# Practice exam for midterm 1, summer Chapters 1-7

Size: px
Start display at page:

Transcription

1 Practice exam for midterm 1, summer Chapters 1-7 To answer the next 4 questions, suppose there is a small island economy with 20 Hawkeyes and 30 Buckeyes. Each Hawkeye is capable of producing either 10 bushels of berries or 5 fish in a given day. Each Buckeye can produce either 9 bushels of berries or 3 fish in a given day. Both Hawkeyes and Buckeyes can also split their time across activities to produce a mix of berries or fish in a given day. 1) The absolute advantage in fish is held by the and the absolute advantage in berries is held by the. a. Hawkeye; Buckeye b. Hawkeye; Hawkeye c. Buckeye; Buckeye d. Buckeye; Hawkeye 2) The comparative advantage in fish is held by the and the comparative advantage in berries is held by the. a. Hawkeye; Buckeye b. Hawkeye; Hawkeye c. Buckeye; Buckeye d. Buckeye; Hawkeye. 3) If the economy is organized efficiently and produces 100 fish per day, what is the maximum amount of berries it can produce in a day? a. 150 bushels b. 270 bushels c. 390 bushels d. none of the above 4. If the economy is organized efficiently and produces 100 fish per day, the opportunity cost of an additional fish would be: a. 2 bushels of berries b. 3 bushels of berries c..5 bushels of berries d. 1/3 bushels of berries.

2 Page 2 berries fish 5) Which of the following would cause the PPF to shift outward as illustrated in the diagram above? a. discovery of a better way to catch fish. b. discovery of a better way to gather berries c. more workers. d. all of the above. 6) If an economy is producing on its PPF, we know that: a. it has achieved productive efficiency b. it is impossible to produce more of one good without reducing production of another good c. resources must be allocated according to their comparative advantage d. all of the above

3 Page 3 7) If an economy has achieved allocative efficiency, a. the marginal cost of each good must equal its marginal benefit b. it must be impossible to produce more of one good without giving up something that consumers value more highly c. it must be impossible to increase the sum of consumer and producer surplus d. all of the above 8) Suppose that brand X is an inferior good. This means that if people s income fall, the equilibrium price of brand X should and the equilibrium quantity should. a. rise; rise b. rise; fall c. fall; rise d; fall; fall 9) As discussed in class, the U.S. has recently imposed tariffs on the import of steel that was used for the pipes used in fracking for oil. This would cause the equilibrium price of oil in the U.S. to and the equilibrium quantity to. a. rise; rise b. rise; fall c. fall; fall d. fall rise 10) When ethanol is produced from corn, a byproduct called distillers grain is created that can be fed to cattle. As a result, an increase in the demand for ethanol will cause the equilibrium price of distiller s grain to and the equilibrium quantity to. a. rise; rise b. rise; fall c. fall; fall d. fall; rise 11) Suppose that over the next year the equilibrium price of gasoline rises but the equilibrium quantity falls. These two simultaneous events could be explained by: a. an increase in consumer income if gas is a normal good. b. higher priced ethanol which is a substitute in consumption for gas c. an increase in the cost of oil which is an input in the production of gasoline. d. none of the above. 12) If there is a surprise news release today indicating that the grape harvest several months from now will yield far more grapes than previously anticipated, this would: a. not affect grape prices until after the harvest b. increase grape prices today as supply decreases and demand increases c. decrease grape prices today as supply increases but demand is unchanged d. decrease grape prices today as supply increases and demand decreases

4 Page 4 13) Suppose that a golf course raises its price 10% and finds that its total revenue from golfers rises 2%. Based on this information, we can conclude that the price elasticity of demand at the golf course is a. 8 b. 0.8 c. 2 d. 0.2 e. none of the above 14) If a firm raises its price, total revenue will: a. always rises. b. rise only if demand is inelastic. c. rise only if demand is elastic. d. rise only if demand is unit elastic. 15) If a firm faces inelastic demand, a. it would increase profits by raising price b. it would increase profits by cutting price c. it is impossible to say whether profits would rise or fall if it cut price without more information

