# FIRST MIDTERM EXAMINATION ECON 200 Spring 2007 DAY AND TIME YOUR SECTION MEETS:

Size: px
Start display at page:

Transcription

2 Section 1: Written Answers Question 1 (25 points) The market for wine (sold by the case) in Washington, D.C. is perfectly competitive. It can be represented by a strictly upward sloping supply curve. The demand curve may take any of the forms we discussed in class, including the extreme cases. The costs of selling wine include a transportation cost of \$2 per case. At a price of \$12 per case, no wine is supplied to the market. (In this question, you may assume there are no taxes on wine.) a) (5 points) In a demand and supply diagram, characterize a competitive equilibrium where the equilibrium quantity is 500 cases per week and the equilibrium price is \$120 per case. Be sure to label the diagram clearly including the axes and the equilibrium. b) (5 points) Provide a different demand and supply diagram that shows the effects of a reduction in the transportation cost to \$1 per case. Show the old demand and supply, the new demand and supply (if relevant) and the old competitive equilibrium and new competitive equilibrium in the diagram. 2

3 c) (6 points) Provide a different demand and supply diagram that shows an example where, after a reduction in the transportation cost to \$1 per case, the new equilibrium price is the same as the old equilibrium price. Note that the shape of either the demand or supply curves may be different from your answers above. Show clearly the old and new equilibria. d) (5 points) Provide a different demand and supply diagram that shows an example where, after a reduction in the transportation cost to \$1 per case, the new equilibrium quantity is the same as the old equilibrium quantity. Note that either the demand or supply curves may be different from your answers above. Show clearly the old and new equilibria. 3

4 e) (4 points) Provide a different demand and supply diagram that shows an example where, after a reduction in the transportation cost to \$1 per case, in the new equilibrium, the total expenditure by consumers on wine is the same as before. Be sure to clearly indicate what is special about the curves in this case that leads to this result. 4

5 Question 2 (16 Points) In this question, you may assume that mystery books and eyeglasses are complements, books and movies are substitutes and that paper is a significant input in the production of mystery books. a) (4 points) Draw a supply and demand diagram for the market for mystery books. Be sure to label the curves, the competitive equilibrium and the axes. b) (4 points) Suppose the price of eyeglasses falls. Show the effects of this change in the market for books. You should include your old demand and supply curves in this diagram. Now, 10 words or less, describe what would happen to equilibrium price and quantity if, at the same time, the price of movies went up. 5

6 c) (3 points) Suppose that there was no change to the price of eyeglasses or movies but that the price of paper went up. Show the effects of this change to your market analyses in part a) above. You should include your old demand and supply curves in this diagram. d) (5 points) Now show the effects of BOTH a fall in the price of eyeglasses and a rise in the price of paper (and no change in movie price). You should include your old demand and supply curves in this diagram. In words, describe how the new equilibrium compares to the equilibrium in part a). For example, is the new price and quantity higher or lower? 6

7 Question 3 (14 points) In a single (large) demand and supply diagram for the automotive gasoline market, show the effects of a reduction in a per gallon tax for gasoline from \$1.50 to \$1.00. In your diagram or below it, provide answers to these questions (or if the answer can not be determined, explain why). i) (4 points) Show the old price paid by consumers and the new price paid in your diagram and answer the following: If you added \$0.50 to the new price paid by consumers would it be more than, equal to or less than the old price paid by consumers? ii) (3 points) Show the old consumer surplus and the new consumer surplus. Which is higher? iii) (4 points) Show the old total surplus and the new total surplus. Which is higher and by how much? iv) (3 points) Show the old tax revenue and the new tax revenue. Which is higher? 7

8 Section 2: Multiple Choice (Each question is worth 2.3 points. Please select THE BEST answer.) 1. In a competitive market, each seller has limited control over the price of his product because a. other sellers are offering similar products. b. buyers exert more control over the price than do sellers. c. these markets are highly regulated by government. d. sellers usually agree to set a common price that will allow each seller to earn a comfortable profit. Figure 1 2. Refer to Figure 1. The price elasticity of demand between point A and point B, using the midpoint method, is a. 1. b c. 2. d Refer to Figure 1. If the price decreased from \$18 to \$6, a. total revenue would increase by \$1,200 and demand is elastic between points A and C. b. total revenue would increase by \$800 and demand is elastic between points A and C. c. total revenue would decrease by \$1,200 and demand is inelastic between points A and C. d. total revenue would decrease by \$800 and demand is inelastic between points A and C. 8

