Ec300-MT1sample

Ec300-MT1sample - Ec 100 FIRST MIDTERM SAMPLE Name_ 1....

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Ec 100 FIRST MIDTERM SAMPLE Name_____________ 1. Typical written questions are to discuss: A free market is great for society; what is it that free markets are bad at doing? Non-market systems of allocation; What makes a price elasticity high or low? Etc. (Note that all answers are mere repetition of what has been said in class. Don’t write it out as notes yet one more time. Instead, it may be useful to ask yourself: If I cannot write a detailed thought out answer right now, what is the reason? – Examples: I didn’t understand it; or I understand but cannot write; or I understand but cannot remember, etc. The diagnosis can be different for different student, and will help direct you to a specific remedy on how to study for a class such as this which focuses on concepts rather than facts.) 2. Use diagrams to explain how a free market is (a) automatic. 3. True or False? Explain: Diamonds are more valuable than water because the supply of diamonds is very limited. False.
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Ec300-MT1sample - Ec 100 FIRST MIDTERM SAMPLE Name_ 1....

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