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Economics 19800 Autumn 2006

Economics 19800 Autumn 2006 - Economics 19800 Autumn 2006...

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Economics 19800 Autumn 2006 FIRST HOUR EXAMINATION Name (Please Print): ______________________________________ [40 Points Possible] Part I. Multiple Choice. Circle letter corresponding to your answer. One point each; 17 points total. 1. On a traditional PPF diagram, the two goods in question: a. have a cross elasticity of zero. b. must be complements. c. exhibit constant opportunity costs. d. are inferior goods.. e. are substitutes. 2. “Yogurt is better for your health than ice cream.” This would be an example of: a. a normative statement. b. a positive statement. c. the post hoc fallacy. d. a sample selection bias. e. taking only efficiency into consideration but ignoring the equity aspects. 3. As reported in a September 9, 2006, article in The Economist, according to a survey, only 41% of business travelers said they would turn on their cell phones (if allowed) in flight. “One reason is cost: at prices above $3 a minute, demand drops off considerably.” This statement: 4. The social (or economic) arrangement that gives popular author John Grisham ownership of and control over his novels is: 5. Comparative advantage is just a fancy term or economic jargon for: 6. The Production Possibilities Frontier has the shape it does because: a. demand curves are downward sloping. b. opportunity costs are constant as production of a particular good increases. c. resources are not equally productive in alternative uses. d. of diminishing marginal utility. e. of some unemployed resources, or at least ones that are being employed inefficiently.
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