9 4. Suppose the government has imposed a price ceiling on televisions. Which of the following events could transform the price ceiling from one that is not binding into one that is binding? a. Firms take advantage of an advance in technology that reduces the amount of labor necessary to produce televisions. b. Firms face higher wages due to pressures from their labor unions. c. Consumers' income decreases, and televisions are a normal good. d. All of the above are correct. Figure 2 Price h S P 3 P 1 d g f e P 2 c D b a Q 2 Q 1 5. Refer to Figure 2 where a tax equal to the difference between P 3 and P 2 has been imposed. The tax causes a reduction in consumer surplus that is represented by area a. h. b. g + f. c. d + e. d. c. 6. Refer to Figure 2 where a tax equal to the difference between P 3 and P 2 has been imposed. The loss in total surplus (or total welfare) that results from the tax is represented by area a. h + g + d + c. b. h + g + f. c. d +e + c. d. f + e. 9

10 7. Suppose Lauren, Leslie and Lydia all purchase bulletin boards for their rooms for \$15 each. Lauren's willingness to pay was \$35, Leslie's willingness to pay was \$25, and Lydia's willingness to pay was \$30. Total consumer surplus for these three would be a. \$15. b. \$30. c. \$45. d. \$ Suppose that a tax is placed on books. If the buyers pay most of the burden of the tax, we know that the a. demand is more inelastic than the supply. b. supply is more inelastic than the demand. c. government has required that buyers remit the tax payments. d. government has required that buyers remit the tax payments. Table 1 Supply Curve A Supply Curve B Supply Curve C Price \$1.00 \$2.00 \$1.00 \$3.00 \$2.00 \$5.00 Quantity Supplied Refer to Table 1. Which of the three supply curves represents the least elastic supply? a. supply curve A b. supply curve B c. supply curve C d. There is no difference in the elasticity of the three supply curves. 10. When supply and demand both increase, equilibrium a. price will increase. b. price will decrease. c. quantity may increase, decrease, or remain unchanged. d. price may increase, decrease, or remain unchanged. 11. Beef is a normal good. You observe that both the equilibrium price and quantity of beef have fallen over time. Which of the following explanations would be most consistent with this observation? a. Consumers have experienced an increase in income and beef-production technology has improved. b. The price of chicken has risen and the price of steak sauce has fallen. c. New medical evidence has been released that indicates the higher a person s beef consumption the less long the person will likely live. d. The demand curve for beef must be positively sloped. 10

12 Figure Refer to Figure 3. Suppose the supply curves that are drawn represent supply curves for single-family residential houses in the next three months. Then the movement from S to S1 could be caused by a. an increase in the price of apartments (a substitute for single-family houses for many people looking for a place to live). b. a newly-formed expectation by house-builders that prices of houses will increase significantly six months from now. c. a decrease in the price of lumber. d. All of the above are correct. 20. When the demand for a good increases and the supply of the good remains unchanged, consumer surplus a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged. 12

13 Figure 4 21, Refer to Figure 4. When the price rises from P 1 to P 2, consumer surplus a. increases by an amount equal to A. b. decreases by an amount equal to B + C. c. increases by an amount equal to B + C. d. decreases by an amount equal to C. 13

14 Figure 5 P Case 1 P Case 2 S' S' S S Q Q 22. In Figure 5 a. Case 1 illustrates the effect of a percentage tax on the supply curve and Case 2 illustrates the effect of a per unit tax on a supply curve. b. Case 2 illustrates the effect of a percentage tax on the supply curve and Case 1 illustrates the effect of a per unit tax on a supply curve. c. Both cases illustrate the effect of a per unit tax on the supply curve. d. Both cases illustrate the effect of a percentage tax on the supply curve. 14

### 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

### FIRST HOURLY EXAMINATION ECON 200 Spring 2006 STUDENT'S SOCIAL SECURITY NUMBER: DAY AND TIME YOUR SECTION MEETS:

FIRST HOURLY EXAMINATION ECON 200 Spring 2006 STUDENT'S NAME: STUDENT'S SOCIAL SECURITY NUMBER: PLEASE CIRCLE YOUR TEACHING ASSISTANT'S NAME: Robin Banerjee Owen Haaga Fernando Im Andrew Weaver Alex Whalley

