Exam1 - 1 MICROECONOMICS 1014-01 EXAM 1 Dr Podgursky...

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MICROECONOMICS 1014-01 EXAM 1 09/11/2014 Dr. Podgursky VERSION: 1234 Please do not begin the exam until you are told to. You have 75 minutes to finish the exam. When the time is up do not write anything more on the scantron. On the scantron sheet, fill in VERSION # , NAME, STUDENT NO. Only pencil, erasers, and a standard function calculator may be used on this exam. No other devices are allowed. You may not use the calculator on your cell phone. Fill all answers on your scantron. No answers will be accepted unless they have been filled into the scantron. 1
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Version: 1234 TWAG!! 1. eBay creates value by: 1) helping sellers trick buyers into purchasing broken items. 2) moving goods like broken laser pointers from people who don't want them to people who do. 3) helping people with the same preferences find one another. 4) moving toys from children who want them to children who don't. 2. Which of the following best describes how changes in weather patterns affect supply and demand for cotton? 1) Both supply and demand will change 2) Demand will change, and the effect on supply is indeterminate. 3) Supply will change, and the effect on demand is indeterminate. 4) Supply will change only if demand changes first. 3. Suppose that there are three methods of financing the transportation of prisoners from Point A to Point B: I. The boat's captain is paid $100 by the government for every live prisoner that is loaded on board at Point A. II. The boat's captain is paid $100 by the government for every live prisoner that is unloaded at Point B. III. The boat's captain is paid $800 by the government for every live prisoner that is loaded on board at Point A. Which financing method will result in the greatest number of prisoners surviving the trip? 1) I 2) II 3) III 4) All methods affect prisoner survival equally. 2
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4. Which of the following would cause the current supply of iPods to increase? 1) an economic boom, which increases the amount that people are willing to spend on personal electronics 2) a decrease in the price of songs on iTunes 3) the expectation that the future price of iPods will decrease 4) an increase in the wages offered to manufacturers of iPods 5. David sells his car, which he considers worthless, to Cameron for $200. Which of the following statements is true? 1) David and Cameron must have different preferences for the car. 2) This trade did not create value because Cameron is buying a car that David considers worthless. 3) Cameron is the only one made better off by the trade. 4) David is made better off by the trade, but Cameron is made worse off. 6. Which of the following best describes the opportunity cost of attending a St. Louis Cardinals baseball game the night before an economics exam? 1) The value of tickets, money spent on hot dogs and popcorn, plus the cost of gas to drive to STL 2) The value of other purchases you could have made with the money spent on tickets, hot dogs and popcorn, and gas 3) The value of other purchases you could have made, plus the time you could have been studying for the economics exam 4) Since attending a Cardinals game is a priceless experience, there is no opportunity cost.
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