fall 2008 exam 1
16 Pages

fall 2008 exam 1

Course Number: ECON 32233, Fall 2008

College/University: Georgia State

Word Count: 2488

Rating:

Document Preview

ECON 2106 Shelby Frost Exam 1 11:00pm TR Fall 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron where it reads "Test Form". When you submit your scantron for grading, you must turn in a signed copy of this page. Failure to...

Unformatted Document Excerpt
Coursehero >> Georgia >> Georgia State >> ECON 32233

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

2106 Shelby ECON Frost Exam 1 11:00pm TR Fall 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron where it reads "Test Form". When you submit your scantron for grading, you must turn in a signed copy of this page. Failure to do so will result in earnings of $0 for this exam. You may keep the questions for your record of what answers you marked. An answer key will be posted in webct after the exam is over so you can grade your own work. Tear this page off and turn it in when you turn in your scantron; keep the other pages for yourself. Honesty Oath: By signing below, I certify that I have adhered to the GSU Policy on Academic Honesty. The GSU Policy on Academic Honesty includes the following: "B. Cheating on Examinations: Cheating on examinations involves giving or receiving unauthorized help before, during, or after an examination. Examples of unauthorized help include the use of notes, computer based resources, texts, or "crib sheets" during an examination (unless specifically approved by the faculty member), or sharing information with another student during an examination (unless specifically approved by the faculty member). Other examples include intentionally allowing another student to view one's own examination and collaboration before or after an examination if such collaboration is specifically forbidden by the faculty member." Print name: _____________________ Signature: ___________________________ Page 1 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A This page is left blank intentionally. Page 2 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Name: __________________________ Date: _____________ Multiple choice: Choose the one alternative that best completes the statement or answers the question. 1. An economy is said to have a comparative advantage in the production of a good if it can produce that good: A) with a higher opportunity cost than another economy. B) at a lower opportunity cost than another economy. C) with more resources than another economy. D) outside its production possibilities curve. 2. When moving along a production possibilities curve, the opportunity cost to society of getting more of one good: A) usually decreases. B) is constant. C) is measured in dollar terms. D) is measured by the amount of the other good that must be given up. Use the following to answer question 3: Table: The Demand for Chocolate-Covered Peanuts Quantity demanded (bags per month) George Barbara 10 0 15 10 20 20 25 30 30 40 35 50 40 60 Price (per bag) $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 Dan 60 80 100 120 140 160 180 3. (Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is $0.80, the total market demand is ________ bags per month. A) 80 B) 105 C) 280 D) 70 Page 3 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 4: Figure: Demand and Supply of Wheat 4. (Figure: Demand and Supply of Wheat) What are the equilibrium price and quantity in this wheat market? A) $4 and 2,000 bushels C) $6 and 6,000 bushels B) $8 and 12,000 bushels D) $4 and 10,000 bushels Page 4 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 5: Figure: Strawberries and Submarines 5. (Figure: Strawberries and Submarines) Suppose the economy is now operating at point C. Achieving production at point F would require that the economy: A) reduce its production of submarines. B) improve its technology or increase the quantities of factors of production it has. C) reduce its production of strawberries. D) achieve full employment and an efficient allocation of resources. 6. For which of the following is the cross-price elasticity of demand most likely a large positive number? A) french fries and onion rings B) hockey pucks and hockey sticks C) DVD's and milk D) All of the above are correct, because the cross-price elasticity is always a positive number. 7. A decrease in the price of a good will result in: A) an increase in the quantity demanded. C) more being supplied. B) an increase in demand. D) an increase in supply. Page 5 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 8: Table: Comparative Advantage 1 Sweden and Finland produce only two goods, herring and cell phones, and this table shows the maximum amount that each nation can produce of the two goods. Sweden 100,000 10,000 Finland 50,000 10,000 Herring Cell phones 8. (Table: Comparative Advantage 1) Finland has an absolute advantage in producing: A) herring only. C) cell phones only. B) both cell phones and herring. D) none of the above. A tradeoff between equity and efficiency may exist because: policies that promote equity often come at a cost of decreased efficiency. allocating resources fairly may cause inefficiency. an efficient allocation of resources may lead to an outcome that most people consider unfair. D) of all of the above. 