity cost of coming to class was the value of the best opportunity the student gave up. (For most students, that seems to be sleep.) 22. Draw a production possibilities frontier showing increasing opportunity cost for hammers and horseshoes.

6 a. On a graph, identify the area of feasible outcomes and the area of infeasible outcomes. b. On the graph, label a point that's efficient as point "E" and a point that inefficient as point "I". c. On a graph, illustrate the effect of the discovery of a new vein of iron ore, a resource needed to make both horseshoes and hammers, on this economy. d. On a graph for hammers and horseshoes, illustrate the effect a new computerized assembly line in the production of hammers would have.

7 23. Use the following demand curve to answer the following questions. a. How would point A be represented as an ordered pair? (20, 24) b. What type of curve is this? a demand curve c. Does this curve show a positive or negative correlation between price and quantity? a negative correlation between price and quantity d. Compute the slope of the D 1 between points A and C. -8/20 or -2/5. e. What is the slope of D 1 between points C and E? Why would you not have to calculate this answer? -2/5; because the slope of a straight line is constant. f. What is it called if we move from D 1 to D 2? an increase in demand. g. How do you know that the slope of D 2 is the same as the slope of D 1? The 2 lines are parallel.

8 24. The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers. a. Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A. Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its PPF) and Omega would be producing 50 units of peanuts and 150 units of popcorn (point A on its PPF). b. If these countries choose not to trade, what would be the total world production of popcorn and peanuts? The total world production of peanuts would be 175 units and the total world production of popcorn would be 225 units. c. Now suppose that each country decides to specialize in the good in which each has a comparative advantage. By specializing, what is the total world production of each product now? The total world production of peanuts would now be 250 units and the total world production of popcorn would now be 300 units. d. If each country decides to trade 100 units of popcorn for 100 units of peanuts, show on the graphs the gain each country would receive from trade. Label these points B. Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega, leaving Alpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega. Omega would be producing 300 units of popcorn and would trade 100 of them to Alpha, leaving Omega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.

9 25. Julia can fix a meal in 1 hour, and her opportunity cost of one hour is \$50. Eric can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is \$20. Will both Julia and Eric be better off if she pays him \$45 per meal to fix her meals? Explain. Since Julia's opportunity cost of preparing a meal is \$50, and Eric s opportunity cost of preparing a meal is \$40, each of them will be better off by \$5 per meal if this arrangement is made.

### Iowa State University Economics 101 Microeconomics Principles Prof. Kilkenny Spring First Exam February 25, 2005

Iowa State University Economics 101 Microeconomics Principles Prof. Kilkenny Spring 2005 First Exam February 25, 2005 General Instructions: 1. Write your name here: 2. USE a #2 PENCIL: Write your name,

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Spring Semester

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2015 16 Spring Semester ECON101 Introduction to Economics I First Midterm Exam Duration: 90 minutes Answer Key

### Economics, so far. Straight line Why? Transferable resources anything that can grow wheat can grow barley

Economics, so far I. Opportunity Cost a. What it is: what is given up b. Our first assumption is that resources money, time, land, etc are LIMITED. c. THUS we make choices. And every choice has an opportunity

### SHORT QUESTIONS AND ANSWERS FOR ECO402

SHORT QUESTIONS AND ANSWERS FOR ECO402 Question: How does opportunity cost relate to problem of scarcity? Answer: The problem of scarcity exists because of limited production. Thus, each society must make

### EC1000 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

### 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 page 6.

Econ 101, Section 1, F09, Schroeter Exam #1, Red 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 page 6. 1. When a society

### Exam 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

### Microeconomics PART A. More Tutorial at

Microeconomics PART A 1. For Italy, the opportunity cost incurred when 6 cheeses are produced is 8 watches. For Switzerland, the opportunity cost incurred when 10 cheeses are produced is 50 watches. Which

### Choose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages.

Econ 101, Sections 3 and 4, S11, Schroeter Exam #1, Special code = 0002 Choose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages. 1. When a society

### Choose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages.

Econ 101, Sections 3 and 4, S11, Schroeter Exam #1, Special code = 0001 Choose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages. 1. When a society

