Midterm Exam Spring 2001

Midterm Exam Spring 2001 - Page 1 of 4 ECONOMICS 203...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Page 1 of 4 ECONOMICS 203 MIDTERM EXAM - SPRING 2001 NAME ___________________________________________Student #______________________________ (Points) (5) 1. (1.2.5) Identify the one resource that is inevitably scarce for all individuals. (10) 2. (1.4.8) Explain the value of starting analysis with strong assumptions and then relaxing them. (10) 3. (2.7.7) Describe how a changing discount rate can affect one's choices. Give an example. (10) 4. (3.2.4) Identify three roles of money. Explain each. (5) 5. (3.4.20) Identify the efficiency and equity consequences of market power.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Page 2 of 4 ECN 203 Midterm Exam NAME _______________________________________________ (10) 6. (4.3.16) In what follows, assume the ε x < 0 between goods A and B, ε x = 0 between goods B and C, ε x > 0 between goods A and C. On each graph identify the initial equilibrium price and quantity exchanged with P 0 and Q 0 respectively. Connecting Markets by Cross Price Effects
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

Midterm Exam Spring 2001 - Page 1 of 4 ECONOMICS 203...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online