9. A) B) C) 10. Suppose the price elasticity of demand for yachts equals 4.04, while the price elasticity of supply for yachts equals 0.22. If Congress reinstates a luxury tax on yachts, who will pay more of the tax? A) Yacht builders and buyers will pay equally. B) Yacht builders will pay more. C) It's impossible to tell without additional information. D) Yacht buyers will pay more. 11. An increase in supply, with no change in demand, will lead to _______ in equilibrium quantity and ________ in equilibrium price. A) a decrease; a decrease C) an increase; an increase B) a decrease; an increase D) an increase; a decrease Page 6 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 12: Figure: Market for Yachts 12. (Figure: Market for Yachts) A quota of _____ will bring the about the same price and output in the market for yachts as would an excise tax of $60,000. A) The answer is impossible to determine. B) 2,000 C) 3,000 D) 4,000 13. If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to: A) decrease. B) stay the same. C) rise in order to clear the market. D) increase. Page 7 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 14: Figure: Guns and Butter 14. (Figure: Guns and Butter) If the economy were producing 8 units of guns and 12 units of butter per period: A) the economy is still efficient but has made a decision not to buy as much as it could. B) this is a possible choice, but would involve unemployment and/or inefficiency. C) something must be done to reduce the amount of employment. D) the notion of increasing opportunity cost is invalidated. Use the following to answer question 15: Table: Market for a Can of Soda Market for a Can of Soda Quantity demanded (units) Quantity supplied (units) 10 7 8 8 6 9 4 10 2 11 Price ($/unit) 0.50 0.75 1.00 1.25 1.50 15. (Table: Market for a Can of Soda) If the government imposes a price ceiling of $0.50 per can of soda, the quantity of soda demanded will be: A) 4 units. B) 10 units. C) 8 units. D) 6 units. Page 8 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 16: Figure: Demand for Notebook Computers 16. (Figure: Demand for Notebook Computers) The seller's total revenue at point S equals the: A) area 0PSM. B) area 0TUM. C) distance 0P. D) distance MS. 17. A) B) C) D) When a nation experiences economic growth: it has moved to a more consumer-oriented position on its production possibilities curve. it has been able to reach full its employment. production possibilities curve shifts outward. its production possibilities curve shifts inward. 18. If the income elasticity of demand for a good is negative, the good is said to be a(n): A) positive good. B) inferior good. C) normal good. D) negative good. Page 9 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Use the following to answer question 19: Table: Market for Pizza Price Quantity of pizza demanded Quantity of pizza demanded (per pizza) (given income of $1,000 per month) (given income of $1,400 per month) $20 3 7 18 4 8 16 5 9 14 6 10 12 7 11 10 8 12 8 9 13 6 10 14 19. (Table: Market for Pizza) In the accompanying table, the price elasticity of demand for pizza between prices of $14 and $12 per pizza when income is $1,000 per month is: A) 2. B) 1.6. C) 0.6. D) 1. 20. After graduation from college, you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n): A) complementary good. B) inferior good. C) substitute good. D) normal good. 21. Increases in total output realized when individuals specialize in particular tasks and trade are known as: A) a tradeoff. B) marginal analysis. C) the gains from trade. D) the profits obtained from sales of a good or service. 22. If the price of gasoline rises and stays high for an extended period of time, we expect people to: A) use more public transportation. C) buy smaller and more gas efficient cars. B) reduce the number of miles they drive. D) do all of the above. Page 10 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A 23. A) B) C) D) Which of the following is an example of a black market? waiting in line during the oil shortages of the 1970s a tenant in a rent controlled apartment subletting at a higher rent the purchase of an inferior radio at a department store none of the above Use the following to answer question 24: Figure: Market for Lattes 24. (Figure: Market for Lattes) In the market for lattes shown in the accompanying figure, what is the price elasticity of demand between prices of $2 and $2.50 per cup using the midpoint formula? A) 3 B) 1 C) 1.29 D) 2.51 25. A binding price ceiling is designed to: A) prevent shortages. B) keep prices low. C) increase the quality of the good. D) none of the above. 26. A) B) C) D) Scarcity in economics means: the wants of people are limited. there must be poor people in rich countries. economists are clearly not doing their jobs. not having sufficient resources to produce all the goods and services we want. Page 11 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A 27. A) B) C) D) State governments place excise taxes on alcohol because: it discourages drinking alcohol while raising revenue for the government. they want to subsidize alcohol production. they want to encourage individuals to produce their own alcohol. of all of the above. 