### 2. For a competitive market, which of the following statements is correct?

HOMEWORK 1 (Demand and Supply) ECO41 FALL 2013 UDAYAN ROY This homework assignment tests your understanding of the theory of supply and demand. Any textbook on the principles of economics will cover this

Name Framingham State College Department of Economics and Business Principles of Microeconomics Section D Practice Final Exam Spring 2006 - VERSION 2 WITH ANSWERS This exam provides questions that are

### Ecn 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.

### MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Chapters 1-3: Additional Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) A recurring theme in economics is that people: A) Can increase

### Multiple Choice questions /60 Problem 1 /20 Problem 2 /12 Problem 3 /8

Econ 200 Midterm 1 Spring 2011 March 29 2011 Instructions : 1-) The exam is 65 minutes 2-) You have to provide detailed solution to each problem 3-) Any form of cheating (Peeking to other s exam, use your

### Figure 6.2. Figure 6.3

Topic 4 test MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) There is a deadweight loss if the last unit produced has a A) marginal benefit greater

### ECON 2100 (Summer 2016 Sections 10 and 11) Exam #1B

ECON 21 (Summer 216 Sections 1 and 11) Exam #1B Multiple Choice Questions: (3 points each) 1. I am taking of the exam. B. Version B 2. Which of the following statements is a Positive Statement? A. Muhammad

### ECON 2100 (Summer 2016 Sections 10 and 11) Exam #1A

ECON 21 (Summer 216 Sections 1 and 11) Exam #1A Multiple Choice Questions: (3 points each) 1. I am taking of the exam. A. Version A 2. Which of the following statements is a Positive Statement? A. Muhammad

### Exam#1 Review Economics:

Exam#1 Review Economics: Social Science; Study of choices Resources Renewable Nonrenewable Wants Scarcity Because of scarcity socities and economies have to answer the 3 major economic questions Limited

### ECON 251 DISTANCE LEARNING: MAY 2014 MIDTERM EXAM INSTRUCTIONS

ECON 251 DISTANCE LEARNING: MAY 2014 MIDTERM EXAM Student s Name: Proctor s Name: Date: To the student: INSTRUCTIONS You have a maximum of 2 hours to complete the exam The exam is closed notes & book.

### JANUARY 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

### REVIEW FOR TEST I (Chapters 1-4 of Case, Fair, Oster text) HCCS Spring Branch Campus Instructor: J.H. Ewing. What Economics is About

REVIEW FOR TEST I (Chapters 1-4 of Case, Fair, Oster text) HCCS Spring Branch Campus Instructor: J.H. Ewing What Economics is About Economics deals with the human condition that arises when Wants > Limited

### SUBJ SCORE # Version A: Page 1 of 13. Economics 001 NAME Professor Levinson Final Exam December 13, 2013

SUJ SCORE # Version : Page 1 of 13 Economics 001 NME Professor Levinson GU ID # Final Exam December 13, 2013 DO NOT EGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. RED THESE INSTRUCTIONS FIRST. 1.

### After studying this chapter you will be able to

3 Demand and Supply After studying this chapter you will be able to Describe a competitive market and think about a price as an opportunity cost Explain the influences on demand Explain the influences

### ECON 1000 D. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.

It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 2.5 hours. Work on your own. Keep your notes and textbook closed. Attempt every question.

### MICROECONOMICS Midterm Test (sample)

Student Name:.. MICROECONOMICS Midterm Test (sample) Time: 60 minutes Student Number:. Total Mark:... /50 Class:. Converted Mark:../10 Section A: QUIZ 20 marks Show your answers on the ANSWER SHEET at

### ECON 251 Exam #1 Spring 2013

ECON 251 Exam #1 Spring 2013 1. A is an example of a labor resource, while is an example of a capital resource. a. Schoolteacher; a computer programmer b. Football player; tree c. Business owner; checking

### 2 THINKING LIKE AN ECONOMIST

2 THINKING LIKE AN ECONOMIST LEARNING OBJECTIVES: By the end of this chapter, students should understand: how economists apply the methods of science. how assumptions and models can shed light on the world.

