Spring 2007 - Peters' Class - Exam 1 (Version A)

Spring 2007 - Peters' Class - Exam 1 (Version A) -...

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Economics 132 Prof. Genevieve Peters Spring 2007 Midterm 1A Solutions Guidelines 1 Section 1: Multiple Choice (10 questions @ 1 point per question) ______ 1. Suppose that the price of natural gas is \$15.75/Mcf. Which of the computations below correctly converts this price into \$/MMBtu? A) ) / 25 ( ) / 75 . 15 (\$ Mcf MMBtu Mcf B) ) / 8 . 5 ( ) / 75 . 15 (\$ Mcf MMBtu Mcf C) ) / 178 . 0 ( ) / 75 . 15 (\$ Mcf MMBtu Mcf D) ) / 035 . 1 ( ) / 75 . 15 (\$ Mcf MMBtu Mcf ______ 2. British thermal units and __________ are both measures of ____________. A) newtons; force B) kilocalories; force C) newtons; heat energy D) kilocalories; heat energy ______ 3. Suppose that a coal-fired power plant has a thermal efficiency of 25%. How many Btu of coal would this plant need to produce 1 kWh of electricity? A) Btu 3412 B) 25 . 0 ) 3412 ( Btu C) 25 . 0 ) 3412 ( Btu D) 25 ) 3412 ( Btu ______ 4. The cross-price elasticity between gasoline and the internal combustion engine will be A) greater than zero B) less than zero C) equal to zero D) equal to one ______ 5. The price elasticity of supply for electricity is A) lower in the short run than in the long run. B) higher in the short run than in the long run. C) the same in the short run and the long run.
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This note was uploaded on 04/23/2008 for the course ECON 132 taught by Professor Peters during the Spring '07 term at UCSD.

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Spring 2007 - Peters' Class - Exam 1 (Version A) -...

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