EXAM_1_SP2006

EXAM_1_SP2006 - NAME: ECO 111 SPRING 2006 TURN IN YOUR EXAM...

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NAME: ECO 111 SPRING 2006 TURN IN YOUR EXAM WITH YOUR BLUE BOOK! EXAM 1 PART 1 – MULTIPLE CHOICE Instructions: For each question, indicate the correct answer in your blue book. (5 points each) FIGURE 1 1. NOT RELEVANT TO FA2007 Refer to Figure 1 . If the price increases from $8 to $16, producer surplus would increase by a. $120. b. $320. c. $640. d. $480. 2. If a good is a necessity, demand for the good would tend to be a. inelastic. b. elastic. c. unit elastic. d. horizontal.
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3. This diagram shows the market for in-line roller skates. Which of the following would  cause a move from point A to point C? a. an increase in the price of bicycles b. a decrease in the price of bicycles c. a decrease in the price of in-line roller skates d. an increase in consumer incomes 4. If the price of ink-jet printers increases by 10% and the quantity demanded of ink-jet cartridges decreases by 15%, the cross-price elasticity between printers and cartridges is _____, and the two goods are _______. a.
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This note was uploaded on 04/14/2008 for the course ECO 111 taught by Professor Fox-kean during the Spring '08 term at Austin College.

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EXAM_1_SP2006 - NAME: ECO 111 SPRING 2006 TURN IN YOUR EXAM...

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