5 Page 5 16) The cross-price elasticity between hybrid cars and gasoline is likely to be and the cross-price elasticity between SUVS (low gas mileage) and gasoline is likely to be. a. positive; zero b. positive; negative c. negative; positive d. negative; zero. 17) The supply of a good tends to be more inelastic: a. if it is costly to store b. the supply of inputs used to produce the goods is elastic c. the time period for adjusting to price changes is longer d. all of the above. 18) As supply becomes more inelastic, the effect of an increase in demand will be a (smaller, larger) increase in equilibrium price and a (smaller, larger) increase in equilibrium quantity. a. smaller; smaller b. smaller; larger c. larger; larger d. larger; smaller

6 Page 6 To answer the next 3 questions, refer to the diagram below describing the competitive market for turkey. 19. The price elasticity of demand for turkey between a price of \$1.50 and \$2.00 is a. 2 b. 1 c. 0.5 d. none of the above 20. The demand for turkey is a. inelastic for all prices below \$1.50 b. elastic for all prices below \$1.00 c. inelastic for all prices between 0 and \$3.50 d. none of the above. 21. At the equilibrium price and quantity for turkey, consumers surplus (in millions of \$) is and producers surplus (in millions of \$) is. a. 300; 300 b. 300; 240 c. 240; 300 d. none of the above.

7 Page 7 To answer the next 4 questions, refer to the diagram below describing the market for gadgets SMC PMC 60 SMB=PMB # of gadgets produced l monthly 22) Based on the diagram above, there must be a (positive, negative) externality of for each gadget produced. a. positive; \$20 b. positive; \$10 c. negative \$10 d. negative \$20 23) Based on the diagram above, market equilibrium would generate (more, less) than the socially efficient amount to be produced and a deadweight loss of. a. more; \$500 b. less; \$500 c. less; \$250 d. more; \$250 24) Based on the diagram above, the market could be moved to the allocatively efficient outcome with a (subsidy, tax) of. a. subsidy; \$10 b. subsidy; \$20 c. tax; \$10 d. tax; \$20 25) If production of gadgets was increased from 50 to 75, the benefits of the extra gadgets to society would be and the cost of the extra gadgets to society would be. a. \$2125; \$2375 b. \$2125; \$1875 c. \$1975; \$1875; d. \$none of the above

8 Page 8 26) When a company installs a security camera to monitor activity outside of their building, crime is reduced for the company and neighboring buildings. As a result, installation of security cameras creates a externality and a competitive market for security cameras would result in (more, less_) than the efficient number of security cameras being installed. a. positive; more b. positive; less c. negative; more d. negative; less To answer the next 3 questions, consider the competitive market for rental apartments in a city named Alton described in the diagram below. Suppose there are no positive or negative externalities associated with the production or consumption of rental housing and the government imposes a rent ceiling at \$500 per apartment. 27) This price ceiling will result in: a. a shortage of 2,000 apartments per month. b. a surplus of 1,000 apartments per month c. a surplus of 2,000 apartments per month d. neither a shortage nor a surplus since the ceiling won t be binding. 28) Compared to the equilibrium price and assuming no search costs, with the \$500 rent ceiling consumers would be a. better off by \$350,000 b. better off by \$500,000 c. worse off by \$125,000 d. none of the above