28. A decrease in demand, with no change in supply, will lead to ________ in equilibrium quantity and ________ in equilibrium price. A) an increase; a decrease C) an increase; an increase B) a decrease; a decrease D) a decrease; an increase 29. Which of the following would be most likely to have a vertical supply curve? A) oil B) paintings by Van Gogh C) salt D) insulin 30. A) B) C) D) Tax incidence refers to: the total revenue that the government collects from the tax. who writes the check to the government. who really pays the tax to the government. the deadweight loss from the tax. 31. What is the difference between a shortage and scarcity? A) Scarcity is a result of two or more alternative uses and will always exist, and quantities of supply and demand adjusting to flexible prices will create shortages. B) A surplus will exist when a good is scarce. C) There is no distinction between the two. They are the same thing. D) Scarcity will always exist because choices must be made, but a shortage will only exist if the price is kept below the equilibrium level. 32. If they bake only cakes, then in a single day George can bake 10 cakes while Greta can bake 5 cakes. If they only make pies, then in a single day George can bake 10 pies while Greta can bake 4 pies. We then know that: A) Greta has an absolute advantage and a comparative advantage in making pies. B) George has an absolute advantage and a comparative advantage in making cakes. C) George has an absolute advantage and a comparative advantage in making pies. D) Greta has an absolute advantage and a comparative advantage in making cakes. Page 12 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A 33. A) B) C) D) Rent controls set a price ceiling below the equilibrium price and therefore: poor people will obviously be helped. quantity supplied exceeds the quantity demanded. quantity demanded exceeds the quantity supplied. a surplus of rental units will result. 34. The concept of comparative advantage is based upon: A) relative opportunity costs. C) relative labor costs. B) absolute labor productivity. D) dollar prices of labor. 35. A) B) C) D) Khalil is offered a free ticket to the opera. His opportunity cost of going to the opera is: zero--the tickets were free. the price listed on the ticket. whatever Khalil would have done had he not gone to the opera. both B and C. 36. The best example of making a choice at the margin is: A) attending college. C) quitting your job. B) buying a new car. D) drinking another cup of coffee. 37. If an excise tax is imposed on beer and collected from the producers, the _____ curve will shift ____ by the amount of the tax. A) demand; downward C) supply; downward B) supply; upward D) demand; upward 38. When the nations that comprise the Organization of Petroleum Exporting Countries (OPEC) restrict the supply of oil to increase their profits: A) the oil market achieves an equitable outcome because the nations with oil resources receive the profits commensurate with that resource. B) the market fails because there is no longer an equitable allocation of resources. C) the oil market achieves an efficient outcome because profits increase. D) the market fails because there is no longer an efficient allocation of resources. 39. Suppose the cross-price price elasticity of demand for butter and margarine is equal to 0.96 while the answer for water and lemon is 0.13. This means that butter and margarine are ______ while water and lemon are ______. A) inelastic goods; elastic goods C) substitutes; complements B) elastic goods; complements D) complements; substitutes Page 13 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A 40. Which of the following statements is not true? A) Some very talented, skilled individuals, who can do everything better than most people, should not specialize in any doing any one thing. B) Resource scarcity is a major economic concern in the rich countries of the world. C) While opportunity costs usually exist, some opportunity costs are zero. D) An economic situation is in equilibrium when no individual would be better off taking a different action. Page 14 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A Answer Key 1. B Page: 2. D Page: 3. B Page: 4. C Page: 5. B Page: 6. A Page: 7. A Page: 8. D Page: 9. D Page: 10. B Page: 11. D Page: 12. B Page: 13. A Page: 14. B Page: 15. B Page: 16. A Page: 17. C Page: 18. B Page: 19. D Page: 20. B Page: 21. C Page: 22. D Page: 29 24 58 70 25 121 59 29 15 128 73 102 70 23 86 117 29 122 122 62 12 9 Page 15 ECON 2106 Shelby Frost Exam 1 11:00am TR Fall 2008 Version A 23. B Page: 24. A Page: 25. B Page: 26. D Page: 27. A Page: 28. B Page: 29. B Page: 30. C Page: 31. D Page: 32. C Page: 33. C Page: 34. A Page: 35. C Page: 36. D Page: 37. B Page: 38. D Page: 39. C Page: 40. A Page: 87 111 84 6 101 72 124 101 71 27 86 29 8 9 101 16 121 12 Page 16