### MICROECONOMICS 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

### EconS 102: Mid Term 1 Date: June 30th, 2017

EconS 102: Mid Term 1 Date: June 30th, 2017 Instructions Write your name and WSU ID on the paper. All questions are worth 1 point. You have 30 minutes. You must answer any 15/18 questions. If you answer

### Individual & Market Demand and Supply

Mr Sydney Armstrong ECN 1100 Introduction to Microeconomic Lecture Note (3) Individual & Market Demand and Supply The tools of demand and supply can take us a far way in understanding both specific economic

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester. ECON 101 Mid term Exam

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2014 15 Fall Semester ECON 101 Mid term Exam Type A 28 November 2014 Duration: 90 minutes Name Surname: Group

### I enjoy teaching this class. Good luck and have a nice Holiday!!

ECON 202-501 Fall 2008 Xiaoyong Cao Final Exam Form A Instructions: The exam consists of 2 parts. Part I has 35 multiple choice problems. You need to fill the answers in the table given in Part II of the

### Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM I , Tuesday 13:00 Section 03 TYPE B

NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM I 15.03.2016, Tuesday 13:00 Section 03 TYPE B Do not forget to write your full name,

### MIDTERM EXAM August 16th, Monday, 2010 (80 POINTS)

MIDTERM EXAM August 16th, Monday, 2010 (80 POINTS) UID: NAME: TYPE: DEMAND READ CAREFULLY. 1. You have 1 hour and 30 minutes. Allocate your time wisely. 2. Solve ALL questions. 3. Show your work for essay

### Principles of Microeconomics, 11e -TB1 (Case/Fair/Oster) Chapter 2 The Economic Problem: Scarcity and Choice

Principles of Microeconomics, 11e -TB1 (Case/Fair/Oster) Chapter 2 The Economic Problem: Scarcity and Choice 2.1 Scarcity, Choice, and Opportunity Cost 1) The process by which resources are transformed

### Chapter 4. Demand, Supply and Markets. These slides supplement the textbook, but should not replace reading the textbook

Chapter 4 Demand, Supply and Markets These slides supplement the textbook, but should not replace reading the textbook 1 What is a market? A group of buyers and sellers with the potential to trade 2 What

### Contents. Consumer Choice: Individual and Market Demand- Demand and Elasticity. I) Markets and Prices. II) Demand Side. III) The Supply Side

Consumer Choice: Individual and Market Demand- Demand and Elasticity Dr. Ashraf Samir Website: ashraffeps.yolasite.com Contents I) Markets and Prices II) Demand Side III) The Supply Side IV) Market Equilibrium

### Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM I , Tuesday 11:00 Section 06 TYPE A

NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM I 15.03.2016, Tuesday 11:00 Section 06 TYPE A Do not forget to write your full name,

### Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM I , Tuesday 11:00 Section 06 TYPE C

NAME: NO: SECTION: Boğaziçi University, Department of Economics Spring 2016 EC 102 PRINCIPLES of MACROECONOMICS MIDTERM I 15.03.2016, Tuesday 11:00 Section 06 TYPE C Do not forget to write your full name,

### FINAL. January 17, 2011 GROUP A

EC101 Sections 04 Fall 2010 NAME: ID #: SECTION: Instructions: FINAL January 17, 2011 GROUP A You have 90 minutes to complete the exam. There will be no extensions. Students are not allowed to go out of

### ECON 1000 (Summer 2018 Section 02) Exam #1A

ECON 1 (Summer 218 Section 2) Exam #1A Multiple Choice Questions: (3 points each) 1. I am taking of the exam. A. Version A 2. When interpreting a Production Possibilities Frontier, which of the following

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 11, 2010 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number listed

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 11, 2010 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2015 16 Fall Semester ECON101 Introduction to Economics I Midterm Exam Duration: 90 minutes Type A Answer Key

### Econ 001: Midterm 1 Answer Key February 15th, 2011

Econ 001: Midterm 1 Answer Key February 15th, 2011 Instructions: This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and label all

### MIDTERM I. GROUP A Instructions: November 20, 2013

EC101 Sections 03 Fall 2013 NAME: ID #: SECTION: MIDTERM I November 20, 2013 GROUP A Instructions: You have 60 minutes to complete the exam. There will be no extensions. The exam consists of 30 multiple