9 Page 9 29) Compared to the equilibrium price and assuming no search costs, with the \$500 rent ceiling landlords would be a. worse off by \$500,000 b. worse off by \$325,000 c. worse off by \$625,000 d. none of the above Suppose that Cincinnati government imposes a per night tax of \$10 on hotel owners for each occupied hotel room. To answer the questions below, assume that the market for hotel rooms in Cincinnati before the tax is imposed is described in the diagram below. Price per ticket (in \$) S D 85 1,000 2,000 3,000 4,000 l rooms per day To examine the effect of the \$10 tax, you should draw the new supply and/or demand curves on top of the diagram above. Be careful to account for the fact that the tax is \$10 when determining where to draw the new curve. 30) How much tax revenue should the Cincinnati government.expect daily from the \$10 hotel tax? a. \$2,000 b. \$20,000 c. \$30,000 d. none of the above. 31) If the hotel tax is imposed, each day consumers would be worse off by and hotel owners would be worse off by. a. \$12,500; \$12,500 b. \$10,000; \$12,500 c. \$12,500; \$10,000 d. \$10,000; \$10,000

10 Page 10 32) The daily excess burden of the \$10 hotel tax would be a. \$2500 b. \$5000 c. \$7500 d. none of the above 33) If the bridges between Cincinnati and Covington are improved and visitors can move more easily between the two cities, we would expect that the consumer share of the hotel tax in Cincinnati would (rise, fall) because hotel demand in Cincinnati would become more (elastic, inelastic). a. rise; inelastic b. rise; elastic c. fall; inelastic d. fall; elastic; 34) The tax revenue generated from the hotel tax would be greater if demand was more or if supply was more -. a. elastic; elastic b. elastic; inelastic c. inelastic; inelastic d. inelastic; elastic 35) The excess burden (i.e. deadweight loss) from the hotel tax would be greater if demand was more or supply was more. a. elastic; elastic b. elastic; inelastic c. inelastic; elastic d. inelastic; inelastic 36) Numerous cities limit the number of taxi cabs available in the city below what the private market would provide. The effect of such a quota on taxicabs is to: a. increase the price of cab rides b. makes consumers worse off c. potentially makes cab drivers better off, but they might be worse off d. all of the above 37) If a city increases the cab quota by 10% but it is still below what the market would provide, we would expect the decrease in the price of cab rides to be larger if: a. demand is more inelastic b. demand is more elastic c. supply is more elastic d. both b and c

11 Page 11 38) Suppose that a city decides to subsidize bus rides for its citizens. Assuming no externalities from bus rides, the effect of the subsidy would be to: a. increase consumer s surplus for bus riders b. increase producer s surplus for bus companies c. increase taxpayer costs more than consumers and producers surplus rises d. all of the above. 39) The United States has a comparative advantage in producing airplanes if A) it has a larger quantity of skilled workers than do other nations. B) it can produce a larger quantity than can other nations. C) it can produce them at a lower dollar cost than can other nations. D) it can produce them at a lower opportunity cost than can other nations. 40) Prior to international trade, the price of good X is lower in country A than in country B. This means that we know that A) country A has a comparative advantage in the production of product X. B) country B has an absolute advantage in the production of product X. C) country A has an absolute advantage in the production of product X. D) country B has a comparative advantage in the production of product X. 41) A country specializes in the production of goods for which it has a comparative advantage, so A) some producers and consumers win, some lose, but overall the gains exceed the losses. B) producers win, consumers lose, but overall the gains exceed the losses. C) all producers win. D) all consumers win.