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

Georgia State - ECON - 32233
ECON 2106Shelby FrostExam 211:00am TRFall 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON - 32233
ECON 2106Shelby FrostExam 311:00am TRFall 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON - 32233
ECON 2106 Shelby Frost Exam 1 1:00pm TR Fall 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON - 32233
ECON 2106Shelby FrostExam 21:00pm TRFall 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON - 32233
ECON 2106 Shelby Frost Exam 3 1:00pm TR Fall 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON - 32233
ECON 2106 Shelby Frost Final Exam 11:00am TR Fall 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter
Georgia State - ECON - 32233
ECON 2106 Shelby Frost Final Exam 1:00pm TR Fall 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 1 11:00 AM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 11:00 AM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 11:00AM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on y
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 1 1:00 PM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on y
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 1:00 PM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on y
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 1:00PM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on yo
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Final Exam 11:00AM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter Ao
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Final Exam 1:00 PM TR Fall 2009 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Exam 1 11:00am TR Fall 2010Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 11:00 TR Fall 2010Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on you
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Exam 3 11:00 TR Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scantron where it rea
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostFinal Exam 11:00 TRVersion A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on your scan
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 1 11:00am TR Spring 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostExam 211:00am TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostExam 311:00am TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 1 1:00 pm TR Spring 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 1:00 TR Spring 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on yo
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 1:00 TR Spring 2008 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on yo
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostExam 12:30pm TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostExam 22:30pm TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 1:00 TR Spring 2008 Version C Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version C of the exam. Please mark letter C on yo
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostFinal Exam11:00pm TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostFinal Exam1:00pm TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostFinal Exam1:00pm TRSpring 2008Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter
Georgia State - ECON 2100- - CRN 11853
ECON 2106Shelby FrostExam 111:00 AM TRSpring 2010Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A o
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 11:00 AM TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A o
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 1 1:00PM TR Spring 2010Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A o
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 1:00PM TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 1:00PM TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 1 2:30PM TR Spring 2010Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A o
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 2:30PM TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 3 2:30PM TR Spring 2010 Version C Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version C of the exam. Please mark letter C on
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Exam 2 11:00 AM TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A o
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby FrostFinal Exam11:00 AM TRSpring 2010Version ADo NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Final Exam 1:00 TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A
Georgia State - ECON 2100- - CRN 11853
ECON 2106 Shelby Frost Final Exam 2:30 TR Spring 2010 Version A Do NOT open your exam until you are told to do so. Turn off your cell phone or any other noise-making devices you have with you. You are taking Version A of the exam. Please mark letter A
