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m3ts08_a_clean - Economics 200 Spring 2008 M Stegeman...

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Economics 200 Spring, 2008 M. Stegeman EXAMINATION #3 Form A Instructions: On your opscan form, mark your ID NUMBER, your NAME, and the test FORM. If your ID number begins with “S,” then the “S” should be included and marked as “0" Also, write your assigned SEAT NUMBER (e.g. Left G2) in the blank space provided for your phone number. (We don’t want your phone number.) Since a wrong answer has the same impact on your score as no answer, you should answer every question. You may keep the question sheet, but TURN IN THE MAP with your scantron and SIGN IT. If you have any questions, ask now, not after the exam is over! There are 40 questions and 3 bonus questions. Each question is worth 2.5 points. 1. Suppose that you must divide $1,000 among 10 students. Which divisions are efficient? (A) Any division of the money is efficient. (B) The efficient division is to give each student $100. (C) The efficient division is to give all of the money to one student. (D) The efficient division is to divide the money so that each student is equally happy. 2. In the Microsoft antitrust case, the Justice Department accused Microsoft of forcing consumers to buy Internet Explorer whenever they bought Windows 97, by bundling them together as a package. This would be an example of: 3. If an individual supplier in a market has the capacity to affect the market price, then: 4. Economists sometimes say that the market equilibrium (of a competitive market) produces an "efficient" outcome. When they say this, they mean that the market equilibrium:
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