12 Page 12 The figure shows the market for shirts in the United States, where D is the domestic demand curve and S is the domestic supply curve. The world price is \$20 per shirt. 42) In the figure above, with international trade American consumers buy million shirts per year. A) 16 B) 24 C) 32 D) 48 43) Tariffs and import quotas both result in A) higher levels of domestic consumption. B) the domestic government gaining revenue. C) lower levels of domestic production. D) lower levels of imports. 44) An import quota on sugar A) increases the demand for sugar and raises its price. B) increases the imports of sugar and lowers its price. C) increases the imports of sugar and raises its price. D) decreases the imports of sugar and raises its price. 45) Who benefits from a tariff on a good? A) Domestic producers of the good B) Foreign producers of the good C) Domestic consumers of the good D) Foreign governments 46) When the United States imposes an import quota on a good, the amount of the in U.S. consumer surplus is the amount of the in U.S. producer surplus. A) decrease; equal to; increase B) increase; smaller than; increase C) decrease; larger than; increase D) decrease; larger than; decrease 47) Import quotas the price of imported goods and the quantity consumed in the nation imposing the quota. A) raise; increase B) raise; decrease C) lower; decrease D) lower; increase 48) A key difference between tariffs and quotas is that A) the government receives revenue with quotas, but the importer receives added profit with tariffs. B) consumers are hurt with quotas but not with tariffs. C) the government receives revenue with tariffs, but the importer receives added profit with quotas. D) consumers are hurt with tariffs but not with quotas. 49) If the United States imposes a tariff on imported cars, the A) U.S. demand curve shifts leftward. B) U.S. supply curve shifts rightward. C) U.S. demand curve shifts rightward. D) the price in the United States rises but neither the U.S. demand curve nor the U.S. supply curve shift. 50) A tariff on imported peanuts the quantity of peanuts imported and the domestic price of peanuts. A) increases; lowers B) decreases; decreases C) decreases; increases D) does not change; increases

13 Page 13 The figure shows the market for shirts in the United States, where D is the U.S demand curve and S is the U.S. supply curve. The world price is \$20 per shirt. The United States imposes a tariff on imported shirts, \$4 per shirt. 51) In the figure above, with the tariff American consumers million shirts per year. A) 32 B) 40 C) 16 D) 48 52) In the figure above, with the tariff the United States imports million shirts per year. A) 16 B) 32 C) 24 D) 8 53) In the figure above, the tariff U.S. imports of shirts by million shirts per year. A) decreases; 16 B) increases; 8 C) increases; 4 D) decreases; 8 54) In the figure above, the tariff the domestic production of shirts in the United States by per year. A) increases; 8 million B) increases; 4 million C) decreases; 8 million D) decreases; 16 million 55) In the figure above, the U.S. government's revenue from the tariff is. A) \$64 million B) \$128 million C) \$32 million D) \$48 million 56) In the figure above, U.S. consumers' from the tariff is. A) loss; \$80 million B) loss; \$176 million C) gain; \$128 million D) gain; \$64 million 57) In the figure above, U.S. producers' from the tariff is. A) gain; \$128 million B) loss; \$64 million C) loss; \$32 million D) gain; \$80 million

14 Page 14 58) In the figure above, the deadweight loss from the tariff is. A) \$80 million B) zero C) \$16 million D) \$32 million The figure shows the market for shirts in the United States, where D is the domestic demand curve and S is the domestic supply curve. The world price is \$20 per shirt. 59) In the figure above, with international trade million shirts per year are produced in the United States. A) 32 B) 16 C) 20 D) 48 60) In the figure above, with international trade the United States million shirts per year. A) exports 16 B) imports 32 C) exports 32 D) imports 48 61) In the figure above, international trade consumer surplus in the United States by. A) decreases; \$192 million B) decreases; \$320 million C) increases; \$192 million D) increases; \$320 million 62) In the figure above, international trade producer surplus in the United States by. A) decreases; \$192 million B) decreases; \$320 million C) increases; \$320 million D) increases; \$192 million 63) In the figure above, international trade total surplus in the United States by. A) decreases; \$256 million B) increases; \$320 million C) decreases; \$192 million D) increases; \$128 million

15 Page 15 64) Suppose sugar is exported from a nation. In the sugar market who does NOT benefit from the exports? A) domestic producers B) workers in the industry C) domestic consumers D) foreign consumers 65) A country opens up to trade and becomes an importer of a sugar. In the sugar market, consumer surplus will, producer surplus will, and total surplus will. A) increase; decrease; decrease B) increase; decrease; increase C) decrease ; increase; increase D) decrease; decrease; decrease