### Exam 01 - ECON Friday, October 1st

Name: Exam 01 - ECON 2301-05 - Friday, October 1st Figure 1 1. Refer to Figure 1. This economy has the ability to produce at which point(s)? a. A, B, D b. A, B c. C, F, G d. A, B, C, F, G 2. Any point

### Principles of Economics: Micro: Exam #1: Chapters 1-5 Page 1 of 8

Principles of Economics: Micro: Exam #1: Chapters 1-5 Page 1 of 8 print name on the line above as your signature INSTRUCTIONS: 1. This Exam #1 must be completed within the allocated time (i.e., between

### Supply & Demand Practice Honors Economics

Assigned: 2/16/15 Supply & Demand Practice Honors Economics B-Day: 1 20, due 2/18; 21 45, due 2/20 A-Day: All problems, 2/19/15 Due Dates Multiple Choice Identify the choice that best completes the statement

### FIRST HOURLY EXAMINATION ECON 200 Spring 2009 Version A DAY AND TIME YOUR SECTION MEETS:

FIRST HOURLY EXAMINATION ECON 200 Spring 2009 Version A STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER 1555777 UNDER "SPECIAL CODES" ON THE SCANTRON

### ECON 101 MIDTERM 1 REVIEW SESSION SOLUTIONS (WINTER 2015) BY BENJI HUANG

ECON 101 MIDTERM 1 REVIEW SESSION SOLUTIONS (WINTER 2015) BY BENJI HUANG TABLE OF CONTENT I. CHAPTER 1: WHAT IS ECONOMICS II. CHAPTER 2: THE ECONOMIC PROBLEM III. CHAPTER 3: DEMAND AND SUPPLY IV. CHAPTER

### MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Chapters 2-4: Additional Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The market system is also known as: A) Central planning B) Production

### Exam 01 - ECON Friday, October 1st

Name: ID: A Exam 01 - ECON 2301-05 - Friday, October 1st 1. Demand is said to be inelastic if the a. quantity demanded changes proportionately the same as price. b. quantity demanded changes proportionately

### Introduction to Agricultural Economics Agricultural Economics 105 Spring 2015 First Hour Exam Version 1

1 Introduction to Agricultural Economics Agricultural Economics 105 Spring 2015 First Hour Exam Version 1 Name Section There is only ONE best, correct answer per question. Place your answer on the attached

### Exam 1. Plates of food Total Utility Marginal Utility

ECONOMICS 10-007 Dr. John Stewart February 12, 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 a)=1, b)=2

### Microconomics. Chapter 2 Trade-offs, Comparative Advantage, and the Market System. 6 th edition

1 Microconomics 6 th edition Chapter 2 Trade-offs, Comparative Advantage, and the Market System Modified by Yulin Hou For Principles of Microeconomics Florida International University Fall 2017 Production

### Do 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

### ECON 1010 Principles of Macroeconomics. Midterm Exam #1. Professor: David Aadland. Spring Semester February 14, 2017.

ECON 1010 Principles of Macroeconomics Midterm Exam #1 Professor: David Aadland Spring Semester 2017 February 14, 2017 Your Name Section 1: Multiple Choice and T/F (60 pts). Circle the correct answer;

### Markets. Markets. The Market Forces of Supply and Demand. The Market Forces of Supply and Demand. Competition: Perfect and Otherwise

The Market Forces of and Demand Chapter 4 All rights reserved. Copyright 21 by Harcourt, Inc. Requests for permission to make copies of any part of the work should be mailed to: Permissions Department,

### Principles of Macroeconomics, 11e - TB1 (Case/Fair/Oster) Chapter 2 The Economic Problem: Scarcity and Choice

Principles of Macroeconomics, 11e - TB1 (Case/Fair/Oster) Chapter 2 The Economic Problem: Scarcity and Choice 2.1 Scarcity, Choice, and Opportunity Cost 1) The process by which resources are transformed

### Principles of BABY THOMAS 2016

Principles of 1 UNIT I INTRODUCTION TO MACROECONOMICS Learning Objectives 1. Introduction to economics, meaning and definition of economics, Principles of economics 2. Economic models, the circular flow

