2015 Spring Exam 1. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

Size: px
Start display at page:

Download "2015 Spring Exam 1. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question."

Transcription

1 Class: Date: 2015 Spring Exam 1 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch.4 Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a a. shortage to exist and the market price of roses to increase. b. shortage to exist and the market price of roses to decrease. c. surplus to exist and the market price of roses to increase. d. surplus to exist and the market price of roses to decrease. Table 3-4 Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a constant rate. Labor Hours Needed to Make 1 Pound of Pounds Produced in 24 Hours Meat Potatoes Meat Potatoes Farmer Rancher Ch.3 Refer to Table 3-4. The rancher has a comparative advantage in the production of a. neither good. b. both goods. c. meat. d. potatoes. 3. Ch.3 Refer to Table 3-4. The rancher has an absolute advantage in the production of a. both goods. b. meat. c. potatoes. d. neither good. 4. Ch.3 Refer to Table 3-4. The opportunity cost of 1 pound of potatoes for the rancher is a. 1/2 pound of meat. b. 6 hours of labor. c. 1/2 hour of labor. d. 2 pounds of meat. 1

2 Figure 8-4 The vertical distance between points A and B represents a tax in the market. 5. Ch.8 Refer to Figure 8-4. The amount of deadweight loss as a result of the tax is a. $490. b. $105. c. $210. d. $ Ch.8 Refer to Figure 8-4. The tax results in a loss of producer surplus that amounts to a. $90. b. $210. c. $255. d. $45. 2

3 Figure Ch.5 Refer to Figure Along which of these segments of the supply curve is supply most elastic? a. AB b. CD c. GH d. DH 8. Ch.5 Refer to Figure Using the midpoint method, what is the price elasticity of supply between points C and D? a b c d Ch.4 Which of the following changes would not shift the demand curve for a good or service? a. a change in the price of the good or service b. a change in the price of a related good or service c. a change in income d. a change in expectations about the future price of the good or service 3

4 Figure Ch.8 Refer to Figure 8-1. Suppose the government imposes a tax of P' - P'''. The consumer surplus after the tax is measured by the area a. J. b. J+K+I. c. L+M+Y. d. M. Figure Ch.2 Refer to Figure 2-4. If this economy devotes all of its resources to the production of notepads, then it will produce a. 0 notepads and 40 lamps. b. 70 notepads and 0 lamps. c. 70 notepads and 40 lamps. d. 35 notepads and 20 lamps. 4

5 Figure Ch.6 Refer to Figure How much tax revenue does this tax generate for the government? a. $300 b. $120 c. $250 d. $15 Figure Ch.7 Refer to Figure 7-3. Which area represents the increase in consumer surplus when the price falls from P1 to P2? a. ABD b. ACG c. DFG d. BCGD 5

6 14. Ch.4 Good X and good Y are substitutes. If the price of good Y increases, then the a. demand for good X will increase. b. quantity demanded of good X will decrease. c. quantity demanded of good X will not change. d. demand for good X will decrease. 15. Ch.4 macaroni and cheese is an inferior good, then an increase in a. the price will cause the demand curve for macaroni and cheese to shift to the left. b. a consumer s income will cause the demand curve for macaroni and cheese to shift to the left. c. the price will cause the demand curve for macaroni and cheese to shift to the right. d. a consumer s income will cause the demand curve for macaroni and cheese to shift to the right. Table 2-3 Production Possibilities for Libraryland Books Magazines Ch.2 Refer to Table 2-3. What is the opportunity cost to Libraryland of increasing the production of books from 200 to 300? a. 150 magazines b. 350 magazines c. 100 magazines d. 200 magazines 6

7 Figure Ch.6 Refer to Figure 6-8. If the government imposes a price ceiling of $2 on this market, then there will be a. a shortage of 60 units of the good. b. a shortage of 45 units of the good. c. a shortage of 85 units of the good. d. no shortage of the good. Figure Ch.7 Refer to Figure At equilibrium, total surplus is a. $144. b. $108. c. $72. d. $36. 7

8 Figure Ch.2 Refer to Figure 2-5. The opportunity cost of this economy moving from point A to point C is a. 75 soccer balls. b. 125 soccer balls and 240 sweaters. c. 125 soccer balls. d. 240 sweaters. Figure Refer to Figure The price and domestic quantity demanded after trade are a. $14 and 900. b. $14 and 600. c. $8 and 900. d. $8 and