16 Page 16 ANSWER KEY 1 B 33 D 2 A 34 C 3 B 35 A 4 B 36 D 5 C 37 A 6 D 38 D 7 D 39 D 8 A 40 A 9 B 41 A 10 D 42 D 11 C 43 D 12 D 44 D 13 B 45 A 14 B 46 C 15 A 47 B 16 B 48 C 17 A 49 D 18 D 50 C 19 B 51 B 20 A 52 A 21 D 53 A 22 D 54 A 23 D 55 A 24 D 56 B 25 A 57 D 26 B 58 D 27 A 59 B 28 D 60 B 29 C 61 D 30 B 62 A 31 A 63 D 32 B 64 C 65 B

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 8, 2014 FORM 1 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 8, 2014 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 8, 2014 FORM 2 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 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

Assigned Seat Your Initials Your name (please print) ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even March 7, 2016 FORM 1 Directions 1. Fill in your scantron with your unique-id

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 5, 2011 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed

### 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

### 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Seat Initials ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even March 6, 2017 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 Seat Initials ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even March 6, 2017 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number listed

### 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

### ECO201: 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

### ECO201: 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 8, 2009 FORM 3 Directions 1. Fill in your scantron with your unique-id and the form number

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Assigned Seat ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even October 8, 2009 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number

Assigned Seat YOUR NAME (please print) Form 1 Directions 1. There are 49 multiple choice questions. All answers should be recorded on both your exam and the scantron. Be sure to fill in your unique id

### 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

### 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

### 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 Makeup Exam Choose the single best answer for each question. Do all of your scratch-work in the side and bottom margins of pages. 1. Which of the following phrases

### 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

### 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.

### Exam #1 Time: 1h 15m Date: 10 June Instructor: Brian B. Young. Multiple Choice. 2 points each

Economics 211 Macroeconomic Principles Exam #1 Time: 1h 15m Date: 10 June 2014 Name The value of this exam is 100 points. Instructor: Brian B. Young Please show your work where appropriate! Multiple Choice

### ECO201: 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

### ECO201: 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

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

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

### Econ*1050 Introductory Microeconomics Instructor: Vitali Alexeev. Quiz 6 (Chapter 8)

Econ*1050 Introductory Microeconomics Instructor: Vitali Alexeev Quiz 6 (Chapter 8) 1) A tax on a good a. raises the price buyers pay and lowers the price sellers receive. b. raises both the price buyers

### ECO201: 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

### ECO201: 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

### ECO201: 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

### 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

Econ 226 Principles of Microeconomics Fall, 24 Dr. Kathryn Wilson Due Date: Tuesday, September 28 th Homework 2 Answer Key 1. When the of movie admissions increases from \$7 to \$8, the demanded falls from

### Evaluating the Gains and Losses from Government Policies Consumer and Producer Surplus

C H A P T E R 9 The Analysis of Competitive Markets CHAPTER OUTLINE 9.1 Evaluating the Gains and Losses from Government Policies Consumer and Producer Surplus 9.2 The Efficiency of Competitive Markets

### Econ Introduction to Microeconomics X3-B. Name:

Exam 3 Version B (White Version) Name: Each problem is worth 3 points unless otherwise indicated. This exam ends promptly at X:52. The late penalties for turning it in late are: 1 minute late: - 3 points

### 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

### 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

### 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

### EXAMINATION 2 VERSION B "Applications of Supply and Demand" October 14, 2015

Signature: William M. Boal Printed name: EXAMINATION 2 VERSION B "Applications of Supply and Demand" October 14, 2015 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted,

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

HW 2 - Micro - Machiorlatti MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) What is measured by the price elasticity of supply? 1) A) The price

### Midterm 1 60 minutes Econ 1101: Principles of Microeconomics October 7, Exam Form A

Midterm 1 60 minutes Econ 1101: Principles of Microeconomics October 7, 2013 Exam Form A Name Student ID number Signature Teaching Assistant Recitation # The answer form (the bubble sheet) and this question

