mckmt1-Econ201f06 - MOCK MIDTERM 1 Econ 201 Fall 2006...

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MOCK MIDTERM 1 Econ 201, Fall 2006 Sudeshna C. Bandyopadhyay Date: 9/18/06 Time: 45 minutes. This exam consists of 31 multiple choice questions. 1. On the exam book, write your name. 2. Answer the multiple choice questions on form #30423. Please use a #2 pencil. 3. On Side A, at the upper margin write your name and the version of your test in English. 4. On Side B, fill in the bubbles for your name. 5. Under “Identification Number” fill in zeros followed by the three digit number on your exam book. For example, if the number on your exam book is 125, fill in 000000125. 6. Under “Special Codes” fill in the number 000001 for version A; the number 000002 for version B and the number 000003 for version C. 7. Return your scantron sheet AND the exam book at the end of the exam. 8. An exam is null and void if the above instructions are not followed. ( BEST OF LUCK! ( For each question choose the alternative that best answers the question. 1. If supply of a good increases and its demand falls, which of these can you say for sure?
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a. price of the good must fall b. price of the good must rise c. equilibrium quantity of the good must rise d. equilibrium quantity of the good must fall. 2. Which of the following is most likely to result in an outward shift of the production possibilities frontier in the long run? a. reducing the workweek to 30 hours. b. increasing consumption and reducing capital investment. c. spending more on education. d. reducing oil exploration and making cheeseburgers. 3. If there is a shortage in the market for good A, then the price of good A must be a. greater than the equilibrium price b. less than the equilibrium price c. equal to the equilibrium price d. need more information to answer the question. 4. A ticket to a sold-out concert costs $45 and David has bought a ticket. David has the option to A scalp @ it (sell it in the illegal market) for $75 and he is sure that he will not get caught. What is David's opportunity cost of attending the concert? a. $45 b. $80 c. $75 d. $30 e. $120. 5. Adam Smith is associated with which of the following? a. The Principle of Absolute Advantage b. Rational Choice c. The bowed out shape of the PPF d. Invisible Hand e. 20/20 hindsight. 6. Suppose that milk prices have risen due to a tax imposed by the government. Given that milk is an input in the production of cheddar cheese, which of the following is true? a.
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mckmt1-Econ201f06 - MOCK MIDTERM 1 Econ 201 Fall 2006...

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