# ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

Size: px
Start display at page:

Transcription

2 P a g e 2 Suppose there is a small island economy with 20 Redhawks and 20 Bobcats. The production possibilities curves for one Redhawk and one Bobcat are given below. Number of fish Redhawk Bobcat 5 10 Bushels of berries 1) The absolute advantage in fish is held by the group of and the absolute advantage in berries is held by the group of. a. Redhawks; Bobcats b. Redhawks; Redhawks c. Bobcats; Redhawks d. Bobcats; Bobcats 2) The comparative advantage in fish is held by the and the comparative advantage in berries is held by the. a. Redhawks; Bobcats b. Redhawks; Redhawks c. Bobcats; Redhawks d. Bobcats; Bobcats 3) If the economy is organized efficiently and produces 150 bushels of berries per day, what is the maximum amount of fish it can produce in a day? a. 200 b. 300 c. 400 d. none of the above.

3 P a g e 3 Suppose there is a small island economy with 20 Redhawks and 20 Bobcats. The production possibilities curves for one Redhawk and one Bobcat are given below. Number of fish Redhawk Bobcat 5 10 Bushels of berries 4). Suppose the economy is operating on its production possibilities frontier and producing 150 bushels of berries per day. If it increases berry production by 1 bushel, the opportunity cost of the extra bushel of berries will be fish. a. 1/2 b. 2 c. 3 d. 1/3 5). For the economy described, a combination of 250 berries and 150 fish would be: a. productively inefficient b. productively efficient c. impossible to produce without more resources or better technology d. it is impossible to determine whether it is productively efficient without more information.

4 P a g e 4 To answer the next 3 questions, note that t-bone and ribeye steak are produced from different parts of beef livestock. Also, most people dining out would consider t-bone and ribeye steak as substitutes. 6) Based on this information, t-bone and rib-eye steak are: a. complements in consumption, but substitutes in production b. complements in consumption and production c. substitutes in consumption and production. d. complements in production, but substitutes in consumption 7) Suppose that the demand for t-bone steak increases. Given the effect on the equilibrium price and quantity of t-bone steak, this should cause the demand for ribeye steak to and the supply of ribeye steak to. a. rise; fall b. fall; rise c. rise; rise d. none of the above 8) If the demand for t-bone steak rises at the same time that the supply of t-bone steak rises, we know that: a. the equilibrium price of t-bone steak will definitely rise b. the equilibrium quantity of t-bone steak will definitely rise c. the equilibrium price of t-bone steak could rise or fall, but the equilibrium quantity will definitely rise d. the equilibrium quantity of t-bone steak could rise or fall, but the equilibrium price will definitely rise 9) Suppose that the price of oil fell and the quantity sold rose sharply over the past month. Which of the following could explain this? a. consumer incomes fell assuming that oil is a normal good. b. consumer income rose assuming that oil is a normal good c. the price of an input used in oil production fell sharply d. none of the above.

5 P a g e 5 To answer the next 3 questions, consider the following information. Since the 1970s, the U.S. federal government has subsidized companies that produce ethanol. Ethanol is a fuel produced from corn. Ethanol can be used instead of gasoline to fuel a car. Some presidential candidates (e.g. Ted Cruz) have called for the elimination of ethanol subsidies. 10) If the ethanol subsidy is eliminated, we should expect corn prices would and corn production would. a. rise; fall b. rise; rise c. fall; fall d. fall; rise 11) Since either gasoline or ethanol can used to fuel a car, we should expect that elimination of the ethanol subsidy would cause the production of gasoline to and the price of gasoline to. a. rise; fall b. rise; rise c. fall; fall d. fall; rise 12) Many farmers can use their resources to grow either corn or beans. If the ethanol subsidy is eliminated, we should expect this to cause bean prices to and bean production to. a. Rise; rise b. Rise; fall c. Fall; rise d. Fall; fall 13) Suppose there is a surprise announcement that a large share of the orange crop that is going to be harvested next month could be wiped out by unexpectedly cold weather. The effect of this announcement on orange prices today is that the demand for oranges would and the supply of oranges would -. a. rise; rise. b. rise; not change c. not change; rise d. none of the above

