Exam1-1 - Exam 1 Econ 140 Spring 2007 First Midterm exam...

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-1Exam 1 Econ 140 Spring 2007 First Midterm exam Professor G. Bhattacharya Exam 1A Please write your name and your KU Student ID below Name : KUID: Please select your TA (circle your choice below): Zaire Aouani Michael Mount Emily Geier Jay Kimmel Zach Leritz Lisa Li Please write the time of your discussion section: My discussion section meets on ____________ at ___________ All questions are worth 3 points each, except question #15 which is worth 5 points. 1. If the graph of y = f(x) is positively sloped and convex, then a. y is a decreasing function of x and the rate of increase of y for every additional unit of x goes down as x goes up. b. y is a decreasing function of x and the rate of increase of y for every additional unit of x goes up as x goes up. c. y is an increasing function of x and the rate of increase of y for every additional unit of x goes up as x goes up.**** d. The slope of the function y = f(x) is a decreasing function of x. 2. A linear relationship
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a. always has a maximum. b. always has a constant slope.**** c. has no slope. d. never has a constant slope. 3. Which of the following does not shift the demand curve for cars? a. A rise in airfares. b. Development of new technology for producing cars.**** c. Consumers deciding that they want to buy more cars for every household. d. A decrease in the number of consumers. The demand curve for comic books is related to its price according to the relationship Q D = 100 - 4p, when p is the price of comic books. The supply curve of comic books is related to its price as Q S = 16p. Answer questions #4 and #5 4. In the market for comic books, at a price of $8.00, a. there is a surplus of 70 comic books. b. there is a shortage of 70 comic books. c. there will be a tendency for price to go down.*** d. there will be an equilibrium in the market for comic books. 5. The equilibrium price in the market for comic books is _5_________ and the equilibrium quantity is _______80_________. 6. Improvement in the technology of cotton farming in USA during the eighteenth and nineteenth centuries led to 9. An fall in the supply of cotton and an increased demand for slaves for cotton plantations. 10.A fall in the demand for cotton an increase in demand for slaves for cotton plantations. 11.A rise in both the supply and demand for cotton and an increase in demand for slaves for cotton plantations.**** 12.A rise in both the supply and demand for cotton and a decrease in demand for slaves for cotton plantations.
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7. A nation can consume at a point outside its PPF a. when it trades with the other nations.****
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This note was uploaded on 04/28/2008 for the course ECONOMICS 142 taught by Professor Bhattacharyya during the Spring '08 term at Kansas.

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Exam1-1 - Exam 1 Econ 140 Spring 2007 First Midterm exam...

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