9 Figure 6-14 The vertical distance between points A and B represents the tax in the market. 21. Ch.6 Refer to Figure The per-unit burden of the tax on sellers is a. $10. b. $24. c. $8. d. $6. 9

10 Figure Ch.7 Refer to Figure 7-8. Which area represents producer surplus when the price is P1? a. BCG b. DGH c. ACH d. ABGD Figure 9-4. The domestic country is Nicaragua. 23. Refer to Figure 9-4. With trade, Nicaragua a. exports 250 calculators. b. exports 100 calculators. c. imports 150 calculators. d. imports 250 calculators. 10

11 24. Ch.5 If a 30 percent change in price causes a 15 percent change in quantity supplied, then the price elasticity of supply is about a. 2, and supply is inelastic. b. 0.5, and supply is elastic. c. 2, and supply is elastic. d. 0.5, and supply is inelastic. Figure Ch.6 Refer to Figure Suppose a tax of $4 per unit is imposed on this market. How much will buyers pay per unit after the tax is imposed? a. $4 b. $3 c. $7 d. $5 26. Assume, for Canada, that the domestic price of tomatoes without international trade is higher than the world price of tomatoes. This suggests that, in the production of tomatoes, a. Canada has a comparative advantage over other countries and Canada will export tomatoes. b. other countries have a comparative advantage over Canada and Canada will import tomatoes. c. other countries have a comparative advantage over Canada and Canada will export tomatoes. d. Canada has a comparative advantage over other countries and Canada will import tomatoes. 27. Ch.5 Tyler purchases 5 pounds of hot dogs per month when his monthly income is $2,000 and 4 pounds of hot dogs per month when his monthly income is $2,200. Tyler s income elasticity of demand for hot dogs is a. 0.43, and hot dogs are a normal good. b , and hot dogs are an inferior good. c. 2.33, and hot dogs are a normal good. d , and hot dogs are an inferior good. 11

12 Figure Ch.7 Refer to Figure At the equilibrium price, consumer surplus is a. $1,120. b. $1,280. c. $480. d. $

13 Figure 3-2 Peru s Production Possibilities Frontier 29. Ch.3 Refer to Figure 3-2. Suppose Peru decides to increase its production of emeralds by 2. What is the opportunity cost of this decision? a. 60 rubies b. 40 rubies c. 30 rubies d. 120 rubies Figure Ch.2 Refer to Figure 2-7. Point K represents an outcome in which a. some of the economy s resources are unemployed. b. production is inefficient. c. the economy is using all of its nails to produce hammers. d. the economy is using all of its resources to produce hammers. 13

2015 Spring Exam 1. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

2015 Spring Exam 1. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question. Class: Date: 2015 Spring Exam 1 Multiple Choice Identify the choice that best completes the statement or answers the question. Table 2-3 Production Possibilities for Libraryland Books Magazines 400 0 300

More information

Exam Spring. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

Exam Spring. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question. Class: Date: Exam1 2014 Spring Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch.6 When a tax is imposed on the buyers of a good, the demand curve shifts

More information

Exam 1 Fall Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

Exam 1 Fall Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question. Class: Date: Exam 1 Fall 2014 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch. 7. Consumer surplus a. is the amount of a good that a consumer can buy

More information

Exam 1 Fall Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

Exam 1 Fall Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question. Class: Date: Exam 1 Fall 2015 Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Ch. 5. A perfectly inelastic demand implies that buyers a. increase their

More information

Exam 1. ECON 101 Fall 2013 Vesselinov

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

More information

Exam 1. ECON 101 Fall 2013 Vesselinov

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

More information

Exam 1. ECON 101 Fall 2013 Vesselinov

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

More information

Microeconomics. More Tutorial at

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.

More information

Econ103_Midterm (Fall 2016)

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

More information

MICROECONOMICS Midterm Test (sample)

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

More information

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

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

More information

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. 1. Welfare economics is the study of a. the well-being of less fortunate people. b. welfare programs in the United States. c. the effect of income redistribution on work effort. d. how the allocation of

More information

國立高雄第一科技大學管理學院暨財金學院 學年度第 1 學期經濟學期中會考題目卷 ( B )

國立高雄第一科技大學管理學院暨財金學院 學年度第 1 學期經濟學期中會考題目卷 ( B ) 國立高雄第一科技大學管理學院暨財金學院 1 0 6 學年度第 1 學期經濟學期中會考題目卷 ( B ) 1. In general, elasticity is a measure of A. the extent to which advances in technology are adopted by producers B. the extent to which a market is competitive.