### UNIVERSITY OF CALIFORNIA

UNIVERSITY OF CALIFORNIA IAS 106 FALL SEMESTER, 2003 Campus: Berkeley INTERNATIONAL AREA STUDIES PROGRAM Intermediate Microeconomic Theory Maximilian Auffhammer The Final Exam (Time: 180 Minutes) Instructions

### Microeconomics, 11e (Parkin) Chapter 2 The Economic Problem. 1 Production Possibilities and Opportunity Cost

Microeconomics, 11e (Parkin) Chapter 2 The Economic Problem 1 Production Possibilities and Opportunity Cost 1) The production possibilities frontier is the boundary between A) those combinations of goods

### Econ 001: Midterm 2 (Dr. Stein) Answer Key March 23, 2011

Instructions: Econ 001: Midterm 2 (Dr. Stein) Answer Key March 23, 2011 This is a 60-minute examination. Write all answers in the blue books provided. Show all work. Use diagrams where appropriate and

### 2000 AP Microeconomics Exam Answers

2000 AP Microeconomics Exam Answers 1. B Scarcity is the main economic problem!!! 2. D If the wages of farm workers and movie theater employee increase, the supply of popcorn and movies will decrease (shift

### Submit your scantron and questions sheet

PRINT YOUR NAME Exam 1 Submit your scantron and questions sheet Version A 1. Scarcity means that A) what we can produce with our resources is greater than our material wants B) resources are unlimited

### Graph Bob s production possibilities frontier for a day where he works 8 hours. See below. Bob's Production Possibilities Frontier

Econ 226 Principles of Microeconomics Fall, 21 Dr. Kathryn Wilson Due Date: Thursday, September 13 th Homework 1 Answer Key 1. At Bob s grill, Bob cooks corn on the cob and ribs. For each hour that Bob

### ECON 1001 A. Come to the PASS workshop with your mock exam complete. During the workshop you can work with other students to review your work.

It is most beneficial to you to write this mock midterm UNDER EXAM CONDITIONS. This means: Complete the midterm in 1.5 hour(s). Work on your own. Keep your notes and textbook closed. Attempt every question.

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Seat Initials ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 6, 2015 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number

### 6) The mailing must be postmarked by June 15. 7) If you have any questions please me at

Examination Instructions: 1) Answer the examination only after you have read the honesty pledge below. 2) The multiple choice section will be taken in WebCT and a tutorial for using WebCT is to be found

### EC 201 Lecture Notes 1 Page 1 of 1

EC 201 Lecture Notes 1 Page 1 of 1 ECON 201 - Macroeconomics Lecture Notes 1 Metropolitan State University Allen Bellas The textbooks for this course are Macroeconomics: Principles and Policy by William

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Seat Initials ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 6, 2015 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number

### BPE_MIC1 Microeconomics 1 Fall Semester 2011

Masaryk University - Brno Department of Economics Faculty of Economics and Administration BPE_MIC1 Microeconomics 1 Fall Semester 2011 Final Exam - 05.12.2011, 9:00-10:30 a.m. Test B Guidelines and Rules:

### MIDTERM #1 VERSION 1

Econ 101 Lec 3 Fall 2001 Midterm #1 Version 1 October 2, 2001 Student Name: ID Number: Section Number: TA Name: MIDTERM #1 VERSION 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE

### DEMAND. Economics Unit 2 Just the Facts Handout

DEMAND Economics Unit 2 Just the Facts Handout What is Demand? A market is a place where people buy and sell things. A market has two sides. There is a buying side and a selling side. The buying side of

### Lecture # 2 -- The Basics of Supply and Demand

Lecture # 2 -- The Basics of Supply and Demand I. The Market Mechanism A market is the collection of buyers and sellers that, through their actions or potential interactions, determine the price of a product

### Opportunity Cost The next best alternative foregone when making a decision. If X>Y, choose X, otherwise EcMan is being irrational.