6 P a g e 6 14) Suppose that the equilibrium price of bananas is currently \$1 per pound. Which of the following would be TRUE? a. a price ceiling of \$1 would lead to a shortage if the demand for bananas falls b. a price floor of \$1 would lead to a surplus if the demand for bananas fall c. a price floor of \$1 would lead to a surplus if the supply of bananas falls d. all of the above. 15) Several years ago, Netflix increased the price of its service by approximately 60 percent and saw its number of subscribers drop from 23 million to 22 million. Based on this information, what is the price elasticity of demand for Netflix? a..03 b..07 c. 2.1 d ). Amazon.com has been gradually increasing its presence in the market for video streaming and now competes with Netflix. The entry of Amazon into this market should cause: a. the income elasticity of demand for Netflix to increase. b. the income elasticity of demand for Netflix to decrease. c. the price elasticity of demand for Netflix to increase. d. the price elasticity of demand for Netflix to decrease. 17) Amazon s Kindle Fire is a tablet pc that competes with the i-pad. Some commentators point out that the Kindle Fire could increase demand for other Amazon products since the Kindle Fire will make it easier to purchase products from Amazon. With this information about the Kindle Fire, you can conclude that the cross price elasticity between the Fire and the I-pad is and the cross price elasticity between the Fire and other Amazon products is. a. negative; negative. b. negative; positive. c. positive; positive. d. positive; negative 18) Amazon.com introduced the Kindle Fire at a price of \$199. If the price elasticity of demand for the Kindle Fire is 0.6, a 10 percent reduction in the price of the Kindle Fire would increase the number of units sold by a 6 percent and increase total sales revenue. b. 6 percent and decrease total sales revenue. c. 4 percent and decrease total sales revenue. d. 4 percent and increase total sales revenue

7 P a g e 7 19) A hotel discovered that when it cut the prices of its rooms by 10 percent for weekend reservations, the total revenue from rooms booked rose by 15 percent. Based on this information, we can conclude that the price elasticity of demand for rooms on the weekend is: a..67 b. 1.5 c. 2.5 d ) The income elasticity of demand for an inferior good is and for a luxury good is. a. positive; greater than one. b. negative; greater than one. c. negative; between zero and one. d. positive; less than negative one. 21) A decrease in storage costs will make supply (more, less) elastic and cause the price of the product to be (more, less) responsive to a change in demand. a. more; more b. more; less c. less; more d. less; less 22) Ben is willing to pay \$4 for his first slice of pizza and \$3 for his second slice of pizza. If the market price is \$1 and Ben two slices of pizza, he receives a total consumer surplus of a. \$5. b. \$4. c. \$3. d. \$2 23) If production is at the allocatively efficient level, a. there is no deadweight loss b. the sum of consumer and producer surplus is maximized c. the social marginal benefit of another unit of the good equals the social marginal cost d. all of the above

8 P a g e 8 To answer the next 3 questions, refer to the diagram below describing the apartment rental market. 24) In the above figure, if the rental price of an apartment is \$1000, consumer s surplus would be: a. \$500,000 b. \$750,000 c. \$1,000,000 d. none of the above 25) In the above figure, if output increased from 3,000 to 4,000 apartments, the additional cost of supplying the apartments would be and the additional benefits to renters from those apartments would be. a. \$625,000; \$875,000 b. \$875,000; \$625,000 c. \$1,000,000; \$500,000 d. none of the above. 26) In the above figure, if there were rent controls imposed that prohibited rents above \$500 per month, a. there would be a shortage of 1,000 rental apartments b. there would be a shortage of 2,000 rental apartments c. there would be a surplus of 1,000 rental apartments d. there would not be a shortage or a surplus since the rent control would not be binding.

9 P a g e 9 To answer the next 2 questions, refer to the diagram below describing the apartment rental market. 27) In the above figure, if the rental market was not originally regulated and a rent ceiling of \$500 was imposed, the surplus received by landlords would and the surplus received by renters would. a. decrease \$500,000; decrease \$500,000. b. decrease \$375,000; increase \$375,000 c. decrease \$625,000; increase \$375,000 d. none of the above 28) In the above figure, if there was no rent ceiling but the government imposed a monthly tax of \$250 on landlords for every apartment that they own, the equilibrium rent paid by renters would a. not change b. rise by less than \$250 c. rise by \$250 d. rise by more than \$250.

