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Samplemidterm

Samplemidterm - Dr Narag Winter Quarter 2008 Econ 1 Sample...

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Dr. Narag Winter Quarter 2008 Econ 1 Sample Midterm Examination Winter Quarter 2008 (1) A production possibilities curve shows the various combinations of output: (a) An economy can produce (b) Consumers would like to consume (c) An economy should produce (d) Producers would like to produce (e) Both b and d above. (2) Which of the following is most likely to cause a shortage to become smaller? (3) A shortage (excess demand) occurs when: (4) Which of the following is an example of normative statement in Economics? (5) Which of the following will reduce the quantity demanded of bread? (a) An increase in the price of bread (b) An increase in the price of butter (c) An increase in the price of flour (d) An increase in consumer incomes (6) Two goods are substitutes when their cross elasticity is:
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(7) Considering demand only, a tax on which of the following goods would cause a larger deadweight loss?
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