### Econ 2113 Test #2 Dr. Rupp Fall 2008

D Econ 2113 Test #2 Dr. Rupp Fall 2008 Name Pledge: I have neither given nor received aid on this exam Version A Signature: Directions: Bubble in name: Last, First Bubble in 00 in Special Codes Sign the

### DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER UNDER "SPECIAL CODES" ON THE SCANTRON SHEET

SECOND HOURLY EXAMINATION ECON 200 Spring 2008 Version B STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER 246135 UNDER "SPECIAL CODES" ON THE SCANTRON

### 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

### FINAL EXAMINATION ECON 200 Spring 2009 Version B DAY AND TIME YOUR SECTION MEETS:

FINAL EXAMINATION ECON 200 Spring 2009 Version B STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: BEFORE YOU BEGIN PLEASE MAKE SURE THAT YOUR EXAMINATION HAS BEEN DUPLICATED

### 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 #2, 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. The cross-price

### 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

### Practice Problems. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

Class: Date: Practice Problems Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The demand for a good or service is determined by a. those who buy the good

### FINAL EXAMINATION ECON 200 Spring 2008 Version A DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER UNDER "SPECIAL CODES" ON THE SCANTRON SHEET

FINAL EXAMINATION ECON 200 Spring 2008 Version A STUDENT'S NAME: STUDENT'S IDENTIFICATION NUMBER: DAY AND TIME YOUR SECTION MEETS: ENTER THE NUMBER 135246 UNDER "SPECIAL CODES" ON THE SCANTRON SHEET BEFORE

### SOLUTIONS TO TEXT PROBLEMS 6

SOLUTIONS TO TEXT PROBLEMS 6 Quick Quizzes 1. A price ceiling is a legal maximum on the price at which a good can be sold. Examples of price ceilings include rent control, price controls on gasoline in

### Economics 101. Version 1

Economics 101 Spring 2018 February 27, 2018 Midterm 1 Name TA Name Discussion Section # Student ID # Version 1 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

### Econ Test 2B Dr. Rupp Tuesday, March 3, 2009 Pledge: I have neither given or received aid on this exam Signature

Econ 2113 - Test 2B Dr. Rupp Tuesday, March 3, 2009 Name Pledge: I have neither given or received aid on this exam Signature Multiple Choice Identify the letter of the choice that best completes the statement

### 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.

### 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.

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

Duration: 50 minutes Eastern Mediterranean University Faculty of Business and Economics Department of Economics 2016-17 Fall Semester ECON101 - Introduction to Economics I Quiz 2 Answer Key 16 December

### Department of Economics University of California, Davis ECONOMICS 1A. Second Midterm Exam Version B

Department of Economics University of California, Davis ECONOMICS 1A Spring 2010 L. Jay Helms Second Midterm Exam Version B Last Name: First Name: Your Student ID Number: Please check your registered section

### Midterm 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

### 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

### 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

### 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

Assigned Seat Student Initials Your name (please print) By signing below, I acknowledge that I am aware that taking an exam that without my initials previously recorded at the top of the exam and/or sitting

### University 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

### Eastern 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

### 1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price

1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price 2. The two things needed for demand to exist are: willingness

### UNIT 4 PRACTICE EXAM

UNIT 4 PRACTICE EXAM 1. The prices paid for resources affect A. the money incomes of households in the economy B. the allocation of resources among different firms and industries in the economy C. the

### EXAM 2: Professor Walker - S201 - Fall 2008

EXAM 2: Professor Walker - S201 - Fall 2008 I. (3 Points Each) Multiple Choice 1. Leisure Hours Grades 10 80 15 40 20 20 The tradeoff shown in the PPF table above depicts A. decreasing per unit O.C. of

### ECO 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

### 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

### Problem Set 5. The price will be higher than the equilibrium price. There will be a surplus of cheese.

Problem Set 5 I. 1. The government has decided that the free-market price of cheese is too low. a) Suppose the government imposes a binding price floor in the cheese market. Draw a supply-and-demand diagram

### FINAL EXAMINATION ECON 200 Spring 2006 STUDENT IDENTIFICATION NUMBER:

FINAL EXAMINATION ECON 200 Spring 2006 STUDENT'S NAME: STUDENT IDENTIFICATION NUMBER: PLEASE CIRCLE YOUR TEACHING ASSISTANT'S NAME: Robin Banerjee Owen Haaga Fernando Im Andrew Weaver Alex Whalley BEFORE

