Midterm 1Winter2008

Midterm 1Winter2008 - THE OHIO STATE UNIVERSITY DEPARTMENT...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS E CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU M IDTERM 1 P RINT Y OUR N AME __________________KEY___________________________ S OCIAL S ECURITY N UMBER (O PTIONAL ) ________________________________ S IGN Y OUR N AME ___________________________________________________ I NSTRUCTIONS : Y OU HAVE AN HOUR TO COMPLETE THE EXAM . T HE EXAM TOTALS 20 POINTS . Y OU HAVE 20 MULTI - CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE POINT . P LEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE , AND TURN IN THIS PAGE ONLY . Y OU KEEP THE REST OF THIS EXAM BOOK . P ICK THE BEST ANSWER FOR EACH QUESTION . F ILL IN YOUR ANSWERS BELOW INSIDE THE TABLE 1 A 6 B 11 B 16 A 2 A OR B OR E 7 A 12 D 17 C 3 D 8 A 13 B 18 D 4 A 9 A 14 A 19 C 5 C 10 B 15 D 20 B T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS
Background image of page 1

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

View Full DocumentRight Arrow Icon
CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU M IDTERM 1 1, if the income elasticity for chocolate chip cookies is 0.84, then chocolate chip cookies are A): a normal good and income inelastic. B): a normal good and income elastic. C): an inferior good and income inelastic. D): an inferior good and income elastic. 2, refer to the production possibilities frontier below. Which production point(s) indicate that resources are fully utilized? A): Point a B): Point b C): Point e D): Point c E): Both a and b 3, economics is best defined as A): how people make money and profits in the stock market. B): making choices from an unlimited supply of goods and services. C): controlling a budget for a household. D): making choices with unlimited wants but facing a scarcity of resources. 4, marginal cost is the ________ one more unit of a good and ________ of the good increases. A): opportunity cost of producing; increases as production
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This test prep was uploaded on 04/19/2008 for the course ECON 200 taught by Professor Newton during the Spring '08 term at Ohio State.

Page1 / 7

Midterm 1Winter2008 - THE OHIO STATE UNIVERSITY DEPARTMENT...

This preview shows document pages 1 - 3. Sign up to view the full document.

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