Georgia State - ECON 2100- - CRN 11853
Math ReviewThe following problems are intended to provide a review of math and graphs concepts. It is essential that you feel comfortable with all the concepts below, as they will appear repeatedly throughout the semester. 1. Draw a curve in X-Y space th
Georgia State - ECON 2100- - CRN 11853
Georgia State - ECON 2100- - CRN 11853
S1-S10_Krugman2e_PS_CH01.qxp9/16/089:17 PMPage S-1chapter:First Principles1.In each of the following situations, identify which of the twelve principles is at work. a. You choose to shop at the local discount store rather than paying a higher price
Georgia State - ECON 2100- - CRN 11853
S11-S22_Krugman2e_PS_Ch02.qxp9/16/089:18 PMPage S-11chapter:Economic Models: Trade-offs and Trade1.Two important industries on the island of Bermuda are fishing and tourism. According to data from the World Resources Institute and the Bermuda Depar
Georgia State - ECON 2100- - CRN 11853
S23-S32_Krugman2e_PS_Ch02A.qxp9/16/089:18 PMPage S-23chapter:2AAppendix: Graphs in Economics1.Study the four accompanying diagrams. Consider the following statements and indicate which diagram matches each statement. Which variable would appear on
Georgia State - ECON 2100- - CRN 11853
S33-S60_Krugman2e_PS_Ch03.qxp9/16/089:18 PMPage S-33chapter:Supply and Demand1.A survey indicated that chocolate is Americans' favorite ice cream flavor. For each of the following, indicate the possible effects on demand, supply, or both as well as
Georgia State - ECON 2100- - CRN 11853
S61-S70_Krugman2e_PS_Ch04.qxp9/16/089:19 PMPage S-61chapter:Consumer and Producer Surplus1.Determine the amount of consumer surplus generated in each of the following situations. a. Leon goes to the clothing store to buy a new T-shirt, for which he
Georgia State - ECON 2100- - CRN 11853
S71-S86_Krugman2e_PS_Ch05.qxp9/16/089:25 PMPage S-71chapter:The Market Strikes Back1.Suppose it is decided that rent control in New York City will be abolished and that market rents will now prevail. Assume that all rental units are identical and s
Georgia State - ECON 2100- - CRN 11853
S87-S100_Krugman2e_PS_Ch06.qxp9/16/089:20 PMPage S-87chapter:Elasticity1.Nile.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Nile.com knows that its customers can be
Georgia State - ECON 2100- - CRN 11853
S101-S114_Krugman2e_PS_Ch07.qxp9/16/089:21 PMPage S-101chapter:Taxes1.The United States imposes an excise tax on the sale of domestic airline tickets. Let's assume that in 2006 the total excise tax was $5.80 per airline ticket (consisting of the $3
Georgia State - ECON 2100- - CRN 11853
S115-S126_Krugman2e_PS_Ch08.qxp9/16/089:21 PMPage S-115chapter:International Trade1.Assume Saudi Arabia and the United States face the production possibilities for oil and cars shown in the accompanying table.Saudi Arabia Quantity of oil (millions
Georgia State - ECON 2100- - CRN 11853
S127-S140_Krugman2e_PS_Ch09.qxp9/16/089:21 PMPage S-127chapter:Making Decisions1.Hiro owns and operates a small business that provides economic consulting services. During the year he spends $55,000 on travel to clients and other expenses, and the
Georgia State - ECON 2100- - CRN 11853
S141-S156_Krugman2e_PS_Ch10.qxp9/16/089:21 PMPage S-141chapter:10The Rational Consumer1.For each of the following situations, decide whether Al has increasing, constant, or diminishing marginal utility. a. The more economics classes Al takes, the
Georgia State - ECON 2100- - CRN 11853
S157-S170_Krugman2e_PS_Ch11.qxp9/16/089:22 PMPage S-157chapter:11Consumer Preferences and Consumer Choice1.For each of the following situations, draw a diagram containing three of Isabella's indifference curves. a. For Isabella, cars and tires are
Georgia State - ECON 2100- - CRN 11853
S171-S184_Krugman2e_PS_Ch12.qxp9/16/089:22 PMPage S-171chapter:12Behind the Supply Curve: Inputs and Costs1.Changes in the prices of key commodities can have a significant impact on a companys bottom line. According to a September 27, 2007, articl
Georgia State - ECON 2100- - CRN 11853
S185-S196_Krugman2e_PS_Ch13.qxp9/16/089:22 PMPage S-185chapter:13Perfect Competition and the Supply Curve1.For each of the following, is the business a price-taking producer? Explain your answers. a. A cappuccino caf in a university town where the
Georgia State - ECON 2100- - CRN 11853
S197-S208_Krugman2e_PS_Ch14.qxp9/16/089:22 PMPage S-197chapter:14Monopoly1.Each of the following firms possesses market power. Explain its source. a. Merck, the producer of the patented cholesterol-lowering drug Zetia b. WaterWorks, a provider of
Georgia State - ECON 2100- - CRN 11853
S209-S220_Krugman2e_PS_Ch15.qxp9/16/089:23 PMPage S-209chapter:15Oligopoly1.The accompanying table presents market share data for the U.S. breakfast cereal market in 2006.Company Market ShareKellogg General Mills PepsiCo (Quaker Oats) Kraft Priv