### Microeconomics. Use the graph below to answer question number 3

More Tutorial at Microeconomics 1. Opportunity costs are the values of the: a. minimal budgets of families on welfare b. hidden charges passed on to consumers c. monetary costs of goods and services *

### Microeconomics. Use the graph below to answer question number 3

More Tutorial at Microeconomics 1. Opportunity costs are the values of the: a. minimal budgets of families on welfare b. hidden charges passed on to consumers c. monetary costs of goods and services *

### An equilibrium is an important economic concept. If we are not in equilibrium, we

Chapter 2 Microeconomic Tools for Health Economists Key Ideas An equilibrium is an important economic concept. If we are not in equilibrium, we go to equilibrium. If we are in equilibrium, we stay there.

### 1. 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

### 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:

### ECON 251 Exam 1 Pink Spring 2012

ECON 251 Exam 1 Pink Spring 2012 1. Which of the following is an example of the economic resource of capital? a. A \$20 bill b. A corporate bond c. a government savings bond d. none of the above 2. John

### Page 1. AP Economics Mid-Term January 2006 NAME: Date:

AP Economics Mid-Term January 2006 NAME: Date: 1. Rationality, in the case of firms, is taken to mean that they strive to A. maximize profits. B. charge the highest possible price. C. maximize revenues.

### Econ 101, section 3, F06 Schroeter Exam #2, Red. Choose the single best answer for each question.

Econ 101, section 3, F06 Schroeter Exam #2, Red Choose the single best answer for each question. 1. Which of the following is consistent with elastic demand? a. A 10% increase in price results in a 5%

### 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

### FINAL EXAMINATION Version A ECON 200 FALL, Your signature:

FINAL EXAMINATION Version A ECON 200 FALL, 2002 STUDENT S NAME: STUDENT S SOCIAL SECURITY NUMBER: PLEASE CIRCLE YOUR TEACHING ASSISTANT S NAME: Irani Arraiz Sarah Bohn Alexandre Castro Andri Chassamboulli,

### 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

### 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,

### Midterm 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

### Basic Economics Test #1 Study Guide

Basic Economics Test #1 Study Guide Note: Below is a list of study questions for the upcoming Test #1. The test covers Ch. 4, 5, 6, 7 and 8 of the (Mankiw) textbook and supplementary materials presented

### ECON 120 SAMPLE QUESTIONS

ECON 120 SAMPLE QUESTIONS 1) The price of cotton clothing falls. As a result, 1) A) the demand for cotton clothing decreases. B) the quantity demanded of cotton clothing increases. C) the demand for cotton

### Final Exam - Solutions

Ecn 100 - Intermediate Microeconomics University of California - Davis December 7, 2010 Instructor: John Parman Final Exam - Solutions You have until 12:30 to complete this exam. Be certain to put your

### Economics : Principles of Microeconomics Spring 2014 Instructor: Robert Munk April 24, Final Exam

Economics 001.01: Principles of Microeconomics Spring 01 Instructor: Robert Munk April, 01 Final Exam Exam Guidelines: The exam consists of 5 multiple choice questions. The exam is closed book and closed

### Practice Final Exam. Write an expression for each of the following cost concepts. [each 5 points]

Practice Final Exam Total : 200 points Exam time: 7:00 9:00. You have 6 questions in 3 pages. Please make your diagrams clear and label it. Good Luck! 1. Amy is currently spending her income to maximize

### Economics 103 Midterm #1: Spring 2019 LAST NAME: FIRST NAME:

Economics 103 Midterm #1: Spring 2019 Instructions: 1. Fill in the information below. LAST NAME: FIRST NAME: STUDENT NUMBER: 2. On your answer sheet, (i) write your name, (ii) write and bubble in your

### ECON 2100 (Summer 2015 Sections 07 & 08) Exam #2C

ECON 21 (Summer 215 Sections 7 & 8) Exam #2C Multiple Choice Questions: (3 points each) 1. I am taking of the exam. C. Version C 2. A Price Control generally refers to A. who bears the burden of a tax,

### Queen s University Department of Economics ECON 111*S

Queen s University epartment of Economics ECON 111*S Suggested Solutions to Take-Home Midterm Examination February 7, 2007 Instructor: Sharif F. Khan Page 1 of 9 Pages PART A TRUE/FALSE/UNCERTAIN QUESTIONS