More information

Midterm 2 Sample Questions. Use the demand curve diagram below to answer the following THREE 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

More information

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: 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

More information

Exam 01 - ECON Friday, October 1st

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

More information

Exam 01 - ECON Friday, October 1st

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

More information

Econ 251. Spring Exam 1 Pink

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.

More information

Review 01. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question.

Review 01. Name: Class: Date: Multiple Choice Identify the choice that best completes the statement or answers the question. Name: Class: Date: Review 01 Multiple Choice Identify the choice that best completes the statement or answers the question. Table 3-1 Assume that Sardi and Tinaka can switch between producing corn and

More information

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

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

More information

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

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

More information

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

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,

More information

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.

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.

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

EC1000 MICROECONOMICS ' MOCK EXAM

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

More information

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

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

More information

ECON 251. Exam 1 Pink. Fall 2013

ECON 251. Exam 1 Pink. Fall 2013 ECON 251 1. By definition, opportunity cost is a. The value of the best alternative b. The sum of the value of all available alternatives c. The amount of money it takes to buy an item d. Always greater

More information

MIDTERM I. GROUP A Instructions: November 20, 2013

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

ECON 251 DISTANCE LEARNING: MAY 2014 MIDTERM EXAM INSTRUCTIONS

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.

More information

Problem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011

Problem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011 Problem Set 3 Eco 112, Spring 2011 Chapters covered: Ch. 6 and Ch. 7 Due date: March 3, 2011 There are 30 multiple choice questions in this problem set. Answer these questions by the beginning of the class

More information

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, 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

More information

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 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

More information

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.

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

More information

Queen s University Department of Economics ECON 111*S

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

More information

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

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

More information

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

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,

More information

EXAMINATION 2 VERSION A "Applications of Supply and Demand" March 12, 2014

EXAMINATION 2 VERSION A Applications of Supply and Demand March 12, 2014 Signature: William M. Boal Printed name: EXAMINATION 2 VERSION A "Applications of and " March 12, 2014 INSTRUCTIONS: This exam is closed-book, closed-notes. Simple calculators are permitted, but graphing

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

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

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

More information

Economics 101 Midterm Exam #1. February 27, Instructions

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

More information

Downloaded for free from 1

Downloaded for free from  1 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

More information

SUBJ SCORE # Version B: Page 1 of 9

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

More information

SUBJ SCORE # Version C: Page 1 of 9

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

More information

BPE_MIC1 Microeconomics 1 Fall Semester 2011

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:

More information

YOUR NAME (please print) Form 1. Directions

YOUR NAME (please print) Form 1. Directions 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

More information

SAMPLE FINAL. Part I - Multiple Choice Questions:

SAMPLE FINAL. Part I - Multiple Choice Questions: Part I - Multiple Choice Questions: SAMPLE FINAL 1. Which of the following is not a characteristic of a perfectly competitive market? a. Firms are price takers. b. Firms have difficulty entering the market.

More information

Homework 2 Answer Key

Homework 2 Answer Key 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

More information

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

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

More information

Test 2. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Test 2. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Name R# ECO 2301.007 - Roach Test 2 MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Air pollution generated by a steel mill is an example of 1)

More information

FINAL. January 17, 2011 GROUP A

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

More information

Basic Economics Test #1 Study Guide

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

More information

Government Policy, Efficiency, and Welfare

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

Figure 6.2. Figure 6.3

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

More information

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

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

More information

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

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

More information

Sample. Final Exam Sample Instructor: Jin Luo

Sample. Final Exam Sample Instructor: Jin Luo Final Exam Instructor: Jin Luo Multiple Choice (2 *30 = 60) Identify the letter of the choice that best completes the statement or answers the question. 1. Price takers refer to buyers and sellers in a.

More information

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

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,

More information

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

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

More information

Assignment 2: Supply and Demand

Assignment 2: Supply and Demand Assignment 2: Supply and Demand (Reference: Mankiw and Taylor, Chapters 4, 5, 6) Multiple Choice 1. Suppose that a large dairy farmer is able to raise the market price of milk by restricting milk supply

More information

Exam #3 (75 Points Total)

Exam #3 (75 Points Total) Exam #3 (75 Points Total) The space provided below each question should be sufficient for your answer, but you can use additional paper if needed. You are encouraged to show your work for partial credit.

