{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Midterm 2Winter2008

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

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

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

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

View Full Document
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
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}