### University 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

### Government Policy, Efficiency, and Welfare

Government Policy, Efficiency, and Welfare Econ 102: Introduction to Microeconomics 1 1.1 Goals of today s class Goals of today s class Learn about consumer surplus and producer surplus, a convenient way

### within this range? c. Over what range of prices is the demand for motel rooms unit elastic? To

1. Identify the parts of the circular-flow diagram immediately involved in the following transactions. a. Mary buys a car from Jaguar for 40,000. b. Jaguar pays Joe 2,500/month for work on the assembly

### At the end of chapter 6, you will be able to:

1 How to Study for Chapter 6 Supply and Equilibrium Chapter 6 introduces the factors that will affect the supply of a product, the price elasticity of supply, and the concept of equilibrium price and equilibrium

### ECON 200. Introduction to Microeconomics

ECON 200. Introduction to Microeconomics Homework 3 Part I Name: [Multiple Choice] 1. A life-saving medicine without any close substitutes will tend to have (a) a. a small elasticity of demand. b. a large

### You will find more complete answers to some of these questions in the lecture notes.

You will find more complete answers to some of these questions in the lecture notes. 4 pt. 1. Draw and label a market with a perfectly elastic supply and a perfectly inelastic demand. P +------------------------------

### 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

### DO NOT OPEN THIS BOOKLET OR TURN IT OVER [until told to do so]

(last, first): ON YOUR QUESTION BOOKLET: ON YOUR SCANTRON: 5 points DURING THE EXAM: MUST DO NOT OPEN THIS BOOKLET OR TURN IT OVER [until told to do so] p. 1 v. 09 Figure SSD. The graph below describes

### 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

### This exam contains 9 pages (including this cover page) and 11 questions. Check to see if any pages are missing.

ECON 001 Fall 2017 A. Duchene Midterm 1 October 3, 2017 Time Limit: 60 Minutes Name (Print): Recitation Section: Name of TA: This exam contains 9 pages (including this cover page) and 11 questions. Check

### EC101 DD/EE Midterm 1 October 6, 2016 Version 01

EC101 DD/EE Midterm 1 October 6, 2016 Version 01 Name (last, first): Student ID: U - - Discussion Section: Signature EC101 DD/EE F16 Midterm 1 v1 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET:

### EC101 DD/EE Midterm 2 November 5, 2015 Version

EC101 DD/EE Midterm 2 November 5, 2015 Version Name (last, first): Student ID: U Discussion Section: Signature EC101 Midterm 2 F2015 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET: Fill

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

Page 1 of 10 YOUR NAME (please print) Section Time (circle one) 8:00 9:30 ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION October 5, 2006 Directions 1.. There are 34 short answer questions

### 1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price

1. Demand: willingness to buy a good or service and the ability to pay for it; how much of an item an individual is willing to purchase at each price 2. Quantity demanded vs demand: quantity demanded is

### Econ190 May 1, No baseball caps are allowed (turn it backwards if you have one on).

Heather Krull Final Exam Econ190 May 1, 2006 Name: Instructions: 1. Write your name above. 2. No baseball caps are allowed (turn it backwards if you have one on). 3. Write your answers in the space provided

### 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

### Economics E201 (Professor Self) Sample Questions for Exam Two, Fall 2013

, Fall 2013 Your exam will have two parts covering the topics in chapters 4 (page 91 through end of chapter), 5 and 6 from the Parkin chapters and chapter 10 (up to page 317, up to but not including the

### ~~~~**~+~~~ #~~~±~~~~ ~?ff*j3.3u: ~~t, 3(1E ' *~~~

19 ~~~~**~+~~~ #~~~±~~~~ ~?ff*j3.3u: ~~t, 3(1E ' *~~~ ~~"tf4 : *~~~ :~~8Wl : 0710. Ifi~ : 4 1. The monopolist faces a linear inverse demand P=100-Q. Ifit has a constant marginal cost of\$10, he will a.