More information

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

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

More information

Economics 323 Microeconomic Theory Fall 2015

Economics 323 Microeconomic Theory Fall 2015 pink=a FIRST EXAM Chapter Two Economics 323 Microeconomic Theory Fall 2015 1. The equilibrium price in a market is the price where a. supply equals demand b. no surpluses or shortages result c. no pressures

More information

EXAM 2: Professor Walker - S201 - Fall 2008

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

More information

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

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.

More information

LECTURE NOTES ON MICROECONOMICS

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]

More information

Econ 101, sections 2 and 6, S06 Schroeter Exam #1, Red. Choose the single best answer for each question.

Econ 101, sections 2 and 6, S06 Schroeter Exam #1, Red. Choose the single best answer for each question. Econ 101, sections 2 and 6, S06 Schroeter Exam #1, Red Choose the single best answer for each question. 1. An important element of the market process is that a. although people trade voluntarily, one party

More information

MICROECONOMICS SECTION I. Time - 70 minutes 60 Questions

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

More information

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

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

More information

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

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

More information

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

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

More information

Econ 2113 Test #2 Dr. Rupp Fall 2008

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

More information

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 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

More information

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

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

More information

Economics 1 Final Exam December 9, 2008

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

More information

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

Exam #1 Time: 1h 15m Date: February Instructor: Brian B. Young. Multiple Choice. 2 points each Economics 211 Macroeconomic Principles Exam #1 Time: 1h 15m Date: 19 21 February 2013 Name The value of this exam is 100 points plus 10 points for the Bonus Question. Instructor: Brian B. Young Please

More information

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

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,

More information

Economics 101 Midterm Exam #1. October 4, Instructions

Economics 101 Midterm Exam #1. October 4, Instructions Economics 101 Midterm Exam #1 October 4, 2001 Instructions Do not open the exam until you are instructed to begin. You will need a #2 lead pencil. If you do not have one you will need to borrow one from

More information

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

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

More information

SOLUTIONS TO TEXT PROBLEMS 6

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

More information

ECON 251 Exam #1 Spring 2013

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

Practice exam for midterm 1, summer Chapters 1-7

Practice exam for midterm 1, summer Chapters 1-7 Practice exam for midterm 1, summer 2015. 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

More information

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

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

More information

Elasticity and Its Applications

Elasticity and Its Applications Elasticity and Its Applications 1. In general, elasticity is a. a measure of the competitive nature of a market. b. the friction that develops between buyer and seller in a market. c. a measure of how

More information

ECON 251 Exam 1 Pink Spring 2012

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

More information

Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied $ $ $ $ $10 2 8

Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied $ $ $ $ $10 2 8 Econ 101 Summer 2005 In class Assignment 2 Please select the correct answer from the ones given Figure 4 1 Price Quantity Quantity Per Pair Demanded Supplied $ 2 18 3 $ 4 14 4 $ 6 10 5 $ 8 6 6 $10 2 8

More information

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 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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

ECON (ENT) COURSE LESSON THREE. Supply and Demand. CHAPTER 7 Supply and Demand. Lesson Three Supply and Demand 93

ECON (ENT) COURSE LESSON THREE. Supply and Demand. CHAPTER 7 Supply and Demand. Lesson Three Supply and Demand 93 ECON (ENT) COURSE LESSON THREE Supply and Demand CHAPTER 7 Supply and Demand Lesson Three Supply and Demand 93 EXERCISES Matching (28 points) From the list below, select the term that matches each of the

More information

Monopoly and How It Arises

Monopoly and How It Arises Monopoly and How It Arises A monopoly is a market: That produces a good or service for which no close substitute exists In which there is one supplier that is protected from competition by a barrier preventing

More information

Elasticity and Taxation

Elasticity and Taxation Elasticity and Taxation Important Knowledge Elasticity is the measure of responsiveness of one thing to another Price Elasticity of Demand is the measure of responsiveness of price to a change in quantity.

More information

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

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,

More information

ECO402 Microeconomics Mid Term Examination Spring 2006 Time Allowed: 90 Minutes

ECO402 Microeconomics Mid Term Examination Spring 2006 Time Allowed: 90 Minutes INSTRUCTIONS: ECO402 Microeconomics Mid Term Examination Spring 2006 Time Allowed: 90 Minutes Please read the following instructions carefully before attempting any question: All questions are compulsory.

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information

ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

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

More information