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Writ 1 - Version 1 (solution)

Writ 1 - Version 1 (solution) - Department of Social...

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Department of Social Sciences United States Military Academy West Point, New York 10996 SS201/251 Economics, Term 06-02 Cadet ID # __________________________ Writ #1, Version 1, SOLUTION Section: __________ 50 points Please ensure you have a complete writ. The writ consists of this cover sheet plus 4 pages of questions. You have 40 minutes to complete your work. Question Topic Points Score 1 Multiple Choice 20 2 Equilibrium 10 3 Market Clearing Story 10 4 Gains from Trade 10 Total 50 Grade: ____________ % Letter Grade: ____________
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Cadet ID Number:_____________________ Section: ____, ___ Hour SS201/251 Principles of Economics Writ 1 (50 pts; 40 min) Part 1. Multiple Choice (20 points) . Read the following questions carefully and circle the ONE best answer to each question. (10 questions, 2 points each). 1. (2 pts) . The price of tomatoes at a local market will decrease because of the following event: a. A hailstorm that destroys one half of the tomatoes just ready for harvest b. A news report of a medical study suggesting tomatoes cure certain illnesses c. A summer of prime tomato-growing weather resulting in a large harvest of tomatoes d. A strike by farm workers resulting in higher wages for harvesting tomatoes 2. (2 pts) . The production possibilities curve illustrates the basic principle that
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