### 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.

### EC101 DD/EE Midterm 2 November 7, 2017 Version 01

EC101 DD/EE Midterm 2 November 7, 2017 Version 01 Name (last, first): Student ID: U Discussion Section: Signature EC101 DD/EE F17 Midterm 2 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET:

### EC101 DD/EE Midterm 2 November 7, 2017 Version 04

EC101 DD/EE Midterm 2 November 7, 2017 Version 04 Name (last, first): Student ID: U Discussion Section: Signature EC101 DD/EE F17 Midterm 2 INSTRUCTIONS (***Read Carefully***): ON YOUR QUESTION BOOKLET:

### This 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

### MIDTERM I. GROUP A Instructions: November 3, 2010

EC101 Sections 04 Fall 2010 NAME: ID #: SECTION: MIDTERM I November 3, 2010 GROUP A Instructions: You have 60 minutes to complete the exam. There will be no extensions. Students are not allowed to go out

### 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

### Queen s University Department of Economics ECON 111*S

Queen s University Department of Economics ECON 111*S Take-Home Midterm Examination May 24, 25 Instructor: Sharif F. Khan Suggested Solutions PART A TRUE/FALSE/UNCERTAIN QUESTIONS Explain why each of the

### Professor Christina Romer SUGGESTED ANSWERS TO PROBLEM SET 1

Economics 2 Spring 2017 rofessor Christina Romer rofessor David Romer SUGGESTED ANSWERS TO ROBLEM SET 1 1.a. The opportunity cost of a point on your economics exam is 2 points on your chemistry exam. It

### CLEP 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

### EXAMINATION 2 VERSION A "Applications of Supply and Demand" October 12, 2016

William M. Boal Signature: Printed name: EXAMINATION 2 VERSION A "Applications of Supply and Demand" October 12, 2016 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,

### SUBJ SCORE # Version D: Page 1 of 9. (signature) 2. Please write your name and GU ID carefully and legibly at the top of this page.

SUBJ SCORE # Version D: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # Midterm #2 November 12, 2012 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

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

SUBJ SCORE # Version A: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # Midterm #2 November 12, 2012 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

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

SUBJ SCORE # Version A: Page 1 of 9 Economics 001 NAME Professor Levinson GU ID # Midterm #1 2:00 pm October 3, 2012 DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS

### Exercise questions. ECON 102. Answer all questions. Multiple Choice Questions. Choose the best answer.

Exercise questions. ECON 102 Answer all questions. Multiple Choice Questions. Choose the best answer. 1.On Saturday morning, you rank your choices for activities in the following order: go to the library,

### 2007 NATIONAL ECONOMICS CHALLENGE NCEE/Goldman Sachs Foundation

2007 NATIONAL ECONOMICS CHALLENGE NCEE/Goldman Sachs Foundation National Round I: Microeconomics David Ricardo Division 1. If your income tax liability is \$15,000 and your income is \$60,000, your A. average

### Econ 100, Spring 2014 Exercise Set 5 PART 1: ELASTICITY

Econ 100, Spring 2014 Exercise Set 5 PART 1: ELASTICITY A decrease in supply will cause the largest increase in price when a. both supply and demand are inelastic. b. both supply and demand are elastic.

### 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

### INTI COLLEGE MALAYSIA FOUNDATION IN BUSINESS INFORMATION TECHNOLOGY (CFP) ECO105: ECONOMICS 1 FINAL EXAMINATION: JANUARY 2006 SESSION

ECO105 (F) / Page 1 of 12 Section A INTI COLLEGE MALAYSIA FOUNDATION IN BUSINESS INFORMATION TECHNOLOGY (CFP) ECO105: ECONOMICS 1 FINAL EXAMINATION: JANUARY 2006 SESSION Instructions: This section consists

### a) 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

### 3. Pierre says that he will spend exactly \$5.00 a day on candy bars, regardless of the price of candy bars. Pierre s demand for candy bars is:

Each Multiple-Choice Question is worth 3 points (Total 60 points). 1. An economy s production of two goods is efficient if: a. both goods are unit elastic. b. all members of society consume equal portions

### Exam 1. ECON 101 Fall 2013 Vesselinov

Class: Date: Exam 1. ECON 101 Fall 2013 Vesselinov Multiple Choice Identify the choice that best completes the statement or answers the question. Figure 2-4 1. Refer to Figure 2-4. Efficient production

### Exam 1. ECON 101 Fall 2013 Vesselinov

Class: Date: Exam 1. ECON 101 Fall 2013 Vesselinov Multiple Choice Identify the choice that best completes the statement or answers the question. Figure 2-5 1. Refer to Figure 2-5. The opportunity cost

### Exam 1. ECON 101 Fall 2013 Vesselinov

Class: Date: Exam 1. ECON 101 Fall 2013 Vesselinov Multiple Choice Identify the choice that best completes the statement or answers the question. 1. When a tax is placed on the buyers of lemonade, the