Midterm 2Winter2008

Midterm 2Winter2008 - THE OHIO STATE UNIVERSITY DEPARTMENT...

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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 2 P RINT Y OUR N AME __________________________________________________ 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 6 11 16 2 7 12 17 3 8 13 18 4 9 14 19 5 10 15 20 1, The demand curve for CDs shows the
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A), minimum price that consumers are willing to pay if a given quantity of CDs is available. B), maximum price that consumers are willing to pay if a given quantity of CDs is available. C), maximum price that producers must be offered to get them to produce a given quantity of CDs. D), minimum price that producers must be offered to get them to produce a given quantity of CDs. 2, Effective price ceiling causes_______; effective price floor causes_______. A), shortage, shortage B), shortage, surplus C), surplus, surplus D), surplus, shortage 3, In the figure below, the price paid by the buyer before the tax is ________ per compact disc, and the price paid by the buyer after the tax is ________ per compact disc. A), $20; $20 B), $20; $30 C), $30; $20 D), $30; $30 4, Suppose the price of soda is $2 each and the price of a pizza slice is $4 each. David maximizes his utility by buying only sodas and pizza (assume soda is on the x-axle). He buys 5 sodas and 10 slices of pizza. If the price of a soda increases to $3 each, David will 2
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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.

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Midterm 2Winter2008 - THE OHIO STATE UNIVERSITY DEPARTMENT...

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