Midterm 1 Spring 2007

Midterm 1 Spring 2007 - Economics 100 First Midterm Exam...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 100 – First Midterm Exam Name: ____________________________(you keep) Page 1 of 5 Instructions: This is a closed-book exam. You have 75 minutes to complete the exam. You must hand in the exam by 1:45. Use neither notes nor the text to assist in the preparation of your answers. The examination consists of two parts: 25 multiple-choice questions and one problem. You are to answer the multiple choice questions on the Scantron sheet. You are to answer the problem in the space provided. Good Luck! Multiple Choice Questions 1. Economic scarcity: a. will eventually be eliminated by technological progress. b. cannot exist in a market economy. c. will exist as long as our desires exceed our resources. d. none of the above. 2. An important implication of scarcity is that a. people will always be poor. b. people are not able to use all the available resources. c. it is a problem that can easily be abolished. d. people must make choices. e. it inhibits economic interaction. 3. An example of opportunity cost a. is the Chinese food that you gave up when you chose to eat Italian food. b. is the tuition you pay to attend college. c. is candy given up by a person who would never eats them even if he or she could. d. is the price paid for a ticket when you go to the movies. e. for a professor of economics is the pleasure that he or she derives from teaching economics. 4. The supply equation P = 5 + 0.3* Q has a vertical intercept of ____ and a slope of _____? a. 0, 0.3 b. 0.3, 0.5 c. 0.3, 5 d. 5, -0.3 e. 5, 0.3 5. Suppose that the price of clothes increases, while the price of a class at CSU-LB stays the same. The income effect tells us that a. students would take less classes and buy more clothes since they are worse off. b. students would take less classes and buy less clothes since they are worse off. c. students would take less classes and buy more clothes since they are better off.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/18/2008 for the course ECON 100 taught by Professor Kasilwal during the Spring '07 term at CSU Long Beach.

Page1 / 7

Midterm 1 Spring 2007 - Economics 100 First Midterm Exam...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online