### 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

### ECO201: 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

### 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%

### 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

### 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

### 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.

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

### 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

### Version 1 READ THESE INSTRUCTIONS CAREFULLY. DO NOT BEGIN WORKING UNTIL THE PROCTOR TELLS YOU TO DO SO

Econ 100 Spring 2015 Answers to First Mid-term Date: February 24, 2015 Student Name Version 1 READ THESE INSTRUCTIONS CAREFULLY. DO NOT BEGIN WORKING UNTIL THE PROCTOR TELLS YOU TO DO SO You have 75 minutes

### The Analysis of Competitive Markets

C H A P T E R 9 The Analysis of Competitive Markets Prepared by: Fernando & Yvonn Quijano CHAPTER 9 OUTLINE 9.1 Evaluating the Gains and Losses from Government Policies Consumer and Producer Surplus 9.2

### 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

### 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

### 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,

### Choose the single best answer for each question. Do all of your scratch work in the margins or on the back of the last page.

Econ 101, Sections 4 and 5, S09 Schroeter Final Exam, Red Choose the single best answer for each question. Do all of your scratch work in the margins or on the back of the last page. 1. Which of the following

### 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,

### ECO 2301 Spring EXAM 2 Form 2 Wednesday, April 1 st Solutions

ECO 2301 Spring 2015 Sec 002 Klaus Becker EXAM 2 Form 2 Wednesday, April 1 st Solutions 1. Mathematically, price elasticity of demand is: A. the percentage change in the quantity of a good that is demanded

### 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

### 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

### 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.

### 2. Demand and Supply

2. Demand and Supply The following materials are taken from Chap. 3 to Chap. 7 of Economics, 2 nd ed., Krugman and Wells(2009), Worth Palgrave MaCmillan. 1 of 42 2. Demand and Supply, and Market Equilibrium

### Midterm 1 60 minutes Econ 1101: Principles of Microeconomics October 9, Exam Form A

Midterm 1 60 minutes Econ 1101: Principles of Microeconomics October 9, 2017 Exam Form A Name Student ID number Signature Teaching Assistant Section The answer form (the bubble sheet) and this question

### Chapter 9. The Instruments of Trade Policy

Chapter 9 The Instruments of Trade Policy Preview Partial equilibrium analysis of tariffs in a single industry: supply, demand, and trade Costs and benefits of tariffs Export subsidies Import quotas Voluntary

### 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

### 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

### 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

### ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 16, 2017

ECON 201: Introduction to Macroeconomics Professor Robert Gordon Midterm Exam 1: October 16, 2017 NAME Circle the TA session you attend: Bianchi Vimercati - 3PM Bianchi Vimercati - 4PM Montag - 3PM Montag

Micro Chapter 6 -price ceiling or price cap: government regulation that makes it illegal to charge a price higher then a specified level -effects of the price cap on the market depend on whether the ceiling

### 6) Consumer surplus is the red area in the following graph. It is 0.5*5*5=12.5. The answer is C.

These are solutions to Fall 2013 s Econ 1101 Midterm 1. No guarantees are made that this guide is error free, so please consult your TA or instructor if anything looks wrong. 1) If the price of sweeteners,

### LECTURE 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]

PART 1: MULTIPLE CHOICE -- 90 POINTS Choose the single best answer for the following 30 questions. PLEASE PLACE YOUR ANSWER ON THE FRONT OF THE ATTACHED SCANNER SHEET STARTING WITH NUMBER 1. Circle your

### 2. If there is a minimum wage that is set below the equilibrium wage in the labor market, there will be:

Economics 101 Problem Set 3 Due: September 20, 2018 by 5 PM To receive credit for this problem set, you must submit your answers on-line at the class webpage. Neither hard copies nor e-mails will be accepted.