10 P a g e 10 29) Suppose that the city of Cincinnati imposes a \$10 per night tax on any hotel room that is rented. The tax applies only to hotels within city limits. Just beyond city limits, there are hotels that are exempt from the tax. Based on this information, we should expect that the consumer share of the \$10 hotel tax will be (greater, lesser) at hotels near the city limits since demand will be (more, less) elastic. a. greater; more b. greater; less c. lesser; more d. lesser; less 30) If a city imposes a hotel tax, the revenue generated by the tax will be greater when hotel supply is (more, less) inelastic or when hotel demand is (more, less) inelastic. a. more; more b. more; less c. less; more d. less; less 31) If a city imposes a hotel tax, the deadweight loss from the tax will be greater when hotel supply is (more, less) inelastic and when hotel demand is (more, less) inelastic. a. more; more b. more; less c. less; more d. less; less

11 P a g e 11 To answer the next 4 questions, refer to the diagram below describing the market for gadgets SMC PMC 4 SMB=PMB # of gadgets produced l monthly 32) Based on the diagram above, there must be a (positive, negative) externality of for each gadget produced. a. positive; \$1 b. negative; \$1 c. positive; \$2 d. none of the above 33) Based on the diagram above, market equilibrium would produce than the socially efficient amount to be produced and a deadweight loss of. a. 75 more; \$50 b. 25 more; \$25 c. 25 less; \$25 d. none of the above 34) Based on the diagram above, the market could be moved to the socially efficient outcome with a (subsidy, tax) of. a. subsidy; \$1 b. subsidy; \$2 c. tax; \$1 d. tax; \$2 35) If production of gadgets was increased from 50 to 75, the benefits of the additional 25 gadgets to society would be than the costs to society of the additional 25. a. \$25 greater b. \$50 greater c. \$25 less d. \$50 less

12 P a g e 12 36) 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 2 questions, consider the following information. Several commentators have argued that the American Medical Association and the federal government work together to limit the number of medical doctors by controlling the number of people who graduate from medical school. This acts like a quota. Suppose that the impact of the quota is to reduce the number of Medical doctors (MDs) from 1.1 to 1.0 million and to increase their salaries from \$100,000 to \$110,000 annually. Draw linear supply and demand curves for MDs that reflects the impact of those quota and use it to answer the next 2 questions. 37) The effect of limiting the number of medical doctors is to increase surplus for doctors by. a. \$10 billion b. more than \$10 billion c. less than \$10 billion 38) The effect of limiting the number of medical doctors is to decrease surplus for doctors patients by. a. \$10 billion b. more than \$10 billion c. less than \$10 billion

13 P a g e 13 Suppose that the price of a solar collector is \$1000 and the equilibrium quantity sold is 1 million per month. To stimulate the use of green energy, the federal government offers a \$200 subsidy for each solar collector produced. Suppose the subsidy causes the equilibrium quantity to rise to 1.2 million and the equilibrium price paid by consumers to drop to \$900. Draw linear supply and demand curves for solar collectors reflecting the market before and after the subsidy is introduced to answer the next 3 questions. 39) The subsidy will cause consumer s surplus to increase by: a. \$100 million b. \$110 million c. \$120 million d. none of the above 40) The subsidy will cost the U.S. taxpayer: a. \$120 million b. \$200 million c. \$240 million d. none of the above 41) If the demand for solar collectors was more elastic, the subsidy s cost to the U.S. taxpayer would be and its effect on the number of solar collectors produced would be. a. greater; greater. b. greater; smaller c. smaller; greater. d. smaller; smaller

14 P a g e 14 Answers 1 b 2 c 3 c 4 b 5 b 6 d 7 c 8 c 9 c 10 c 11 b 12 c 13 d 14 b 15 b 16 c 17 d 18 b 19 c 20 b 21 b 22 a 23 d 24 a 25 b 26 b 27 c 28 b 29 c 30 a 31 d 32 d 33 b 34 d 35 c 36 b 37 c 38 b 39 b 40 c 41 a

### 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

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 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 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

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 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

### 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

### 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 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 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

### 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

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 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even November 14, 2011 FORM 2 Directions 1. Fill in your scantron with your unique-id and the form number

