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Midterm 1 Spring 2007

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

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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 3. An example of opportunity cost 4. The supply equation P = 5 + 0.3* Q has a vertical intercept of ____ and a slope of _____? 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. d. students would take more classes and buy more clothes since they are better off.
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