### Use the figure below to answer questions 1 and 2: D pounds of vegetables. A. 120 pounds of vegetables.

Use the figure below to answer questions 1 and 2: The figure shows the production possibilities curve for Hamid, who can produce two goods, meat and vegetables. 1. Refer to the figure above. What is the

### 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

### Economics 1 Final Exam December 9, 2008

Name Test Form A Economics 1 Final Exam December 9, 2008 True-False Questions: Fill in Bubble A for True, Bubble B for False. 1. A profit-maximizing monopolist will sell more units of a good than the amount

### 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.

### Part I: PPF, Opportunity Cost, Trading prices, Comparative and Absolute Advantage

Economics 101 Spring 2018 Homework #2 Due Thursday, February 22, 2018 Directions: The homework will be collected in a box before the lecture. Please place your name, TA name, and section number on top

### Econ 1101-Lecture 2 Midterm 2 Fall 1998

Name Recitation Section Number Student ID Number Econ 1101-Lecture 2 Midterm 2 Fall 1998 Form A Section 1: Multiple Choice (3 points each) For the following twenty-two questions, find the best answer and

### 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

### Econ103_Midterm (Fall 2016)

Econ103_Midterm (Fall 2016) Total 50 Points. Multiple Choice Identify the choice that best completes the statement or answers the question. 1 point for each question. Total 15 pts. c 1. Which of the following

### Econ 251. Spring Exam 1 Pink

Spring 2015 Lisa has two summer internship offers, and she can only accept one of them. Internship A offers her a compensation of \$5,000 for the summer. Internship B offers her a compensation of \$6,600.

### 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

### 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

### 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.

### 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

### ECO201: 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

### 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

### ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION Prof. Bill Even November 11, 2013 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number

### ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION Prof. Bill Even November 11, 2013 FORM 3 Directions 1. Fill in your scantron with your unique-id and the form number

### 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.

### Chapter 2: The Basic Theory Using Demand and Supply. Multiple Choice Questions

Chapter 2: The Basic Theory Using Demand and Supply Multiple Choice Questions 1. If an individual consumes more of good X when his/her income doubles, we can infer that a. the individual is highly sensitive

### ECON 102 Micro Principles Exercise 2. Multiple Choice Questions. Choose the best answer July 24,2008

1 ECON 102 Micro Principles Exercise 2 Multiple Choice Questions. Choose the best answer July 24,2008 1. When marginal benefit (MB) is greater than marginal cost (MC) A) the economy produces too little

### EXAMINATION #3 VERSION A Firms and Competition October 25, 2018

William M. Boal Signature: Printed name: EXAMINATION #3 VERSION A Firms and Competition October 25, 2018 INSTRUCTIONS: This exam is closed-book, closed-notes. Calculators, mobile phones, and wireless devices

### Econ Microeconomics Notes

Econ 120 - Microeconomics Notes Daniel Bramucci December 1, 2016 1 Section 1 - Thinking like an economist 1.1 Definitions Cost-Benefit Principle An action should be taken only when its benefit exceeds

### Econ 200, Summer 2011, Dr. Alan and Prof. Crossley. Problem Set 2. (Reference: Mankiw and Taylor, Chapters 6, 7, 8, 13)

Multiple Choice Econ 200, Summer 2011, Dr. Alan and Prof. Crossley Problem Set 2 (Reference: Mankiw and Taylor, Chapters 6, 7, 8, 13) 1 Refer to the Figure below. Consider the impact of a tax on sellers,

### Competitive Markets: Applications

7784d_c10_409-461 5/23/01 6:48 AM Page 409 10 C H A P T E R Competitive Markets: Applications 10.1 THE INVISIBLE HAND 10.2 IMPACT OF AN EXCISE TAX Incidence of a Tax EXAMPLE 10.1 Gasoline Taxes 10.3 SUBSIDIES

### Answers to the Take-Home Midterm Examination

Answers to the Take-Home Midterm Examination Econ 111s Spring/Summer 2009 Economics Department, Queen s University Instructor: Jean-Denis Garon Posted: June 19 Here are the main elements of the answers.

### 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