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even November 14, 2011 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number

### 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even Novermber 12, 2014 FORM 1 Directions 1. Fill in your scantron with your unique-id and the form number

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even Novermber 12, 2014 FORM 3 Directions 1. Fill in your scantron with your unique-id and the form number

### ECO201: PRINCIPLES OF MICROECONOMICS. Second MIDTERM EXAMINATION

YOUR NAME Assigned Seat IF YOU ARE NOT SEATED IN YOUR ASSIGNED SEAT OR TAKE AN EXAM WITHOUT YOUR INITIALS LISTED ON THE EXAM, YOU WILL RECEIVE A GRADE OF ZERO ON THE EXAM. ECO201: PRINCIPLES OF MICROECONOMICS

### 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

### ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION

YOUR NAME Row Number ECO201: PRINCIPLES OF MICROECONOMICS FIRST MIDTERM EXAMINATION Prof. Bill Even November 17, 2010 FORM 4 Directions 1. Fill in your scantron with your unique-id and the form number

### 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

### 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

### 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

### 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

### 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

### ECO 100Y L0201 INTRODUCTION TO ECONOMICS. Midterm Test #1

epartment of Economics Prof. Gustavo Indart University of Toronto October 26, 2007 ECO 100Y L0201 INTROUCTION TO ECONOMICS SOLUTIONS Midterm Test #1 LAST NAME FIRST NAME INSTRUCTIONS: STUENT NUMBER 1.

### SOLUTIONS ECO 100Y L0101 INTRODUCTION TO ECONOMICS. Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER. University of Toronto October 22, 2004

Department of Economics Prof. Gustavo Indart University of Toronto October 22, 2004 SOLUTIONS ECO 100Y L0101 INTRODUCTION TO ECONOMICS Midterm Test #1 LAST NAME FIRST NAME STUDENT NUMBER INSTRUCTIONS:

### 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

### 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

### 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

### 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

### 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.

### 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,

### 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

### 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

### 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 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

### 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

### 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

### 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

### 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

### 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

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

### 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

### 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.

### 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 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

### 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 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.

### 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

### 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

### ASSIGNMENT 2 ND SEMESTER : MICROECONOMICS (MIC) ECONOMICS 2 (ECO201)

Page 1 of 9 ASSIGNMENT 2 ND SEMESTER : MICROECONOMICS (MIC) ECONOMICS 2 (ECO201) STUDY UNITS COVERED : STUDY UNIT 1: Chapters 1, 2 STUDY UNIT 2: Chapters 7, 8, 9, 10 DUE DATE : 3:00 p.m. 20 AUGUST 2013

### 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%

### Economics 101. Version 1

Economics 101 Fall 2017 November 16, 2017 Midterm 2 Version 1 Name TA Name Discussion Section # Student ID # DO NOT BEGIN WORKING UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. READ THESE INSTRUCTIONS FIRST.

### 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

### Midterm 2 - Solutions

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis November 13, 2009 Instructor: John Parman Midterm 2 - Solutions You have until 11:50am to complete this exam. Be certain to

### 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.

### VANCOUVER ISLAND UNIVERSITY. ECON100: Principles of Economics, Spring 2013 MIDTERM EXAM I

VANCOUVER ISLAND UNIVERSITY ECON100: Principles of Economics, MIDTERM EXAM I Name (Last, First): ID #: Signature: THIS EXAM HAS TOTAL 10 PAGES INCLUDING THE COVER PAGE Instructions: Total marks 65 and

### 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

### 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,

### 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.

### Intermediate Microeconomics Midterm

Econ 201 Spring 2016 Name: Student ID: Intermediate Microeconomics Midterm Thursday April 21, 2016 Beomsoo Kim There are 7 questions and 130 possible points. There are 2 pages to this exam. Please write

### Econ 101, Final, Fall 2008.

Econ 101, Final, Fall 2008. Prof. Guse, W & L University Instructions. You have 3 hours to complete the exam. You will answer questions worth a total of 80 points. Please write your responses on the exam

### VANCOUVER ISLAND UNIVERSITY. ECON211: Principles of Microeconomics, Spring 2013 SAMPLE MIDTERM EXAM. Name (Last, First): ID #: Signature:

Important: Please remember it is a sample exam. Number of questions in each section and structure of questions in Part B would vary as discussed in class VANCOUVER ISLAND UNIVERSITY ECON211: Principles

### 1) Your answer to this question is what form of the exam you had. The answer is A if you have form A. The answer is B if you have form B etc.