Econ 191 Part 1: Introduction to the Economic Approach Microeconomics how individual workers, consumers and firms act and interact in markets -an act is a choice (made under free will) -choice is subject

### ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 17, 2016

ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 17, 2016 NAME Circle the TA session you attend: Bence - 3PM Bence - 4PM Cagri - 3PM Cagri - 4PM Chris - 3PM Chris

### SUBJ SCORE # Version B: Page 1 of 9

SUBJ SCORE # Version B: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # (9 digits) Midterm #1 Seat 12:30 pm October 2, 2013 DO NOT TURN TO PAGE 2 UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. FOLLOW

### SUBJ SCORE # Version C: Page 1 of 9

SUBJ SCORE # Version C: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # (9 digits) Midterm #1 Seat 12:30 pm October 2, 2013 DO NOT TURN TO PAGE 2 UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. FOLLOW

### Microeconomics. More Tutorial at

Microeconomics Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. 1. A legal maximum price at which a good can be sold is a price a. floor. b.

### Economics 101 Midterm Exam #1. February 27, Instructions

Economics 101 Spring 2008 Professor Wallace Economics 101 Midterm Exam #1 February 27, 2008 Instructions Do not open the exam until you are instructed to begin. You will need a #2 lead pencil. If you do

### Economics 102 NO CELL PHONES, CALCULATORS, OR FORMULA SHEETS ARE ALLOWED FOR THIS EXAM.

Economics 102 Spring 2018 First Midterm Date: Tuesday, February 27, 2018 Name TA Name Section The exam consists of three parts: (1) 11 Binary Choice Questions worth 2.5 points each (27.5 points total);

### Economics 102 NO CELL PHONES, CALCULATORS, OR FORMULA SHEETS ARE ALLOWED FOR THIS EXAM.

Economics 102 Spring 2018 First Midterm Date: Tuesday, February 27, 2018 Name TA Name Section The exam consists of three parts: (1) 11 Binary Choice Questions worth 2.5 points each (27.5 points total);

### Eastern Mediterranean University Faculty of Business and Economics Department of Economics Fall Semester

Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2015 16 Fall Semester ECON101 Introduction to Economics I Quiz 1 Duration: 50 minutes Type A Answers 13 November

### Microeconomics, 10e (Parkin) Chapter 2 The Economic Problem. 1 Production Possibilities and Opportunity Cost

Microeconomics, 10e (Parkin) Chapter 2 The Economic Problem 1 Production Possibilities and Opportunity Cost 1) The production possibilities frontier is the boundary between A) those combinations of goods

### UNIT II SUPPLY AND DEMAND CHAPTERS 4-6

UNIT II SUPPLY AND DEMAND CHAPTERS 4-6 PAGE 11 CRASH COURSE #4: SUPPLY AND DEMAND Directions: As you watch the video, take any notes you deem relevant. You will receive some discussion questions to answer

### Econ 3144 Fall 2005 Test 1 Dr. Rupp

Econ 3144 Fall 2005 Test 1 Dr. Rupp Name Sign Pledge I have neither given nor received aid on this exam Multiple Choice Questions (3 points each) 1. Your roommate is a smoker. She smokes in your house.

### Bremen School District 228 Social Studies Common Assessment 2: Midterm

Bremen School District 228 Social Studies Common Assessment 2: Midterm AP Microeconomics 55 Minutes 60 Questions Directions: Each of the questions or incomplete statements in this exam is followed by five

### FINAL EXAMINATION VERSION A

William M. Boal Signature: Printed name: FINAL EXAMINATION VERSION A INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted, but graphing calculators or calculators with

### ECONOMICS 1BB3 Introductory Macroeconomics

Practice Test #1 ECONOMICS 1BB3 Introductory Macroeconomics Term Test #1 This examination paper includes 13 pages including the title page and 43 questions. You are responsible for ensuring that your copy

### Problem Set 3. I. Problem 1. Explain each of the following statements using supply-and-demand diagrams.

Problem Set 3 I. Problem 1. Explain each of the following statements using supply-and-demand diagrams. a) When the weather turns warm in New England every summer, the price of hotel rooms in Caribbean

### CHAPTER 3 Where Prices Come From: The Interaction of Demand and Supply

CHAPTER 3 Where s Come From: The Interaction of Demand and Supply Chapter Outline and Learning Objectives Section 3.1: The Demand Side of the Market Learning Objective: List and describe the variables