This is the guide to Fall 2014, Midterm 1, Form A. If you have another form, the answers will be different, but the solution will be the same. Please consult your TA or instructor if you think there is

### 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:

### 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

### Ecn Intermediate Microeconomic Theory University of California - Davis September 9, 2009 Instructor: John Parman. Final Exam

Ecn 100 - Intermediate Microeconomic Theory University of California - Davis September 9, 2009 Instructor: John Parman Final Exam You have until 1:50pm to complete this exam. Be certain to put your name,

### 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

### JANUARY EXAMINATIONS 2008

No. of Pages: (A) 9 No. of Questions: 38 EC1000A micro 2008 JANUARY EXAMINATIONS 2008 Subject Title of Paper ECONOMICS EC1000 MICROECONOMICS Time Allowed Two Hours (2 Hours) Instructions to candidates

### Econ 200 Lecture 7 January 24, 2017

1. Learning Catalytics Session 2. Elasticity and Total Revenue Econ 200 Lecture 7 January 24, 2017 3. Cross-Price and Income Elasticities 4. Elasticity of Supply 5. Consumer & Producer Surplus 1 Total

### 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

### SUBJ SCORE # Version B: Page 1 of 10. (signature)

SUBJ SCORE # Version B: Page 1 of 10 Economics 001 NAME Professor Levinson GU ID # (9 digits) Midterm #2 Seat 2:00 pm November 6, 2013 DO NOT TURN TO PAGE 2 UNTIL THE INSTRUCTOR TELLS YOU TO DO SO. FOLLOW

### UNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 100Y1 Y. Duration: 3 hours

UNIVERSITY OF TORONTO Faculty of Arts and Science APRIL/MAY EXAMINATIONS 2006 ECO 100Y1 Y Duration: 3 hours Examination Aids allowed: Non-programmable calculators only INSTRUCTIONS: Students are required

### 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.

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

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

### 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

### Econ : Principles of Microeconomics Midterm practice problems

Econ 1101-005: Principles of Microeconomics Midterm practice problems The following four questions consider the market for widgets. For each of the following situations, determine what happens to the equilibrium

### 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,

### 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

### 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

### 2) Which of the following accurately describes the fundamental problem at the core of all economic analysis? The fundamental problem is:

Name (ID) E201 Section 1493 Exam #1 Point Value = 100 PUT YOUR NAME ON BOTH THE TOP OF THIS SHEET, AND THE TOP OF THE LAST SHEET OF THE EXAM. YOU SHOULD HAVE 7 PAGES. I. Multiple Choice (15 questions -

### C. many buyers and many sellers C. Sue will likely purchase more than one bottle of shampoo. B. cause the demand for mangos to shift to the right

Multiple Choice 1. Competitive markets are characterized as having A. many buyers and a single seller B. many buyers and a few sellers. C. many buyers and many sellers D. a few buyers and many sellers

### 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

### January Examinations 2014

January Examinations 2014 DO NOT OPEN THE QUESTION PAPER UNTIL INSTRUCTED TO DO SO BY THE CHIEF INVIGILATOR Department Module Code Module Title Exam Duration (in words) Economics Microeconomics Two hours

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

Econ 101, sections 2 and 6, S06 Schroeter Exam #2, Red Choose the single best answer for each question. 1. If the own-price elasticity of demand for a good is -2.0, this implies that consumers would a.

### ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION

YOUR NAME (please print) ECO201: PRINCIPLES OF MICROECONOMICS SECOND MIDTERM EXAMINATION November 6, 2007 FORM 3. Directions 1. FILL IN YOUR SCANTRON WITH YOUR UNIQUE ID AND THE FORM NUMBER LISTED ON THIS

### Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space at the bottom of page 5.

Econ 101, Section 21, S10, Schroeter Exam #2, Special code = 2 Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space at the bottom of page 5.

### 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

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

FIRST MIDTERM EXAMINATION ECON 200 Spring 2007 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